24 Oct The Countries with the Most Millionaires
Credit Suisse has released its latest Global Wealth Report which found that the global millionaire population stood at 46.8 million in mid-2019. The U.S. accounted for 40 percent of that total with an estimated 18.6 million people worth one million dollars plus. For any given country, its millionaire population depends on three main factors – the size of the adult population, average wealth and wealth inequality. The U.S. scored highly on all three of those and its millionaire population is continuing to expand at a steady pace with 675,000 newcomers added over the past 12 months.
That’s a faster pace of growth than the additions in the next nine countries combined Japan, China, Germany, the Netherlands, Brazil, India, Spain, Canada and Switzerland. With 4.45 million individuals, China has the second highest millionaire population and it grew by 158,000 since 2018. Japan came third with 3.03 million and 187,000 newcomers. Not all developed countries recorded gains, however.
Brexit and the decline of the pound’s value contributed to a fall in the UK’s millionaire population which contracted by 27,000 since last year. Australia experienced a decline in household wealth and that impacted its millionaire population which fell by 124,000 since last year.
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