Money
How the Composition of Wealth Differs, from the Middle Class to the Top 1%

A Breakdown of Wealth, from Middle Class to the Top 1%
Just as household wealth varies greatly across the population, the composition of that wealth changes as well. Simply put, the person next to you at the grocery store will likely have a much different asset mix than, say, Warren Buffett.
Today’s chart breaks down the differences in the composition of wealth between middle income, upper income, and ultra wealthy (top 1%) of American households to help us better understand the building blocks that make up net worth. Let’s dive in.
Middle Income: Home is Where the Wealth is
It’s no surprise that the principal residence is the cornerstone of net worth for most Americans in the middle class. For households that fall in this wide range ($0 to $471k of net worth) the combination of housing and pension accounts make up nearly 80% of total wealth on average.
Assets like stocks and mutual funds only make up about 4% of wealth in this income bracket, partially mirroring the trend of lower stock market participation in recent years.
As we move up the income ladder, however, this situation changes quite a bit.
Upper Income: A Diversified Portfolio
If a household has a net worth that ranges between $471,000 and $10.2 million, it is considered to fall in the upper income band above. This represents the 20% richest households in the U.S., minus the top 1%, which are put in a separate bracket.
For this group, the principal residence makes up a smaller slice of the wealth pie. Instead, we see a higher mix of financial assets like stocks and mutual funds, as well as business equity and real estate. Almost half of households in this group own real estate in addition to their principal residence.
As households become wealthier, we tend to see a lower share of liquid assets as compared with the other components of net worth.
The Top 1%: The Business Equity Bulge
In the richest 1% of households, the principal residence makes up a mere 7.6% of assets. At this stage, almost half of assets fall under the category of business equity and real estate.
A prime example of this is Jeff Bezos. The lion’s share of the Amazon founder’s net worth is tied to the value of his company. Another example is President Trump, whose sprawling real estate empire comprises two-thirds of his estimated $3.1 billion net worth.
One of the more prominent features of the ultra rich wealth bracket is a much higher level of financial asset ownership. In fact, the top 1% of households own over 40% of stocks.
As well, this tiny group of ultra wealthy households earns 22% of total income, up from 8% in the 1970s.
Wealth
Mapped: The Migration of the World’s Millionaires in 2023
Where do the world’s wealthiest people want to live? This map tracks the migration of the world’s High Net Worth Individuals (HNWIs).

Mapping the Migration of the World’s Millionaires 2023
Just like everyone else, High Net Worth Individuals (HNWIs) traveled less than usual during the pandemic, and as a result their migration numbers trended downwards. But millionaires and billionaires are on the move again and it is anticipated that 122,000 HNWIs will move to a new country by the end of the year.
Henley & Partners’ Private Wealth Migration Report has tracked the countries HNWIs have moved from and to over the last 10 years; this map showcases the 2023 forecasts.
In this context, HNWIs are defined as individuals with a net worth of at least $1 million USD.
The Countries Welcoming New Millionaires
The top 10 countries which are likely to become home to the highest number of millionaires and billionaires in 2023 are scattered across the globe, with Australia reclaiming its top spot this year from the UAE.
Here’s a closer look at the data:
Rank | Country | Projected HNWI Inflow 2023 |
---|---|---|
1 | 🇦🇺 Australia | 5,200 |
2 | 🇦🇪 UAE | 4,500 |
3 | 🇸🇬 Singapore | 3,200 |
4 | 🇺🇸 U.S. | 2,100 |
5 | 🇨🇭 Switzerland | 1,800 |
6 | 🇨🇦 Canada | 1,600 |
7 | 🇬🇷 Greece | 1,200 |
8 | 🇫🇷 France | 1,000 |
9 | 🇵🇹 Portugal | 800 |
10 | 🇳🇿 New Zealand | 700 |
Only two Asian countries make the top 10, with the rest spread across Europe, North America, and Oceania.
Despite historic economic challenges, Greece is projected to gain 1,200 High Net Worth Individuals this year. One reason could be the country’s golden visa program, wherein wealthy individuals can easily obtain residence and eventually EU passports for the right price—currently a minimum real estate investment cost of 250,000 euros is all that’s required.
Many of the leading millionaire destinations are attractive for wealthy individuals because of higher levels of economic freedom, allowing for laxer tax burdens or ease of investment. Singapore, which expects to gain 3,200 millionaires, is the most economically free market in the world.
The Countries Losing the Most Millionaires
China is anticipated to lose 13,500 High Net Worth Individuals this year, more than double as many as the second place country, India (6,500).
Here’s a closer look at the bottom 10:
Rank | Country | Projected HNWI Outflow 2023 |
---|---|---|
1 | 🇨🇳 China | -13,500 |
2 | 🇮🇳 India | -6,500 |
3 | 🇬🇧 UK | -3,200 |
4 | 🇷🇺 Russia | -3,000 |
5 | 🇧🇷 Brazil | -1,200 |
6 | 🇭🇰 Hong Kong SAR | -1,000 |
7 | 🇰🇷 South Korea | -800 |
8 | 🇲🇽 Mexico | -700 |
9 | 🇿🇦 South Africa | -500 |
10 | 🇯🇵 Japan | -300 |
In a number of these countries, strict regulatory bodies and corrupt governments can hinder the ease with which HNWIs can manage their own money.
In Russia, many wealthy individuals are facing personal tariffs and trade restrictions from Western countries due to the war in Ukraine. China’s crackdowns on Hong Kong have made it a less attractive place for business. And finally, the UK’s exit from the EU has caused many businesses and individuals to lose the easy movement of labor, finances, and investment that made operations across European borders seamless.
Some of these countries may still be adding homegrown millionaires and billionaires, but losing thousands of HNWIs to net migration does have a considerable economic impact.
Overall, millionaires are increasingly on the move. In the 10 years of reporting—despite a dip during the pandemic—the number of HNWIs moving away from their countries of origin has been growing every year.
Here’s a look at the numbers:
Year | Projected HNWI Migration |
---|---|
2013 | 51,000 |
2014 | 57,000 |
2015 | 64,000 |
2016 | 82,000 |
2017 | 95,000 |
2018 | 108,000 |
2019 | 110,000 |
2020 | 12,000 |
2021 | 25,000 |
2022 | 84,000 |
2023 (forecast) | 122,000 |
In a geopolitically fragile but more connected world, it’s no surprise to see millionaires voting with their feet. As a result, governments are increasingly in competition to win the hearts and minds of the world’s economic elite to their side.
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