The world has a minimum of 58 million US greenback millionaires, accounting for 1.5 p.c of the worldwide grownup inhabitants, in line 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 monetary 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 line with UBS.
“Should you consider millionaires or the rich generally, there’s form of an indigenous, core of millionaires that has a powerful attachment to the nation. Then there’s a extra cellular 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 – practically 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 lots of millionaires – they’ve a rising core. However then you’ve got a really cellular [element] working round that. And it could be that, within the world competitors for wealth, they may see some outflows of the extra cellular aspect of the rich. Which doesn’t essentially imply the financial system isn’t working. There’s nonetheless wealth being created in these international locations. It’s simply that the people who find themselves cellular may think about all of the locations that they need to domicile to.”
How is wealth divided globally?
Virtually 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 line 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 proportion 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 feel it’s necessary to understand that generally, wealth grows form of proportionate to financial progress, in addition to form of vaguely to asset worth progress,” Adams stated.
“Rising market economies akin to China, particularly if we expect again to the 2000s, which was in a really completely different stage, Russia equally, are likely to see extra wealth progress generally, after which it additionally helps if in case you have a sure focus in a sector, for instance, that sees explicit progress. So commodity exporters – pondering of Russia, but in addition some Center Japanese international locations – are likely to see very quick accumulation of wealth, significantly within the high 10 p.c of the wealth bracket, which helps millionaire progress.”
UBS stated over that the 15 years that it has revealed its report, the Asia Pacific area has posted the largest progress in wealth, up nearly 177 p.c, adopted by the Americas at practically 146 p.c, whereas Europe, the Center East and Africa (EMEA) was up simply 44 p.c.
The 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 persons are millionaires, Australia (seven in 100), the Netherlands (seven in 100) and the US (six in 100).
Discover the desk beneath to see how millionaire wealth has modified in numerous international locations.