According to the 2024 UBS Global Wealth Report, there are at least 58 million millionaires worldwide, accounting for 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. By 2028, the UK and the Netherlands are expected to lose some of their millionaires, with a more mobile element of the wealthy seeking domiciles elsewhere. Nearly half of the world’s wealth is held by 1.5 percent of the global adult population who hold over $1 million, while those with less than $10,000 make up a larger percentage of the world’s adults but hold just 0.5 percent of global wealth.
The world has seen a substantial increase in the percentage of adults with wealth exceeding $1 million since 2000, with China, Russia, and some Middle Eastern countries experiencing fast accumulation of wealth in the top 10 percent bracket. The Asia Pacific region has seen the biggest growth in wealth over the past 15 years, followed by the Americas and EMEA. The US hosts the highest share of millionaires, followed by Western Europe and China. In terms of the percentage of millionaires per 100 people, Switzerland, Hong Kong, Australia, the Netherlands, and the US have the highest shares. Overall, the report highlights the concentration of wealth among a small percentage of the global population, with wealth growth proportionate to economic growth and asset price growth.
Source
Photo credit www.aljazeera.com