According to the 2024 UBS Global Wealth Report, there are at least 58 million US dollar millionaires in the world, making up 1.5 percent of the global adult population. The United States has the highest number of millionaires, followed by China, the United Kingdom, France, and Japan. Global wealth grew by 4.2 percent in 2023 after a decline in 2022.
The report highlights that almost half of the world’s wealth is held by just 1.5 percent of the global adult population, while those with wealth of less than $10,000 make up 39.5 percent of adults but hold just 0.5 percent of global wealth. The fastest-growing millionaires since 2000 have been in countries like Qatar, China, and Kazakhstan.
Countries like the UK and the Netherlands are expected to lose some millionaires by 2028, as the mobile wealthy element may choose to domicile elsewhere. The report also notes that the Asia Pacific region has seen the biggest growth in wealth, followed by the Americas and Europe, the Middle East, and Africa.
The United States hosts 38 percent of the world’s millionaires, with Western Europe and China hosting 28 percent and 10 percent, respectively. Switzerland has the highest share of millionaires by percentage, followed by Hong Kong, Australia, the Netherlands, and the US. Wealth growth is attributed to economic growth and asset price growth, with emerging market economies seeing faster accumulation of wealth, particularly in the top 10 percent bracket.
Source
Photo credit www.aljazeera.com