The arena has a minimum of 58 million US greenback millionaires, accounting for 1.5 % of the worldwide grownup folk, in line with the 2024 UBS World Wealth File (PDF), which sampled 56 markets that account for 92 % of world wealth.
The USA has the perfect collection of millionaires, with some 21.95 million people having wealth in seven figures or extra. China comes at a independent 2d with some 6.01 million millionaires, adopted by means of the UK (3.06 million), France (2.87 million) and Japan (2.83 million).
UBS defines wealth as the price of monetary belongings and actual belongings minus money owed held by means of a family.
World wealth, in greenback phrases, grew by means of 4.2 % in 2023 next a decrease of three % in 2022, in line with UBS.
“If you think of millionaires or the wealthy in general, there’s kind of an indigenous, core of millionaires that has a strong attachment to the country. Then there is a more mobile element that globally [is able to] fairly easily switch domiciles,” Samuel Adams, an economist at UBS, advised Al Jazeera.
Through 2028, the United Kingdom is predicted to lose probably the most millionaires – just about one in six of its millionaires will lose that condition. The Netherlands is some other nation eager to lose 4 % of its millionaires by means of 2028.
“The point here with the Netherlands and the UK that we’re making is that both of these countries already have a lot of millionaires – they have a growing core. But then you have a very mobile [element] working around that. And it might be that, in the global competition for wealth, they could see some outflows of the more mobile element of the wealthy. Which doesn’t necessarily mean the economy isn’t working. There’s still wealth being created in those countries. It’s just that the people who are mobile might consider all the places that they want to domicile to.”
How is wealth divided globally?
Virtually part of the arena’s wealth, 47.5 % or $213 trillion, is held by means of simply 1.5 % of the worldwide grownup folk, in line with the World Wealth File. Those are families that keep greater than $1m.
Against this, the ones with a wealth of lower than $10,000 keep simply 0.5 % ($2.4 trillion) of world wealth, however manufacture up 39.5 % of the arena’s adults.
Families with a wealth of between $10,000 and $100,000, representing 42.7 % of adults, account for 12.6 % of world wealth or $56.2 trillion.
The fastest-growing millionaires (2000-23)
With regards to wealth in step with grownup, the arena’s folk has made really extensive exit for the reason that starting of the millennium. The share of adults whose wealth exceeds $1m tripled from 0.5 % to at least one.5 %.
Since 2000, Qatar noticed the best build up within the collection of millionaires, which rose from 46 to 26,163. China noticed the second one greatest build up, from 39,000 to six,013,282 millionaires, adopted by means of Kazakhstan (918 to 44,307).
“I think it’s important to appreciate that in general, wealth grows kind of proportionate to economic growth, as well as kind of vaguely to asset price growth,” Adams stated.
“Emerging market economies such as China, especially if we think back to the 2000s, which was in a very different stage, Russia equally, tend to see more wealth growth in general, and then it also helps if you have a certain concentration in a sector, for example, that sees particular growth. So commodity exporters – thinking of Russia, but also some Middle Eastern countries – tend to see very fast accumulation of wealth, particularly in the top 10 percent of the wealth bracket, which supports millionaire growth.”
UBS stated over that the 15 years that it has printed its document, the Asia Pacific pocket has posted the largest expansion in wealth, up virtually 177 %, adopted by means of the Americas at just about 146 %, occasion Europe, the Center East and Africa (EMEA) was once up simply 44 %.
The perfect proportion of millionaires
America hosts 38 % of the arena’s millionaires, Western Europe 28 % and China 10 %.
Through nation, in proportion phrases, Switzerland has the perfect proportion of millionaires, with 12 in each and every 100 folk having a wealth of greater than $1m. That is adopted by means of Hong Kong, the place 8 in each and every 100 folk are millionaires, Australia (seven in 100), the Netherlands (seven in 100) and america (six in 100).
Discover the desk beneath to look how millionaire wealth has modified in numerous international locations.