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Visualizing the Global Millionaire Population

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Visualizing the Global Millionaire Population

Visualizing the Global Millionaire Population

A look at wealth by region, fortune size, and city

The Chart of the Week is a weekly Visual Capitalist feature on Fridays.

When we think of the term “millionaire”, it’s only natural for our thoughts to be skewed towards the famous business magnates that have amassed giant fortunes, like Jeff Bezos, Elon Musk, or Warren Buffett.

However, the reality is that those types of ultra high net worth individuals (UHNWIs) with fortunes above $30 million are a fairly rare commodity – and when it’s all said and done, they make up a very tiny percentage of the millionaire population as a whole.

Fortune SizeNumber (Globally)% of Millionaire Population
$30+ mm160,0001.0%
$5mm - $30mm1,500,0009.1%
$1mm - $5mm14,860,00090.0%

The vast majority of millionaires (90.0%) globally have fortunes between $1 million and $5 million, and you’re probably not going to find many of them with a sprawling mansion or a new Rolls Royce in the garage.

In fact, most millionaires drive a Ford.

Local Millionaires

So where will you find all of the world’s millionaires?

They are most likely to be found in big cities – places where they can use and display their wealth. These are also the places where big opportunities tend to be found, so it’s no surprise to see millionaires cluster in world-class cities like New York, Hong Kong, London, Tokyo, or Singapore.

Regions below are sorted by the total millionaires in each city. Data comes from the Knight Frank 2017 report.

Top Cities in Asia

Rank (Asia)CityCountry# of Millionaires
#1TokyoJapan279,800
#2Hong KongHong Kong227,900
#3SingaporeSingapore217,300
#4BeijingChina122,100
#5OsakaJapan117,700
#6ShanghaiChina117,600
#7SeoulSouth Korea108,100
#8TaipeiTaiwan76,700
#9MumbaiIndia46,100
#10ShenzhenChina31,400

Tokyo, Hong Kong, and Singapore are the undisputed millionaire population capitals in Asia, but mainland China is coming up quick from behind.

In just the last 10 years, China has upped its millionaire count by 281% to 719,400 in total – and Beijing (with 122,100 millionaires) now cracks the top five list in Asia.

Top Cities in Oceania

Rank (Oceania)CityCity# of Millionaires
#1SydneyAustralia106,800
#2MelbourneAustralia74,800
#3AucklandNew Zealand25,600

Australia’s millionaire count has soared 85% over the last 10 years, thanks in part to red-hot property prices.

Top Cities in Europe

Rank (Europe)CityCountry# of Millionaires
#1LondonUK357,200
#2FrankfurtGermany128,300
#3ParisFrance110,900
#4ZurichSwitzerland109,200
#5GenevaSwitzerland104,300
#6MunichGermany78,900
#7MoscowRussia68,200
#8RomeItaly64,300
#9AmsterdamNetherlands42,600
#10BrusselsBelgium34,700

London is the millionaire capital for the world, with 357,200 of them.

Despite its relatively small size in comparison to the European heavyweights, Switzerland also has two cities in the top five: Geneva and Zurich.

Top Cities in the Middle East

Rank (Middle East)CityCountry# of Millionaires
#1DubaiUAE50,400
#2Tel AvivIsrael35,200
#3IstanbulTurkey27,300
#4DohaQatar25,800
#5Abu DhabiUAE17,100
#6RiyadhSaudi Arabia16,200
#7TehranIran14,000
#8JerusalemIsrael13,100

Not surprisingly, Dubai is the biggest destination for the ultra-rich to flock to in the Middle East.

Top Cities in Latin America

Rank (Latin America)CityCountry# of Millionaires
#1Mexico CityMexico86,700
#2São PauloBrazil64,500
#3Rio de JaneiroBrazil35,300
#4Buenos AiresArgentina15,400
#5BogotaColombia14,900
#6SantiagoChile10,800

Mexico City, and then the two big ones in Brazil (São Paulo and Rio), are where millionaires congregate in Latin America.

Top Cities in North America

Rank (North America)CityCountry# of Millionaires
#1New York CityUSA339,200
#2Bay AreaUSA180,300
#3Los AngelesUSA173,300
#4TorontoCanada109,300
#5MiamiUSA31,600
#6Washington D.C.USA31,200
#7VancouverCanada31,100

The U.S. has 4.3 million millionaires, and they are widely dispersed through the country.

The Knight Frank 2017 report lists five cities: NYC, Washington, D.C., San Francisco (incl. Bay Area), Los Angeles, and Miami – all of which, according to their calculations, have more than 30k millionaires.

Canada’s Toronto also has broken the six-digit barrier with over 100,000 millionaires. That puts the Big Smoke in pretty unique company, as only 17 cities globally can make such a claim.

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United States

Charted: U.S. Median House Prices vs. Income

We chart the ever-widening gap between median incomes and the median price of houses in America, using data from the Federal Reserve from 1984 to 2022.

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A cropped chart with the ever-widening gap between median house prices vs. income in America, using data from the Federal Reserve from 1984 to 2022.

Houses in America Now Cost Six Times the Median Income

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

As of 2023, an American household hoping to buy a median-priced home, needs to make at least $100,000 a year. In some cities, they need to make nearly 3–4x that amount.

The median household income in the country is currently well below that $100,000 threshold. To look at the trends between median incomes and median house prices through the years, we charted their movement using the following datasets data from the Federal Reserve:

Importantly this graphic does not make allowances for actual household disposable income, nor how monthly mortgage payments change depending on the interest rates at the time. Finally, both datasets are in current U.S. dollars, meaning they are not adjusted for inflation.

Timeline: Median House Prices vs. Income in America

In 1984, the median annual income for an American household stood at $22,420, and the median house sales price for the first quarter of the year came in at $78,200. The house sales price-to-income ratio stood at 3.49.

By pure arithmetic, this is the most affordable houses have been in the U.S. since the Federal Reserve began tracking this data, as seen in the table below.

A hidden caveat of course, was inflation: running rampant towards the end of the 70s and the start of the 80s. While it fell significantly in the next five years, in 1984 the 30-year fixed rate was close to 14%, meaning a significant chunk of household income went to interest payments.

DateMedian House
Sales Price
Median Household
Income
Price-to-Income Ratio
1984-01-01$78,200$22,4203.49
1985-01-01$82,800$23,6203.51
1986-01-01$88,000$24,9003.53
1987-01-01$97,900$26,0603.76
1988-01-01$110,000$27,2304.04
1989-01-01$118,000$28,9104.08
1990-01-01$123,900$29,9404.14
1991-01-01$120,000$30,1303.98
1992-01-01$119,500$30,6403.90
1993-01-01$125,000$31,2404.00
1994-01-01$130,000$32,2604.03
1995-01-01$130,000$34,0803.81
1996-01-01$137,000$35,4903.86
1997-01-01$145,000$37,0103.92
1998-01-01$152,200$38,8903.91
1999-01-01$157,400$40,7003.87
2000-01-01$165,300$41,9903.94
2001-01-01$169,800$42,2304.02
2002-01-01$188,700$42,4104.45
2003-01-01$186,000$43,3204.29
2004-01-01$212,700$44,3304.80
2005-01-01$232,500$46,3305.02
2006-01-01$247,700$48,2005.14
2007-01-01$257,400$50,2305.12
2008-01-01$233,900$50,3004.65
2009-01-01$208,400$49,7804.19
2010-01-01$222,900$49,2804.52
2011-01-01$226,900$50,0504.53
2012-01-01$238,400$51,0204.67
2013-01-01$258,400$53,5904.82
2014-01-01$275,200$53,6605.13
2015-01-01$289,200$56,5205.12
2016-01-01$299,800$59,0405.08
2017-01-01$313,100$61,1405.12
2018-01-01$331,800$63,1805.25
2019-01-01$313,000$68,7004.56
2020-01-01$329,000$68,0104.84
2021-01-01$369,800$70,7805.22
2022-01-01$433,100$74,5805.81

Note: The median house sale price listed in this table and in the chart is from the first quarter of each year. As a result the ratio can vary between quarters of each year.

The mid-2000s witnessed an explosive surge in home prices, eventually culminating in a housing bubble and subsequent crash—an influential factor in the 2008 recession. Subprime mortgages played a pivotal role in this scenario, as they were issued to buyers with poor credit and then bundled into seemingly more attractive securities for financial institutions. However, these loans eventually faltered as economic circumstances changed.

In response to the recession and to stimulate economic demand, the Federal Reserve reduced interest rates, consequently lowering mortgage rates.

While this measure aimed to make homeownership more accessible, it also contributed to a significant increase in housing prices in the following years. Additionally, a new generation entering the home-buying market heightened demand. Simultaneously, a scarcity of new construction and a surge in investors and corporations converting housing units into rental properties led to a shortage in supply, exerting upward pressure on prices.

As a result, median house prices are now nearly 6x the median household income in America.

How Does Unaffordable Housing Affect the U.S. Economy?

When housing costs exceed a significant portion of household income, families are forced to cut back on other essential expenditures, dampening consumer spending. Given how expanding housing supply helped drive U.S. economic growth in the 20th century, the current constraints in the country are especially ironic.

Unaffordable housing also stifles mobility, as individuals may be reluctant to relocate for better job opportunities due to housing constraints. On the flip side, many cities are seeing severe labor shortages as many lower-wage workers simply cannot afford to live in the city. Both phenomena affect market efficiency and productivity growth.

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