In absolute terms, the majority of millionaires are found in the world’s economic superpowers, such as the US and China. But which countries are producing millionaires the fastest?
The data taken from New World Wealth and from the Henley Private Wealth Migration Report 2024, illustrates the rise in millionaire populations by nation between 2013 and 2023.
The report specifically follows high-net-worth individuals (HNWIs) who have liquid wealth that can be invested in and exceeds $1 million dollars.
The data shows, emerging economies like China, India, and Vietnam are growing at the fastest rates, but the United States continues to lead with over 544 million millionaires.
Vietnam’s millionaire population has increased by 98%, which is indicative of the nation’s quick economic growth particularly in the last ten years.
China and India have solidified their positions as major players in the global wealth landscape by producing hundreds of thousands of new millionaires.
Here is the full list (Source: Visual Capitalist):
The United States continues to have the highest percentage of millionaires in the world, even with its slow growth rate of 62%. China is on the verge of reaching one million millionaires, only surpassed by the United States in this regard.
Vietnam’s remarkable growth rate of 98% is noteworthy, especially considering its communist system of government and its low initial millionaire population. This expansion indicates that wealth accumulation is still trending upward and is a reflection of the nation’s recent economic success.
On the other hand, the population of millionaires in the United Kingdom slightly decreased over the previous ten years. This decrease is a result of factors like Brexit and other economic uncertainties, which emphasize the difficulties faced by developed economies.
Emigration and economic instability have contributed to a decline in the number of millionaires in African nations such as South Africa and Nigeria.
While South Africa witnessed a notable 20% decline in the number of millionaires, Nigeria’s battle with currency devaluation has further impacted its wealthy class.
