In 2022, global household wealth stood at $454 trillion, of which half was held by millionaires.
However the place do the wealthiest individuals of the world stay?
From UBS and Credit score Suisse’s complete Global Wealth Report 2023, Visual Capitalist’s Marcus Lu visualizes the world’s millionaire inhabitants by nation.
Their databook particulars the sources they used, together with family stability sheet knowledge from the World Financial institution, the World Earnings Inequality Database, surveys, tax knowledge, and Forbes’ findings.
UBS defines millionaires as people whose complete wealth (together with monetary and non-financial property, minus family debt) is at or above $1 million, utilizing “smoothed change charges.” These are 2021 common forex change charges with the U.S. greenback, adjusted for inflation variations between the U.S. and anxious nation, however not adjusted for U.S. inflation between 2021 and 2022.
“Million” denoting simply the quantity and never cash has been shortened to ‘M’ on this article to keep away from confusion when speaking about thousands and thousands of millionaires.
With data present as much as 2022, the world has nearly 60M millionaires, of which 42% reside in North America.
Observe: UBS separates China and India from their Asia-Pacific area for higher readability
Inside that statistic is an apparent heavyweight, and we glance by means of the per-country millionaire inhabitants within the subsequent part.
Ranked: International locations By Variety of Millionaires
The U.S. is residence to almost 23M millionaires, 40% of the full millionaire inhabitants on the earth. Six American cities characteristic within the world’s wealthiest cities, led by New York Metropolis, residence to 340,000 millionaires.
Because it occurs, this amount is definitely decrease than the 24M American millionaires in 2021, as common wealth within the class fell on account of a decline within the worth of economic property.
The world’s second-largest economic system, China, can be residence to the second-highest variety of rich people, at 6M, about 10% of the full millionaire inhabitants. The variety of Chinese language residents with greater than $1 million has grown quickly since 2012, particularly in financial hotspots like Hangzhou and Shenzhen.
At third and fourth, France and Japan primarily have the identical variety of millionaires (2.8M) as do Germany and the UK who spherical out the highest six with 2.6M millionaires every.
The highest 10 international locations with essentially the most millionaires are the 10 largest economies on the earth, except for India (ranked 14th) and Brazil, which is outdoors the highest millionaire residents ranks, however grew its millionaire inhabitants by 122,000 between 2021 and 2022.
Inside this knowledge nonetheless, UBS differentiates between the varied varieties of millionaires.
Observe: Percentages might not sum to 100 on account of rounding.
Of the final class of people with greater than $10 million, 2.5M have property within the $10–50 million vary, leaving 243,000 ultra-high-net-worth people with a internet value above $50 million. This ultra-high-net-worth class has grown 4 instances since 2008.
UBS believes that by 2027, the world could have over 85M millionaires. That is 26M greater than at this time, and 71M extra from the 12 months 2000.
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