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Artificial intelligence\u2019s boost to financial markets helped the U.S. trounce the world in millionaire growth last year, when their ranks swelled by 600,000.<\/p>\n
That\u2019s more than the population of Baltimore, bringing the total number of Americans who have at least $1 million in investable assets, not including their primary residence, to 7.5 million, CNBC reported<\/a> citing data from Paris-based consulting company Capgemini<\/a>.<\/p>\n Last year\u2019s 7.3% jump in U.S. millionaires helped North America reclaim the highest growth rate for millionaires in the world from the Asia-Pacific region.<\/p>\n Asia saw millionaire growth of 4.8%, while Europe\u2019s number of millionaires rose by 4%. The number of millionaires in Latin America increased by 2.7% last year and 2.1% in the Middle East. Africa saw a 0.1% decline, according to Capgemini.<\/p>\n The wealth of all the millionaires in the U.S. combined was about $26 trillion. The number of people with a net worth of $30 million or more reached about 100,000 as well, and they have a cumulative net worth of about $7.4 trillion.<\/p>\n AI and tech stocks fuel millionaire surge<\/strong><\/p>\n The millionaire growth rate in the U.S. was partly fueled by a jump in the stock market led by AI and tech companies. The S&P 500 index skyrocketed 24% last year<\/a> thanks in part to investor optimism over the future of AI.\u00a0<\/p>\n AI chip supplier Nvidia<\/a> led the index<\/a> with a 239% gain in 2023. Meta and Tesla<\/a>, two other tech giants involved in AI, surged 194% and 102%, respectively, last year. Goldman Sachs<\/a> estimates that AI investment could reach as high as $200 billion globally by 2025.\u00a0<\/p>\n The stock market gains that helped add so many millionaires in 2023 have persisted so far this year as the S&P 500 and the tech-heavy Nasdaq<\/a> index hit record highs this week. The S&P 500 is up about 12% year-to-date and some of the biggest players in AI, like Nvidia and Microsoft<\/a>, have seen their shares continue to soar in 2024.<\/p>\n<\/div>\nSubscribe to the CEO Daily newsletter to get global CEO perspectives on the biggest stories in business.\u00a0<\/span>Sign up<\/a>\u00a0for free.<\/div>\n<\/div>\n