Quantity of Affluent Individuals Globally Holding Millions
In a world where wealth continues to grow, the number of millionaires is on the rise, with the global millionaire count reaching an impressive 58 million, making up 1.5% of the adult population.
The United States holds the largest share of this wealthy demographic, with nearly 22 million millionaires as of 2024. This represents approximately 38% of the global total, a testament to the strong economy and investment opportunities available in the country. Mainland China follows closely with over six million millionaires, while the United Kingdom trails behind with around six million.
Western Europe, with its robust economies and attractive investment opportunities, holds 28% of the world's millionaire population. Notably, Switzerland has the highest concentration of millionaires, with 12 out of every 100 adults possessing wealth over US$1 million. The Netherlands boasts over 1.2 million millionaires, comparable to Italy and Spain and nearly twice that of Hong Kong.
Taiwan is forecasted to experience a remarkable 50% increase in millionaires by 2028, while Qatar and Kazakhstan are seeing the fastest growth outside of China.
Wealthy individuals are not only attracted to the lucrative opportunities these countries offer but also to the citizenship-by-investment programs available in some nations. For instance, the St Kitts and Nevis program requires a minimum donation of just US$250,000, making it one of the cheapest options. Harlan Crow, a prominent real estate developer and investor, and Eric Schmidt, former CEO of Google, are among those who have acquired citizenship in St Kitts and Nevis and Cyprus, respectively, for their tax advantages and lack of physical stay requirements.
The millionaire population also includes a smaller but significant group of ultra-high-net-worth individuals, with a net-worth of US$50 million or more. This exclusive group is estimated to be around 2.8 million, while the number of individuals with wealth exceeding US$100 million is even smaller, estimated at around 28,000.
In the digital age, the creator economy, valued at $250 billion in 2022, is projected to nearly double by 2027. This growth may further boost the millionaire population, as successful creators and entrepreneurs continue to reap the rewards of their innovative efforts.
Controversy has also arisen as some high-profile figures have acquired citizenship in countries like New Zealand and Cyprus, sparking debates about the ethics and implications of wealthy individuals buying citizenship in exchange for investment in the local economy. For example, Peter Thiel, co-founder of PayPal, and Evan Spiegel, co-founder and CEO of Snap Inc., have obtained New Zealand and French citizenship, respectively, causing debate and sparking 145-page and 70-page dossiers detailing the reasons why.
As the world's millionaire population continues to grow, so too does the interest in understanding the factors driving this growth and the implications for global economies and societies.
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