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Which Countries Have the Most Wealth Per Capita?



Animated Chart: Which Countries Have the Most Wealth Per Capita?

Which Countries Have the Most Wealth Per Capita?

Our animated chart this week uses data from the ninth Credit Suisse Global Wealth report, which ranks countries by average wealth, calculated as gross assets per adult citizen.

While using such a metric certainly gives a quick snapshot of wealth per capita, it doesn’t necessarily show the complete picture.

Some argue, for example, that calculating the mean doesn’t factor in the gap between the richest and poorest in a population—also known as wealth inequality. For this reason, we’ve compared this number to median wealth for each country, providing a separate angle on which countries really have the most wealth per capita.

Mean or Median: Which Makes More Sense?

Below, we’ve visualized a hypothetical example of two groups of people, each earning various sums of money, to show how average (mean) and median calculations make a difference.

Mean vs Median Comparison

What can we observe in both datasets?

  • Total wealth: $2,000
  • Total people: 15 people
  • Average wealth: $2,000 ÷ 15 = $133

However, that’s where the similarities end. In the first group, wealth is distributed more evenly, with the disparity between the lowest-paid and highest-paid being $300. The median wealth for this group reaches $100, which is close to the average value. In the second group, this gap climbs to $495, and the median wealth drops sharply to only $30.

Scaling up this example to the true wealth of nations, we can see how the median wealth provides a more accurate picture of the typical adult, especially in societies that are less equal.

Let’s see how this shakes out when ranking the world’s most affluent countries.

Ranking Top Contenders on Wealth per Capita

When it comes to wealth per capita, it’s clear that Australia and Switzerland lead the pack. In fact, the data shows that both nations top the lists for both mean and median wealth.

However, both nations also have the highest absolute household debt-to-GDP ratios in the world: in 2018, Switzerland’s levels reached nearly 129%, while Australia followed behind at 120%.

Here is a full ranking of the top 20 countries by mean and median wealth:

RankCountryMean wealth per adultCountryMedian wealth per adult
#1🇨🇭 Switzerland$530,244🇦🇺 Australia$191,453
#2🇦🇺 Australia$411,060🇨🇭 Switzerland$183,339
#3🇺🇸 United States$403,974🇧🇪 Belgium$163,429
#4🇧🇪 Belgium$313,045🇳🇱 Netherlands$114,935
#5🇳🇴 Norway$291,103🇫🇷 France$106,827
#6🇳🇿 New Zealand$289,798🇨🇦 Canada$106,342
#7🇨🇦 Canada$288,263🇯🇵 Japan$103,861
#8🇩🇰 Denmark$286,712🇳🇿 New Zealand$98,613
#9🇸🇬 Singapore$283,118🇬🇧 United Kingdom$97,169
#10🇫🇷 France$280,580🇸🇬 Singapore$91,656
#11🇬🇧 United Kingdom$279,048🇪🇸 Spain$87,188
#12🇳🇱 Netherlands$253,205🇳🇴 Norway$80,054
#13🇸🇪 Sweden$249,765🇮🇹 Italy$79,239
#14🇭🇰 Hong Kong$244,672🇹🇼 Taiwan$78,177
#15🇮🇪 Ireland$232,952🇮🇪 Ireland$72,473
#16🇦🇹 Austria$231,368🇦🇹 Austria$70,074
#17🇯🇵 Japan$227,235🇰🇷 South Korea$65,463
#18🇮🇹 Italy$217,727🇺🇸 United States$61,667
#19🇩🇪 Germany$214,893🇩🇰 Denmark$60,999
#20🇹🇼 Taiwan$212,375🇭🇰 Hong Kong$58,905

The United States boasts 41% of the world’s millionaires, but it’s clear that the fruits of labor are enjoyed by only a select group—average wealth ($403,974) is almost seven times higher than median wealth ($61,667). This growing inequality gap knocks the country down to 18th place for median wealth.

The Nordic countries of Norway and Denmark can be found in the top ten for average wealth, but they drop to 12th place ($80,054) and 19th place ($60,999) respectively for median wealth. Despite this difference, these countries also provide a strong safety net—including access to healthcare and education—to more vulnerable citizens.

Finally, wealth in Japan is fairly evenly distributed among its large middle class, which lands it in seventh place on the median wealth list at $103,861. One possible reason is that the pay gap ratio between Japanese CEOs and the average worker is much lower than other developed nations.

With reducing income inequality as a priority for many countries around the world, how might this list change in coming years?

Footnote: All data estimates are using mid-2018 values, and reflected in US$.

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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).



migration of 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:

RankCountryProjected HNWI Inflow 2023
1🇦🇺 Australia5,200
2🇦🇪 UAE4,500
3🇸🇬 Singapore3,200
4🇺🇸 U.S.2,100
5🇨🇭 Switzerland1,800
6🇨🇦 Canada1,600
7🇬🇷 Greece1,200
8🇫🇷 France1,000
9🇵🇹 Portugal800
10🇳🇿 New Zealand700

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:

RankCountryProjected 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:

YearProjected HNWI Migration
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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