The world has at the very least 58 million US greenback millionaires, accounting for 1.5 p.c of the worldwide grownup inhabitants, in keeping with the 2024 UBS World Wealth Report (PDF), which sampled 56 markets that account for 92 p.c of worldwide wealth.
The US has the very best variety of millionaires, with some 21.95 million people having wealth in seven figures or extra. China comes at a distant second with some 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 belongings and actual belongings minus money owed held by a family.
World wealth, in greenback phrases, grew by 4.2 p.c in 2023 after a decline of three p.c in 2022, in keeping with UBS.
“In case you consider millionaires or the rich usually, there’s sort of an indigenous, core of millionaires that has a powerful attachment to the nation. Then there’s a extra cell aspect that globally [is able to] pretty simply swap domiciles,” Samuel Adams, an economist at UBS, informed Al Jazeera.
By 2028, the UK is predicted to lose essentially the most millionaires – almost one in six of its millionaires will lose that standing. The Netherlands is one other nation set to lose 4 p.c of its millionaires by 2028.
“The purpose right here with the Netherlands and the UK that we’re making is that each of those international locations have already got a whole lot of millionaires – they’ve a rising core. However then you’ve got a really cell [element] working round that. And it could be that, within the international competitors for wealth, they might see some outflows of the extra cell aspect of the rich. Which doesn’t essentially imply the economic system isn’t working. There’s nonetheless wealth being created in these international locations. It’s simply that the people who find themselves cell may contemplate all of the locations that they need to domicile to.”
How is wealth divided globally?
Nearly half of the world’s wealth, 47.5 p.c or $213 trillion, is held by simply 1.5 percent of the worldwide grownup inhabitants, in keeping with the World Wealth Report. These are households that maintain greater than $1m.
In distinction, these with a wealth of lower than $10,000 maintain simply 0.5 p.c ($2.4 trillion) of worldwide wealth, however make up 39.5 p.c of the world’s adults.
Households with a wealth of between $10,000 and $100,000, representing 42.7 p.c of adults, account for 12.6 p.c of worldwide wealth or $56.2 trillion.
The fastest-growing millionaires (2000-23)
By way of wealth per grownup, the world’s inhabitants has made substantial progress for the reason that starting of the millennium. The share of adults whose wealth exceeds $1m tripled from 0.5 p.c to 1.5 p.c.
Since 2000, Qatar noticed the best improve within the variety of millionaires, which rose from 46 to 26,163. China noticed the second largest improve, from 39,000 to six,013,282 millionaires, adopted by Kazakhstan (918 to 44,307).
“I believe it’s vital to understand that usually, wealth grows sort of proportionate to financial development, in addition to sort of vaguely to asset worth development,” Adams stated.
“Rising market economies comparable to China, particularly if we predict again to the 2000s, which was in a really totally different stage, Russia equally, are likely to see extra wealth development usually, after which it additionally helps in case you have a sure focus in a sector, for instance, that sees specific development. So commodity exporters – pondering of Russia, but additionally some Center Japanese international locations – are likely to see very quick accumulation of wealth, notably within the high 10 p.c of the wealth bracket, which helps millionaire development.”
UBS stated over that the 15 years that it has revealed its report, the Asia Pacific area has posted the most important development in wealth, up nearly 177 p.c, adopted by the Americas at almost 146 p.c, whereas Europe, the Center East and Africa (EMEA) was up simply 44 p.c.
The very best share of millionaires
The US hosts 38 p.c of the world’s millionaires, Western Europe 28 p.c and China 10 p.c.
By nation, in share phrases, Switzerland has the very best share of millionaires, with 12 in each 100 folks having a wealth of greater than $1m. That is adopted by Hong Kong, the place eight in each 100 individuals are millionaires, Australia (seven in 100), the Netherlands (seven in 100) and the US (six in 100).
Discover the desk under to see how millionaire wealth has modified in several international locations.
