--- title: Why the Number of Millionaires Is Exploding Worldwide description: A new report from UBS forecasts that some countries will grow their millionaire populations by nearly 50% in the next few years. authors: - name: Pete Grieve role: Lead News Reporter url: https://money.com/author/pete-grieve/ bio: Pete Grieve is a personal finance reporter. In his time at Money, Pete has covered everything from car buying to credit cards to the housing market. education: University of Chicago, BA Political Science at_money_since: 2022 articles: 602 covers: - Economy and Politics - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://twitter.com/pete_grieve - https://linkedin.com/in/pete-grieve-b5aa02138 - https://www.facebook.com/petegrieve4 editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Economy and Politics - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2024-07-19T19:08:45.000Z' modified: '2024-07-19T19:08:45.000Z' section: Economy and Politics tags: - News word_count: 632 canonical: https://money.com/number-of-millionaires-increase/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![A globe with money pins sticking out of it.](https://img.money.com/2024/07/News-World-New-Millionaires.jpg) 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](https://money.com/dollar-scholar-millionaire/) 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](https://www.ubs.com/content/dam/assets/wm/global/insights/doc/global-wealth-report.pdf) 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. ## Regain financial stability with the help of Freedom Debt Relief ### Freedom can start you on the path to resolve your debt, especially if you owe over $20,000. Why wait? Select your state to get started today! [Get Started](https://money.com/pr/l67257dab4e3?ap_referrer=%2Fnumber-of-millionaires-increase%2F) 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](https://money.com/401k-millionaires-increase-stock-market/). 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) ## Reduce payments and make debt manageable with a Debt Relief program ![VISIT SITE](https://s3.consumersadvocate.org/prd/image/image/25289/medium_2e7b27ce-b30d-40a3-beef-0139ecba6b47.png) Our Partner [VISIT SITE](https://money.com/go/1fcd9c8d00ec?bidid=4114263998&pmeta=p129-c628-u31158&ptid=670716150&ptoken=60ef5124cb4e5453721400da5e332c9c) ![VISIT SITE](https://s3.consumersadvocate.org/prd/image/image/23879/medium_3847e650-29eb-411b-9b8c-05deb0d02cbc.png) Our Partner [VISIT SITE](https://money.com/go/f9d5f3e6950d?bidid=4114264003&pmeta=p129-c628-u31158&ptid=670716150&ptoken=69633ffc483fdd2ef5976e74bdafe8da) ![VISIT SITE](https://s3.consumersadvocate.org/prd/image/image/15565/medium_832cc4b7-74f8-4735-8fe1-6917816cbe8d.png) Our Partner [VISIT SITE](https://money.com/go/b56b13e1cb19?bidid=4114263994&pmeta=p129-c628-u31158&ptid=670716150&ptoken=f21bb391fdccab0be7dce9267c64dcb7) ![VISIT SITE](https://s3.consumersadvocate.org/prd/image/image/22445/medium_ba73f26a-1e1e-4e49-9739-df1298783de6.png) Our Partner [VISIT SITE](https://money.com/go/eb3bcb967163?bidid=4114264021&pmeta=p129-c628-u31158&ptid=670716150&ptoken=06c8df3755dcba88a09f049988449224) ![VISIT SITE](https://s3.consumersadvocate.org/prd/image/image/9246/medium_94931930-28cf-46b5-b09d-683979caec81.png) Our Partner [VISIT SITE](https://money.com/go/9dda0064aa92?bidid=4114264009&pmeta=p129-c628-u31158&ptid=670716150&ptoken=faec256a221330e295436c03125ef25d) ![](https://s3.consumersadvocate.org/prd/image/image/25289/medium_2e7b27ce-b30d-40a3-beef-0139ecba6b47.png) If you owe over $20,000 or more, Freedom Debt Relief can help you get back on your feet! [Get Started](https://money.com/pr/u5c2defb44d4?ap_referrer=%2Fnumber-of-millionaires-increase%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/number-of-millionaires-increase/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Economy and Politics", "item": "https://money.com/economy-and-politics/" }, { "@type": "ListItem", "position": 3, "name": "Wealth", "item": "https://money.com/wealth/" }, { "@type": "ListItem", "position": 4, "name": "Why the Number of Millionaires Is Exploding Worldwide" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/number-of-millionaires-increase/#webpage", "url": "https://money.com/number-of-millionaires-increase/", "name": "Why the Number of Millionaires Is Exploding Worldwide", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2024-07-19T19:08:45.000Z", "mainEntity": { "@id": "https://money.com/number-of-millionaires-increase/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/number-of-millionaires-increase/#breadcrumb" }, "dateModified": "2024-07-19T19:08:45.000Z" }, { "@type": "NewsArticle", "headline": "Why the Number of Millionaires Is Exploding Worldwide", "articleSection": "Economy and Politics", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2024/07/News-World-New-Millionaires.jpg", "width": 2880, "height": 1920, "caption": "News-World-New-Millionaires" } ], "author": [ { "@type": "Person", "name": "Pete Grieve", "url": "https://money.com/author/pete-grieve/", "@id": "https://money.com/author/pete-grieve/#author", "description": "Pete Grieve is a personal finance reporter. 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