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Where Do the World’s Wealthiest People Live?

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See this visualization first on the Voronoi app.


A chart detailing where the wealthiest people live, by country.

Where Do the Wealthy Live?

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.

In 2022, global household wealth stood at $454 trillion, of which half was held by millionaires.

But where do the wealthiest people of the world live?

From UBS and Credit Suisse’s comprehensive Global Wealth Report 2023, we visualize the world’s millionaire population by country. Their databook details the sources they used, including household balance sheet data from the World Bank, the World Income Inequality Database, surveys, tax data, and Forbes’ findings.

UBS defines millionaires as individuals whose total wealth (including financial and non-financial assets, minus household debt) is at or above $1 million, using “smoothed exchange rates.” These are 2021 average currency exchange rates with the U.S. dollar, adjusted for inflation differences between the U.S. and concerned country, but not adjusted for U.S. inflation between 2021 and 2022.

ℹ️ “Million” denoting just the number and not money has been shortened to ‘M’ in this article to avoid confusion when talking about millions of millionaires.

With information current up to 2022, the world has almost 60M millionaires, of which 42% reside in North America.

RankRegionMillionaires
1North America24.7M
2Europe16.3M
3Asia-Pacific9.8M
4China6.2M
5Latin America1.2M
6India0.85M
7Africa0.36M
World59.4M

Note: UBS separates China and India from their Asia-Pacific region for better clarity

Within that statistic is an obvious heavyweight, and we look through the per-country millionaire population in the next section.

Ranked: Countries By Number of Millionaires

The U.S. is home to nearly 23M millionaires, 40% of the total millionaire population in the world. Six American cities feature in the world’s wealthiest cities, led by New York City, home to 340,000 millionaires.

As it happens, this quantity is actually lower than the 24M American millionaires in 2021, as average wealth in the category fell due to a decline in the value of financial assets.

RankCountryMillionairesContinent
1🇺🇸 U.S.22.7MNorth America
2🇨🇳 China6.2MAsia
3🇫🇷 France2.8MEurope
4🇯🇵 Japan2.8MAsia
5🇩🇪 Germany2.6MEurope
6🇬🇧 UK2.6MEurope
7🇨🇦 Canada2.0MNorth America
8🇦🇺 Australia1.8MOceania
9🇮🇹 Italy1.3MEurope
10🇰🇷 Korea1.3MAsia
11🇳🇱 Netherlands1.2MEurope
12🇪🇸 Spain1.1MEurope
13🇨🇭 Switzerland1.1MEurope
14🇮🇳 India850KAsia
15🇹🇼 Taiwan765KAsia
16🇭🇰 Hong Kong629KAsia
N/A🌍 ROW7.6MN/A

The world’s second-largest economy, China, is also home to the second-highest number of wealthy individuals, at 6M, about 10% of the total millionaire population. The number of Chinese residents with more than $1 million has grown rapidly since 2012, especially in economic hotspots like Hangzhou and Shenzhen.

At third and fourth, France and Japan essentially have the same number of millionaires (2.8M) as do Germany and the UK who round out the top six with 2.6M millionaires each.

The top 10 countries with the most millionaires are the 10 largest economies in the world, with the exception of India (ranked 14th) and Brazil, which is outside the top millionaire residents ranks, but grew its millionaire population by 122,000 between 2021 and 2022.

Within this data however, UBS differentiates between the various types of millionaires.

Wealth DistributionNumber of Millionaires% of Millionaires
in 2022
$1–5 Million51.67M87.0%
$5–10 Million5.10M8.6%
> $10 Million2.73M4.6%

Note: Percentages may not sum to 100 due to rounding.

Of the last category of individuals with more than $10 million, 2.5M have assets in the $10–50 million range, leaving 243,000 ultra-high-net-worth individuals with a net worth above $50 million. This ultra-high-net-worth category has grown four times since 2008.

UBS believes that by 2027, the world will have over 85M millionaires. This is 26M more than today, and 71M more from the year 2000.

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Money

Visualizing Wealth Distribution in America (1990-2023)

Wealth distribution in America is becoming increasingly unequal, with the wealth held by the top 0.1% reaching its highest level on record.

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Visualizing Wealth Distribution in America

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.

Wealth distribution in America has become increasingly concentrated since 1990.

Today, the share of wealth held by the richest 0.1% is currently at its peak, with households in the highest rung having a minimum of $38 million in wealth. Overall, roughly 131,000 households fall into this elite wealth bracket.

This graphic charts patterns in U.S. household wealth, based on data from the Federal Reserve.

Distribution of U.S. Household Wealth

Below, we show how the share of household wealth breaks down by wealth bracket:

Share of Household Wealth2023 (%)2020 (%)2010 (%)2000 (%)1990 (%)
Top 0.1%141311109
99-99.9%1718181714
90-99%
3638403637
50-90%
3129313436
Bottom 50%
32<134

Figures are as of Q4 for each year aside form 2023 where Q3 data was used based on the most recently available data.

With $20 trillion in wealth, the top 0.1% earn on average $3.3 million in income each year.

The greatest share of their wealth is held in corporate equities and mutual funds, which make up over one-third of their assets. Since 1990, their total share of wealth has grown from from 9% to 14% in 2023—the biggest jump across all wealth brackets.

In fact, the richest 0.1% and 1% were the only two rungs to see their share increase since 1990.

Meanwhile, the greatest decline was seen across the 50-90% bracket—households in the lower-middle and middle classes. Those in this rung have a minimum $165,000 in wealth with the majority of assets in real estate, followed by pension and retirement benefits.

Averaging $51,000 in wealth, the bottom 50% make up the lowest share, accounting for 3% of the wealth distribution in America. Income growth across this bracket has increased by over 10% between 2020 and 2022, higher than all other brackets aside from the top 1%.

Overall, the top 10% richest own more than the bottom 90% combined, with $95 trillion in wealth.

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