As you know, I’ve an ambition to become millionaires. Maybe next 10 or 20 years onwards. It is possible even though it is hard to do.
Do you know which countries have the most millionaires? Let’s continue reading this :-
South Africa – 50,000 millionaires
Since 2007’s global financial crisis, wealth in South Africa has picked up and, while it hasn’t reached pre-crisis levels, it has risen by 26% since 2015. The country now has 50,000 millionaires based there.
However, a recent report by the World Bank revealed that South Africa was the most unequal country in the world over the years 2006-2015. The report found the top 1% of South Africans own 70.9% of the country’s wealth while the bottom 60% only has 7%.
Chile – 67,000 millionaires
Chile has 67,000 millionaires in 2018. This might not sound like a huge amount compared with some of the other countries listed here, but Chile is doing well in terms of wealth. It has the highest wealth per adult in all of Latin America, which has risen on average 7.6% every year since 2000.
Chile also only has 36% of adults with wealth under $10,000, which is well under the global average of 64%. Yet the Latin American country also has a higher than average proportion of adults with wealth of $100,000 and above at 11.4%, compared with 9.4% globally.
Indonesia – 89,000 millionaires
Indonesia recovered extremely well from the 1997-1998 financial crash that hit Asia and is now the largest economy in southeast Asia according to the World Bank. The country now has 89,000 millionaires, and wealth per adult has increased nearly four times since the beginning of the century.
That said, wealth inequality is greater than average. Only 0.9% of adults have over $100,000 of wealth, compared with 9.4% across the world. And 85% of Indonesia’s population has less than $10,000 in wealth, compared with only 64% globally. This is reflected in poverty levels, and 25.9 million Indonesians out of a population of around 260 million live below the poverty line.
Brazil – 154,000 millionaires
The Brazilian economy shrank 3.8% in 2015; needless to say its population of millionaires contracted too and their wealth dropped by 6.2%. In 2015, there were just 149,000 millionaires in Brazil, compared with 161,000 in 2014. That has since increased to 154,000 millionaires who can enjoy the high life in exclusive locales like Ipanema or Copacabana in 2018. However, that doesn’t mean that Brazil is completely out of the woods.
Wealth per adult has fallen 36% since 2011, and 74% of its people has wealth of less than $10,000, which is higher than the 64% globally who fall into this category.
Russia – 172,000 millionaires
Hit by sanctions and low oil prices, the Russian economy wasn’t in the best of shape in 2015, with GDP falling by 3.7%. Russia lost 3,000 millionaires that year, down from 155,000 in 2014. Oligarchs also saw their fortunes contract. For instance, Leonid Mikhelson (pictured), the country’s richest person, was a whopping $3.9 billion poorer in 2015 with to the previous year. Fast forward to 2018 and Russia has seen improvement, and now has 172,000 millionaires.
Yet, as a whole, Russia has not recovered from 2007 and household wealth per adult has not surpassed that year’s levels due to the volatility of the ruble.
Singapore – 184,000 millionaires
Singapore is blessed with plenty of millionaire-friendly attractions, including the Marina Bay Sands infinity pool, which cater to the 184,000 HNWIs in the country. The affluent city has seen renewed growth after the state lost 3,000 millionaires in 2015 and total wealth declined by 2.9%. But times have changed and Singapore has seen an increase of 80,000 millionaires in three years.
In fact, Singapore is ninth in the world in terms of wealth per household, and ranks the highest in Asia, with the rate of growth reaching 5.3% from 2000 to 2018. Now, Singapore is home to 220,000 individuals who contribute to the 1% of global wealth, that’s 0.5% of Singapore’s adults. Considering that Singapore only has 0.1% of the world’s population that’s quite a lot.
India – 343,000 millionaires
GDP growth in India accelerated in 2014 and 2015, yet the country gained only 2,000 extra millionaires in 2015, up from 198,000 the previous year. Growth has continued and India now has 343,000 millionaires. Like steel magnate Lakshmi Mittal (pictured), who is based in London, many Indian millionaires choose to live and work abroad, preferring to reside and do business in more developed countries.
However, India remains a country with extremes of wealth and the country has a lot of poverty. In fact, 91% of the adult population has wealth below $10,000.
Switzerland – 725,000 millionaires
Out of all the countries in Europe, Switzerland has the highest number of millionaires per capita, which should come as no surprise given the nation’s renowned affluence. In 2018, 725,000 millionaires called Switzerland their home, compared with 358,000 in 2015, which means the levels have more than doubled in three years.
In fact, Switzerland accounts for 1.8% of the global top 1%; quite a feat for a country that only holds 0.1% of the world’s population.
South Korea – 754,000 millionaires
It looks like the Louis Vuitton store in Seoul might be getting even more customers. Like other Asian-Pacific countries, South Korea is gaining millionaires. Growth picked up in 2015 and has continued to soar. In 2015 the number of millionaires in the country grew by 4,000 to 193,000, up from 189,000 the previous year. In 2018, there are now a whopping 754,000 millionaires in South Korea.
In fact, South Korea now boats an enormous number of the global 1%, with 922,000 individuals after nearly two decades of strong growth. The country’s average wealth of $171,740 is well above that of other Asia-Pacific countries and is more akin to a Western European region.
Australia – 1,288,000 millionaires
A mining and housing boom, along with an influx of mega-rich migrants from China and elsewhere, swelled the number of millionaires in Australia by 8,000 in 2015, up from 226,000 in 2014. This trend has continued and the country now boasts 1,288,000 millionaires.
In terms of household wealth per adult the country is now second highest in the world after Switzerland. The average adult has wealth of $411,060, and only 6% of the country have less than $10,000.
Canada – 1,289,000 millionaires
As a major oil exporter, Canada was hit hard by the collapsing oil price in 2015, and the country saw a drop in millionaires to 321,000. Yet, while the nation is still having issues such as the United States putting punitive tariffs on some trade, in 2018 the nation is home to 1,289,000 millionaires, as well as 1,595,000 of the global 1% of wealth holders. This includes billionaire real estate mogul Carlo Fidani (pictured) who saw his $4.89 billion fortune rise 6% in 2016-2017.
That said, wealth in Canada is more evenly distributed than its neighbor America, and wealth per adult is 29% lower in Canada at $288,260.
Germany – 2,183,000 millionaires
Europe’s largest economy, Germany boasts the highest number of millionaires in Europe. The wealthy country counted 2,183,000 millionaires in 2018, up from 1,199,000 in 2015. Germany also has a high number of ultra high net worth individuals, including tire tycoons Maria-Elisabeth Schaeffler and her son Georg F. W. Schaeffler (pictured).
Germany is not just high-ranking in Europe, but ranks fourth in the world for total wealth, just behind Japan and ahead of the United Kingdom.
United Kingdom – 2,433,000 millionaires
Following the Brexit vote in 2016, the UK has been having a tough time. Despite this there has been a swell in the number of millionaires in the UK, from 553,000 in 2015 to 2,433,000 in 2018. A playground for 6% of all millionaires globally, London is a magnet for the world’s supercar-driving mega-rich.
Perhaps surprisingly, since the 2016 Brexit vote, while the exchange rate and stock market did initially drop, over the next 12 months wealth per adult actually rose by 6%. As the Brexit deal starts to become clearer, however, this could all change.
Japan – 2,809,000 millionaires
Robust economic growth may remain stubbornly stagnant but affluent Japan still has more millionaires per capita than any other country in the world. In 2018, there are a total of 2,809,000 millionaires based in Japan, compared with 2,720,000 millionaires in 2015, and 2,452,000 in 2014.
Looking beyond its millionaires, Japan has a very even wealth distribution, and only 5.3% of adults have wealth under $10,000.
China – 3,480,000 millionaires
The booming Chinese economy may be slowing down, but the number of millionaires the country is producing just doesn’t stop growing. In 2018, there are 3,480,000 millionaires, triple the figure in 2015 when just more than a million millionaires called China their home. No wonder designer brands like Chanel are doing so well in the country.
n fact, in the last century wealth in China increased 14 times to $51.9 trillion from $3.7 trillion, which is double the rate of any other nation.
United States – 17,350,000 millionaires
When it comes to super-rich people, the U.S. reigns supreme. No other country comes close to its number of millionaires, which hit 17,350,000 in 2018, up from 4,458,000 in 2015, giving the country an additional 12,892,000 millionaires in just three years. The U.S. is home to 41% of the world’s millionaires, and has the most members of the top 1% global wealth group, including billionaires such as Bill Gates and Warren Buffett, who are some of the richest men in the world.
The extreme wealth of the U.S. is demonstrated by the fact that the volume of individuals worth over $50 million living in the United States is around four times as much as China, the country next in the rankings.
How about that? Did your country in the list? If yes, are you in the list of millionaires? Let’s work hard and join the list too.