diff --git a/docs/changelog/CHANGELOG.md b/docs/changelog/CHANGELOG.md
index 538325557..cfa1c634c 100644
--- a/docs/changelog/CHANGELOG.md
+++ b/docs/changelog/CHANGELOG.md
@@ -40,6 +40,7 @@ Released at 2024-11-15
 * BUGFIX: [Single-node VictoriaMetrics](https://docs.victoriametrics.com/) and `vmstorage` in [VictoriaMetrics cluster](https://docs.victoriametrics.com/cluster-victoriametrics/): Optimize resources usage for configured [downsampling](https://docs.victoriametrics.com/#downsampling) with time-series filter. See [this issue](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/7440) for details.
 * BUGFIX: `vmstorage` in [VictoriaMetrics cluster](https://docs.victoriametrics.com/cluster-victoriametrics/): Properly return query results for search requests after index rotation. See [this issue](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/7417) for details.
 * BUGFIX: `vmselect` in [VictoriaMetrics cluster](https://docs.victoriametrics.com/cluster-victoriametrics/): Properly handle [multitenant](https://docs.victoriametrics.com/cluster-victoriametrics/#multitenancy-via-labels) query request errors and correctly perform search for available tenants. See [this issue](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/7549) for details.
+* BUGFIX: `vmagent`, `vminsert` and `vmselect` in [VictoriaMetrics cluster](https://docs.victoriametrics.com/cluster-victoriametrics/): fix a performance issue with tenant metrics counters across large numbers of tenants. See [this issue](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/7482) for details.
 
 ## [v1.102.7](https://github.com/VictoriaMetrics/VictoriaMetrics/releases/tag/v1.102.7)
 
diff --git a/lib/tenantmetrics/counter_map.go b/lib/tenantmetrics/counter_map.go
index cc47c423c..b630d25ff 100644
--- a/lib/tenantmetrics/counter_map.go
+++ b/lib/tenantmetrics/counter_map.go
@@ -2,6 +2,7 @@ package tenantmetrics
 
 import (
 	"fmt"
+	"sync"
 	"sync/atomic"
 
 	"github.com/VictoriaMetrics/VictoriaMetrics/lib/auth"
@@ -19,17 +20,16 @@ type TenantID struct {
 type CounterMap struct {
 	metric string
 
-	// do not use atomic.Pointer, since the stored map there is already a pointer type.
-	m atomic.Value
+	m sync.Map
+	// mt holds value for multi-tenant metrics.
+	mt atomic.Value
 }
 
 // NewCounterMap creates new CounterMap for the given metric.
 func NewCounterMap(metric string) *CounterMap {
-	cm := &CounterMap{
+	return &CounterMap{
 		metric: metric,
 	}
-	cm.m.Store(make(map[TenantID]*metrics.Counter))
-	return cm
 }
 
 // Get returns counter for the given at
@@ -38,7 +38,7 @@ func (cm *CounterMap) Get(at *auth.Token) *metrics.Counter {
 		AccountID: at.AccountID,
 		ProjectID: at.ProjectID,
 	}
-	return cm.GetByTenant(key)
+	return cm.GetByTenant(&key)
 }
 
 // MultiAdd adds multiple values grouped by auth.Token
@@ -49,22 +49,25 @@ func (cm *CounterMap) MultiAdd(perTenantValues map[auth.Token]int) {
 }
 
 // GetByTenant returns counter for the given key.
-func (cm *CounterMap) GetByTenant(key TenantID) *metrics.Counter {
-	m := cm.m.Load().(map[TenantID]*metrics.Counter)
-	if c := m[key]; c != nil {
-		// Fast path - the counter for k already exists.
-		return c
+func (cm *CounterMap) GetByTenant(key *TenantID) *metrics.Counter {
+	if key == nil {
+		mtm := cm.mt.Load()
+		if mtm == nil {
+			mtc := metrics.GetOrCreateCounter(createMetricNameMultitenant(cm.metric))
+			cm.mt.Store(mtc)
+			return mtc
+		}
+		return mtm.(*metrics.Counter)
 	}
 
-	// Slow path - create missing counter for k and re-create m.
-	newM := make(map[TenantID]*metrics.Counter, len(m)+1)
-	for k, c := range m {
-		newM[k] = c
+	if counter, ok := cm.m.Load(*key); ok {
+		return counter.(*metrics.Counter)
 	}
-	metricName := createMetricName(cm.metric, key)
+
+	// Slow path - create missing counter for k.
+	metricName := createMetricName(cm.metric, *key)
 	c := metrics.GetOrCreateCounter(metricName)
-	newM[key] = c
-	cm.m.Store(newM)
+	cm.m.Store(*key, c)
 	return c
 }
 
@@ -79,3 +82,15 @@ func createMetricName(metric string, key TenantID) string {
 	// Metric with labels.
 	return fmt.Sprintf(`%s,accountID="%d",projectID="%d"}`, metric[:len(metric)-1], key.AccountID, key.ProjectID)
 }
+
+func createMetricNameMultitenant(metric string) string {
+	if len(metric) == 0 {
+		logger.Panicf("BUG: metric cannot be empty")
+	}
+	if metric[len(metric)-1] != '}' {
+		// Metric without labels.
+		return fmt.Sprintf(`%s{accountID="multitenant",projectID="multitenant"}`, metric)
+	}
+	// Metric with labels.
+	return fmt.Sprintf(`%s,accountID="multitenant",projectID="multitenant"}`, metric[:len(metric)-1])
+}
diff --git a/lib/tenantmetrics/counter_map_timing_test.go b/lib/tenantmetrics/counter_map_timing_test.go
new file mode 100644
index 000000000..51eb9618b
--- /dev/null
+++ b/lib/tenantmetrics/counter_map_timing_test.go
@@ -0,0 +1,46 @@
+package tenantmetrics
+
+import (
+	"runtime"
+	"sync"
+	"testing"
+
+	"github.com/VictoriaMetrics/VictoriaMetrics/lib/auth"
+)
+
+func BenchmarkCounterMapGrowth(b *testing.B) {
+	f := func(b *testing.B, numTenants uint32, nProcs int) {
+		b.Helper()
+
+		for i := 0; i < b.N; i++ {
+			cm := NewCounterMap("foobar")
+			var wg sync.WaitGroup
+			for range nProcs {
+				wg.Add(1)
+				go func() {
+					for i := range numTenants {
+						cm.Get(&auth.Token{AccountID: i, ProjectID: i}).Inc()
+					}
+					wg.Done()
+				}()
+			}
+			wg.Wait()
+		}
+	}
+
+	b.Run("n=100,nProcs=GOMAXPROCS", func(b *testing.B) {
+		f(b, 100, runtime.GOMAXPROCS(0))
+	})
+
+	b.Run("n=100,nProcs=2", func(b *testing.B) {
+		f(b, 100, 2)
+	})
+
+	b.Run("n=1000,nProcs=2", func(b *testing.B) {
+		f(b, 1000, 2)
+	})
+
+	b.Run("n=10000,nProcs=2", func(b *testing.B) {
+		f(b, 10000, 2)
+	})
+}