Why the Number of Millionaires Is Exploding Worldwide

Around the world, the number of millionaires is on the rise — and the boom is only expected to continue.

While the United States has more millionaires than the next seven countries combined, some other markets are quickly gaining ground.

There are about 22 million people in the U.S. with at least seven figures of wealth, according to a new global wealth report from UBS, an investment bank. The other markets with the most millionaires are mainland China (6 million), the United Kingdom (3.1 million), France (2.9 million), Japan (2.8 million) and Germany (2.8 million).

Overall, “the world is getting progressively richer across all wealth segments,” according to the report, which was based on an analysis of more than 50 key markets over the last 15 years. UBS defines wealth as an individual's net worth, meaning the value of their assets (including equities, savings and real estate) minus debt.

Paul Donovan, chief economist of UBS Global Wealth Management, said the performance of global equity and bond markets in 2022 made it one of the few years in the recent past when wealth levels slumped. But the recovery in 2023 — which saw a 4.2% increase in global wealth — was even larger than the dip.

In the U.S., stocks have been red-hot, making more people into millionaires. The S&P 500 index, which tracks the largest U.S. companies and is seen as a proxy for the overall health of the stock market, was up about 24% last year. It’s risen more than 15% in 2024 so far.

The number of millionaires is rising globally

The outlook for the next five years is generally positive, UBS said in the report, forecasting that some countries will grow their millionaire populations by nearly 50%. The U.S., for reference, is expected to gain 3.47 million, which would be a 16% increase in the millionaire population.

“Perhaps inevitably, wealth grows more quickly in less wealthy regions and more slowly where wealth has been long established,” Donovan said in the report.

Over the last 15 years, wealth has shot up the most in the Asia-Pacific region, and second fastest in the Americas, according to UBS.

In the next five years, Taiwan is expected to have the biggest increase in its millionaire population (in terms of percentage) with a projection to add 369,000 (which would be an uptick of 47%). Japan and South Korea are also expected to increase their counts by more than 25%.

“While we expect organic growth in wealth to account for some of this stark increase in USD millionaires, mainly thanks to Taiwan’s micro-chip industry that is set to reap the rewards of the boom in artificial intelligence, a substantial chunk is due to come from immigration by wealthy foreigners,” the report said.

Admittedly, being a millionaire remains very rare: Only about 1.5% of adults worldwide are that wealthy. But here are several countries that are primed to grow their millionaire populations in the coming years.

Countries with the largest projected increase in millionaires

Here are the 10 markets expected to gain the most millionaires (in absolute numbers) through 2028.

1. U.S.: +3,474,000
2. Japan: +797,000
3. Mainland China: +492,000
4. France: +454,000
5. Canada: +411,000
6. Germany: +408,000
7. Australia: +398,000
8. Taiwan: +369,000
9. South Korea: +348,000
10. Switzerland: +199,000

Countries with the fastest-growing millionaire populations

Here are the 10 markets expected to gain the most millionaires (by percentage increase) through 2028.

1. Taiwan: +369,000 (47% increase)
2. Turkey: +26,000 (43% increase)
3. Kazakhstan: +17,000 (37% increase)
4. Indonesia: +57,000 (32% increase)
5. Japan: +797,000 (28% increase)
6. South Korea: +348,000 (27% increase)
7. Israel: +46,000 (26% increase)
8. Mexico: +80,000 (24% increase)
9. Thailand: +24,000 (24% increase)
10. Sweden: +128,000 (22% increase)

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