There are not less than $58 million in millionaires worldwide, accounting for 1.5% of the worldwide grownup inhabitants, based on the 2024 UBS International Wealth Report (PDF), which sampled 56 markets accounting for 92% of worldwide wealth.
America is the nation with the most important variety of millionaires, with roughly 21.95 million individuals proudly owning seven-figure wealth or extra. China ranks second with roughly 6.01 million millionaires, adopted by the UK (3.06 million), France (2.87 million) and Japan (2.83 million).
UBS defines wealth as the worth of economic and bodily belongings minus debt held by households.
International wealth in greenback phrases will develop 4.2% in 2023 after falling 3% in 2022, based on UBS.
“If you concentrate on millionaires, or wealthy individuals basically, there’s a neighborhood, central core of millionaires who’ve a powerful attachment to their nation. After which there’s a extra cellular factor, which is world. [is able to] It is pretty simple to alter residence,” UBS economist Samuel Adams instructed Al Jazeera.
The UK is anticipated to lose probably the most millionaires by 2028 – with almost one in six millionaires shedding this standing. The Netherlands is one other nation set to lose 4% of its millionaires by 2028.
“The purpose we made within the Netherlands and the UK is that these two international locations have already got quite a lot of millionaires – their core inhabitants is rising. However you could have a really cellular [element] clear up this drawback. Maybe, within the world competitors for wealth, they could see an exodus of the extra cellular segments of the rich. That does not essentially imply the financial system is not working. These international locations are nonetheless creating wealth. People who find themselves merely cellular could take into account all of the locations they wish to reside.
How is world wealth distributed?
In response to the International Wealth Report, almost half of worldwide wealth (47.5%, or US$213 trillion) is held by 1.5% of the world’s grownup inhabitants. These households have belongings in extra of $1 million.
As compared, individuals with wealth beneath $10,000 account for less than 0.5% of worldwide wealth ($2.4 trillion) however 39.5% of worldwide adults.
Households with wealth between US$10,000 and US$100,000 account for 42.7% of adults and 12.6% of worldwide wealth, or US$56.2 trillion.
Quickest Rising Millionaire (2000-23)
By way of wealth per grownup, the world’s inhabitants has made nice strides because the starting of this century. The share of adults with wealth over $1 million tripled, from 0.5% to 1.5%.
Qatar has seen the most important enhance within the variety of millionaires since 2000, from 46 to 26,163. China had the second largest enhance within the variety of millionaires, from 39,000 to six,013,282, adopted by Kazakhstan (918 to 44,307).
“I feel it is vital to acknowledge that, typically talking, wealth will increase in direct proportion to financial progress and to a sure extent in asset value progress,” Adams stated.
“Rising market economies like China, particularly if we expect again to the 2000s, which was in a really completely different stage, and Russia as effectively, tended to see extra wealth progress general, after which if you happen to had a sure Focus additionally helps. So commodity-exporting international locations—together with Russia, but additionally some Center Japanese international locations—are likely to see speedy accumulation of wealth, particularly among the many prime 10 %. This helps the expansion of millionaires.
UBS stated that within the 15 years because the report was launched, the Asia-Pacific area has seen the most important progress in wealth, up almost 177%, adopted by the Americas, which has grown by almost 146%, whereas Europe, the Center East and Africa (EMEA) has solely elevated by 44% .
Highest share of millionaires
America has 38% of the world’s millionaires, Western Europe accounts for 28%, and China accounts for 10%.
As a share of the nation, Switzerland has the very best proportion of millionaires, with 12 out of each 100 individuals having wealth in extra of US$1 million. That is adopted by Hong Kong (8 per 100 individuals are millionaires), Australia (7 per 100 individuals), the Netherlands (7 per 100 individuals) and the USA (6 per 100 individuals).
Browse the desk beneath to see how the wealth of millionaires has modified in numerous international locations.
