The world is getting richer—again. According to UBS’s 2024 Global Wealth Report, North Americans grew their wealth by nearly 12% last year, fueled by strong markets and a stable U.S. dollar. The region now holds nearly 40% of global personal wealth—more than any other. But the most interesting growth isn’t just at the ultra-high-net-worth level—it’s among the 52 million “everyday millionaires” with $1 million to $5 million in investable assets, who collectively control $107 trillion globally, nearly as much as their ultra-wealthy counterparts.
This growing segment is digitally fluent, globally connected, and looking for more than just investment performance. They want advice that feels personal, forward-thinking, and aligned with their values and goals. For U.S.-based advisors, this is both a tremendous opportunity and a challenge: to meet rising client expectations, wealth managers must rethink how they engage—across every channel and at every touchpoint—with service models as dynamic as the clients they serve.
The Everyday Millionaire Is Redefining Wealth—Here’s How to Win Their Business
While ultra-wealthy households control $119 trillion globally, the more overlooked—but just as influential—segment may be the 52 million “everyday millionaires” with $1M–$5M in investable assets. Nearly 40% live in the U.S., and together they hold $107 trillion—nearly as much as their ultra-high-net-worth counterparts.
Despite their growing influence, this group is often left out of traditional private wealth models. But that’s changing. UBS projects a 9% increase in millionaires globally over the next five years—and many are seeking more holistic, human-centered financial guidance.
For advisors, this is a moment to act. Success will come to those who can scale high-touch service and deliver curated advice—without relying on outdated thresholds to determine who gets their attention.
What to do:
- Design tiered service models for emerging millionaires who want sophisticated advice, even if they don’t yet qualify as UHNW.
- Leverage AI and data to deliver personalized planning tools, content, and client experiences at scale.
- Shift your value proposition from pure asset management to life-stage planning, wealth transfer, and long-term legacy conversations.
Where Wealth Is Growing Might Surprise You
While wealth in North America surged, it declined in many other regions. But averages don’t tell the full story. Median wealth—the midpoint in wealth distribution—actually rose in several of these markets. In Mexico, for example, average wealth per adult dropped 18%, but median wealth rose 16%. In the U.S., median wealth has climbed 45% over the past five years.
Translation: the middle is gaining ground. Traditional assumptions about “wealthy markets” are giving way to more fragmented—and dynamic—opportunity areas. Advisors who want to stay competitive need to look beyond top-line growth and understand who is really gaining wealth—and where.
What to do:
- Reassess your geographic targeting with a flexible mindset, looking beyond traditional wealth centers to identify emerging pockets of growth and opportunity.
- Focus on median wealth growth and the HENRY segment—high earners, not rich yet—to identify future clients earlier.
- Build flexible service models that can grow with clients as their needs and wealth evolve.
Advisors Must Think—and Act—Globally
UBS expects global personal wealth to grow by more than 20% over the next five years—mostly fueled by growth in the U.S. and China. This dual-engine growth means even domestic advisors must think globally. Clients are buying property abroad, investing in international markets, and raising globally mobile families.
To stay relevant, advisors need more than a passport—they need a mindset shift.
What to do:
- Build cross-border capabilities through global partnerships, tax planning expertise, and digital tools that help manage wealth across different countries.
- Develop content and client conversations around topics like global investing, international education, and planning for wealth across generations.
- Position yourself as a global advisor with a deep understanding of cross-border dynamics—not just a domestic planner.
Don’t Just Chase Wealth—Anticipate Where It’s Headed
Wealth doesn’t sit still. It moves—across regions, generations, industries, and values. UBS’s report makes one thing clear: the next decade of growth won’t look like the last. Winning firms won’t just react to change—they’ll anticipate it and build for what’s next.
That means evolving your business model to meet the needs of emerging millionaires. Embracing technology to personalize client engagement at scale. And above all, staying deeply focused on the client—even as that client looks different than before.
Because in a world where, as UBS puts it, “the evolution of wealth has a mind of its own,” the most successful advisors won’t be playing catch-up. They’ll already be positioned for what’s next.