What Country Has the Most Millionaires?
Millionaires are a rare breed. Some people might think that they’re all born with a silver spoon in their mouth, but that’s not always the case. In fact, many millionaires have made their fortunes through hard work and dedication, and in some locations, that happens more often than in others. So, what country has the most millionaires? If you’ve ever been curious about that, you’ve come to the right place.
Total Number of Millionaires in the World
In 2020, Credit Suisse reported that the number of millionaires worldwide had grown by 5.2 million to 56.1 million people, marking a 9.8% increase since the pandemic’s onset. Given how well equities, real estate, and other assets have been performing in recent years, the world’s population of millionaires is anticipated to be around 60 million by the end of 2022. Naturally, another reason for the spike in the number of millionaires by country has been inflation.
Countries With the Most Millionaires
According to a recent report by Statista, the United States has about 22 million people with at least $1 million net worth, the highest count by far than any other country. This number accounts for around 40% of all millionaires in the world. This means that the chances of becoming a millionaire are higher if you were born in the US, the country with the most millionaires.
Also, the US has a mean wealth per adult of $505,420, recording a $41,870 increase from 2019. This means that the average person in the country is a half-millionaire. In 10 years’ time, the average American’s net worth is estimated to reach $1 million if their wealth grows at a rate of 7.2% each year. However, some individuals believe that it’s more accurate to focus on the median and not the averages since the population is more than 330 million.
China ranks second with just over 5.28 million millionaires out of its 1.4 billion inhabitants. This accounts for only 0.38% of the population which places the country well behind the number of millionaires in the US per capita.
Occupying the third spot is Japan which only has around 126 million population, but it has approximately 3.66 million millionaires. With an equivalent of 2.91%, it appears that the concentration of millionaires in Japan is way greater than in a giant country like China.
Millionaires Per Capita by Country
While the United States is the country with the most millionaires as an absolute number, a different story emerges when we talk about millionaires per capita.
The term “per capita” is often used when discussing a nation’s economy and standard of living. A country with a high per capita income is usually considered to be wealthier and have a higher standard of living than a country with a lower per capita income.
Here are the top three countries with the most millionaires per capita:
Qatar has the highest number of millionaires per capita not just in all of the Middle East but in the whole world. The small yet wealthy country is home to nearly 50,000 millionaires and a whopping 17.5% of all Qatari citizens belong to the 1%.
With a rapidly expanding economy, Qatar is making strides to become an even greater player on the global stage. Qatar residents enjoy a lifestyle that is free from income taxes, courtesy of the nation’s oil riches.
From oil exports that have helped shape their status as currently wealthiest nations in OPEC member countries, Qatar now looks towards diversifying into other sectors like tourism with its world-leading airline carrier — Qatar Airways.
Singapore is the second country with the highest concentration of millionaires in the world per capita, at 17.1%. That proportion has been increasing as an indication of the country’s improving economy and power. Singapore has become a desired destination for high-net-worth individuals and businesses in Southeast Asia, due to the island’s low tax rates, clean air, low criminality, and financial focus, with finances being one of the jobs that could easily make you a millionaire.
11.8% of Kuwaitis are US-dollar millionaires as a result of the nation’s vast oil reserves. Three billionaires call it home. The economy is heavily reliant on oil exports, but the government is investing a significant amount in diversifying it into other fields to maintain its success.
What country has the highest mean wealth?
Switzerland has a population of just 8.6 million people, yet it is one of the wealthiest countries in the world. It is currently the 15th country with the most billionaires, having a total of 41. Moreover, 14.9% of its adult population are millionaires, the highest percentage ever recorded.
With hefty taxes and government aid that works well, it’s not surprising that Switzerland boasts the world’s highest mean wealth per adult, which amounts to $673,960, with an increase of $70,730 from 2019.
What country has the highest median wealth?
On a global scale, Australia has the highest median wealth per adult in the developed world, amounting to $238,070 according to the latest report from Credit Suisse. This figure suggests that there is little wealth inequality in this country.
From the recent list of millionaires by country, Australia ranks number seven with around 1.8 million Australian millionaires. It is estimated that this will grow to approximately 3.1 million by 2025. In terms of the percentage of the adult population with more than $1 million net worth, the country ranks second. Next to Switzerland, Australia is represented by 9.4%.
The high median wealth per adult in Australia is mostly derived from its superannuation retirement system. Australian individuals are required to contribute at least 9.5% of their yearly income to the “super.” It is expected that the superannuation rate will increase to 12% come July 2027.
The Bottom Line
Most millionaires in the world live in the US, with a total of approximately 56.1 million high-net-worth individuals in the country. They account for just over 40% of all millionaire households globally. China is a long way away from catching up to the US, with an estimated 5.28 million millionaires, and Japan rounds out the top three countries with the highest concentration of millionaires in the world.
While the US is the country with the biggest number of millionaires, there are other countries that fare much better when it comes to wealth distribution, most notably Switzerland and Australia.
What Country Has the Most Millionaires FAQ
How many millionaires are there in the world?
There are about 56 million people worldwide with more than $1 million in net worth, representing the world’s top 1.1% of individuals. About 40% of these live stateside. These millionaires have a combined net worth of $158.261 trillion.
What percentage of millionaires are Black?
According to numerous reports, African Americans fall behind in terms of income and wealth, at least in the US. African Americans account for 13% of the US population, or about 46.8 million. Additionally, there are 1,760,000 of them that are millionaires, accounting for 8%. Comparing it with the percentage of white millionaires (76%), we can agree that the African American community has disproportionately fewer millionaires.
What country has the most millionaires per capita?
That would be Qatar, whose oil riches, rapidly expanding economy, and lack of income tax place it at the top of this particular category. So the next time you’re asked what country has the most millionaires, the US is the right answer only in terms of an overall number.