Wealth

Ranked: Countries With the Most Millionaires and Billionaires

Published

9 months ago

July 3, 2024

Marcus Lu

Graphics/Design:

Miranda Smith

See this visualization first on the Voronoi app.

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Ranked: Countries With the Most Millionaires and Billionaires

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This graphic lists the top 12 countries by number of high net worth individuals (HNWIs). An HNWI is someone with liquid investable wealth of $1 million USD or more.

Importantly this excludes assets such as primary residences from counting towards wealth.
Data for this graphic is sourced from the Henley Private Wealth Migration Report 2024.

Where Do the Wealthy Live?

The U.S. leads the world with a massive millionaire (>$1 million USD) population of 5,492,400. To put this into perspective, the U.S. has more millionaires than Ireland has people.

Unsurprisingly, America also has the most centi-millionaires (9,850) and billionaires (788) as well.

Country	Millionaires (USD 1M+)	Centi-millionaires (USD 100M+)	Billionaires (USD 1B+)
🇺🇸 U.S.	5,492,400	9,850	788
🇨🇳 China	862,400	2,352	305
🇩🇪 Germany	806,100	1,075	82
🇯🇵 Japan	754,800	748	39
🇬🇧 UK	602,500	830	75
🇫🇷 France	506,000	605	55
🇨🇭 Switzerland	427,700	730	40
🇦🇺 Australia	383,300	463	48
🇨🇦 Canada	371,200	495	52
🇮🇳 India	326,400	1,044	120
🇮🇹 Italy	289,300	418	38
🇸🇬 Singapore	244,800	336	30

Note: Data current to December, 2023.

Far behind the U.S. in all three metrics, China is the next country with the most millionaires (862,400) and billionaires (305).

However, despite ranking 11th in terms of millionaires, India has the world’s third-largest billionaire population (120).

Economic size is a clear indication of a country’s propensity to having more numbers of high net worth individuals. Nine of the top 12 countries with the biggest wealthy populations are also the top 10 countries by gross domestic product.

However, Switzerland and Singapore are two countries that punch above their weight, helped by their status as offshore financial centers. With their tax benefits, asset protection, and privacy, they tend to attract wealthy individuals at a higher rate. For smaller countries, attracting this outside wealth can dramatically increase economic activity.