You can probably guess that in a world with an almost 8 billion population, at least a few million people would have at least a million dollars in their accounts. Well, you’ll be pleased to know that there are enough millionaires all over the world, that if they decide to have their own country, it would be the world’s 25th largest country by population.
How Many Millionaires Are There in the World?
The world has more millionaires now than at any other time in history. Namely, in 2021, according to the newest data, there were 62,489 million millionaires. In other words, roughly 1.1% of the global adult population at the time was composed of people with a seven-digit net worth.
(Credit-Suisse)
Insightful Statistics About the Millionaires in the World
Here’s a few more interesting statistics that will give you a better perspective and help you understand just how many millionaires are living in the world today. So keep reading and learn more about it!
There are 26,778 ,000 millionaires in the US.
The largest number of millionaires in the world live in the USA by a country mile. The above figure accounts for almost half, or exactly 41.9%, of the world's millionaires. And even despite the USA’s large population, it accounts for 9.5% of its adults.
In comparison, in second place is the entire continent of Europe, where millionaires make up 2.8% of its population.
(Credit-Suisse)
16.4% of Switzerland’s population are millionaires.
Unsurprisingly, the grandfather of tax havens is the country with the most millionaires per capita. What may surprise you is that the USA is not even second on the list. Instead, it is Luxembourg, with 16.2% of its adult population worth over a million dollars. The USA is actually in sixth place, with between 9.5% and 9.7% of its population having a seven-digit net worth.
(Statista)
There are 6,190,000 millionaires in China.
The above figure puts the percentage of millionaires living in China at 9.9% of the global millionaire population. The USA and China alone account for just below half of the millionaire population worldwide. In addition to China and the US, Japan with its 3,366,000 millionaires, the UK with 2,849,000, and France with 2,796 round up the top five countries with the most millionaires on the globe.
(Statista)
Only 2% of Black families have a net worth of more than $1 million.
Determining the share of millionaires per race/ethnicity may be a little tricky since it is not common for financial institutions to request their clients to state their race when filing information about their funds. However, one recent survey shows that African American families make up 2% of the total number of millionaires in America. Conversely, 16% of white families have a net worth higher than $1 million.
(McKinsey)
New York, with 340,000, is the city with the most millionaires worldwide.
Tokyo is in second place, with 290,300 millionaires living in it. The USA is also pretty high in terms of millionaires per country. While Tokyo is in second place, third place goes to the Bay Area, with 285,000 millionaires. London is fourth, with 258,000, while Singapore is fifth, with 240,100. However, America is there again, in sixth place, with LA housing 205,400 high-net-worth individuals.
(Henly Global)
Female millionaires only represent 10% of the total number of millionaires in the world.
According to a recent study, female millionaires in the UK have the largest portion of millionaires in the media sector, with 22%. Other sectors where women millionaires are prevalent are the retail, fashion, and luxury goods industries, where they account for 21% of the millionaires. The study did not have any statistics on female millionaires by country, but reported that the situation in the UK closely resembles the global state of women millionaires.
(Verdict)
Conclusion
In summary, there are plenty of millionaires all over the globe. Hopefully, this article answers your question, and now you better understand their impact on the planet. But, if it didn’t, here is one last fact for you. All the billionaires and millionaires in the world , barely make up 1.1% of the population. However, they own half of the world's net wealth. There’s something to think about.
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