Money
Mapped: The World’s Ultra-Rich, by Country
Mapped: The World’s Ultra-Rich, by Country
The global number of ultra-high net-worth individuals (UHNWIs) — those with over $30 million in assets — has continued to rise over the years.
Today’s infographic draws data from Knight Frank’s 2020 Wealth Report released in March, and it shows which countries have the highest number of UHNWIs, as well as how that number is projected to change in years to come.
No Ordinary Millionaire
To start, let’s look at where the world’s wealthiest could be found in 2019, which is both the peak of the decade-long bull market and the most recent year of data covered by the report.
Rank | Country | Ultra-High Net Worth Population | 1-Year Change (%) |
---|---|---|---|
#1 | 🇺🇸 United States | 240,575 | 5.9% |
#2 | 🇨🇳 China | 61,587 | 14.7% |
#3 | 🇩🇪 Germany | 23,078 | 0.8% |
#4 | 🇫🇷 France | 18,776 | 7.9% |
#5 | 🇯🇵 Japan | 17,013 | 17.0% |
#6 | 🇬🇧 UK | 14,367 | 3.6% |
#7 | 🇮🇹 Italy | 10,701 | 20.8% |
#8 | 🇨🇦 Canada | 9,325 | 5.3% |
#9 | 🇷🇺 Russia | 8,924 | 3.9% |
#10 | 🇨🇠Switzerland | 8,395 | 3.0% |
#11 | 🇪🇸 Spain | 6,475 | -1.1% |
#12 | 🇮🇳 India | 5,986 | 0.2% |
#13 | 🇰🇷 South Korea | 5,847 | 21.6% |
#14 | 🇸🇪 Sweden | 5,174 | 0.3% |
#15 | 🇸🇦 Saudi Arabia | 5,100 | 0.0% |
While the U.S. maintained its foothold, the ultra-rich in South Korea and Italy have grown over 20% each since 2018. An economic model focused on exports, conglomerates, and select manufacturing industries could likely be behind the UHNWI boom in South Korea.
Interestingly, the number of ultra-wealthy in Saudi Arabia increased by only one individual between 2018 and 2019.
Multi-Millionaire Next Door
Taking a closer look, what made up the wealth of this ultra rich population? Knight Frank found that 27% of UHNWI wealth was locked up in property investments:
Property as an Investment | Equities | Bonds/Fixed Income | Cash | Private Equity | Collectables | Gold/Precious Metals | Crypto |
---|---|---|---|---|---|---|---|
27% | 23% | 17% | 11% | 8% | 5% | 3% | 1% |
In terms of more liquid assets, the average UHNWI held 23% of their wealth in equities, 17% in bonds, 11% in cash, and 3% in precious metals. It will be illuminating to see how, or if, this changes in the aftermath of the ongoing COVID-19 economic crisis.
The Future Destination Hubs
Fast-forward to 2024, and Knight Frank estimates that the global hotspots of the world’s wealthiest will remain consistent, with some notable winners over the decade.
The greatest difference will be the rising cohort of the ultra-wealthy in China and India, both projected to grow by triple digits between 2014 and 2024. This burgeoning middle class in China is driving domestic consumption and is transforming the consumer landscape.
Rank | Country | UHNWIs (Projected, 2024) | 10-Year Change (Projected, %) |
---|---|---|---|
#1 | 🇺🇸 U.S. | 293,136 | 67.0% |
#2 | 🇨🇳 China | 97,082 | 135.8% |
#3 | 🇩🇪 Germany | 26,819 | 45.0% |
#4 | 🇫🇷 France | 22,728 | 29.7% |
#5 | 🇯🇵 Japan | 19,110 | 63.3% |
#6 | 🇬🇧 UK | 18,818 | 36.7% |
#7 | 🇮🇹 Italy | 12,508 | 17.6% |
#8 | 🇨🇦 Canada | 11,928 | 54.8% |
#9 | 🇷🇺 Russia | 11,019 | 4.8% |
#10 | 🇮🇳 India | 10,354 | 238.3% |
As the ripple effects of COVID-19 continue to take hold, experts pose differing opinions on how its impacts on the global economy will unfold.
Could the crash hasten the number of ultra-rich as inequality is laid bare, or will wealth be redistributed in response to the unprecedented crisis?
Personal Finance
Chart: The Declining Value of the U.S. Federal Minimum Wage
This graphic compares the nominal vs. inflation-adjusted value of the U.S. minimum wage, from 1940 to 2023.
The Declining Value of the U.S. Federal Minimum Wage
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.
This graphic illustrates the history of the U.S. federal minimum wage using data compiled by Statista, in both nominal and real (inflation-adjusted) terms. The federal minimum wage was raised to $7.25 per hour in July 2009, where it has remained ever since.
Nominal vs. Real Value
The data we used to create this graphic can be found in the table below.
Year | Nominal value ($/hour) | Real value ($/hour) |
---|---|---|
1940 | 0.3 | 6.5 |
1945 | 0.4 | 6.82 |
1950 | 0.75 | 9.64 |
1955 | 0.75 | 8.52 |
1960 | 1 | 10.28 |
1965 | 1.25 | 12.08 |
1970 | 1.6 | 12.61 |
1975 | 2.1 | 12.04 |
1980 | 3.1 | 11.61 |
1985 | 3.35 | 9.51 |
1990 | 3.8 | 8.94 |
1995 | 4.25 | 8.49 |
2000 | 5.15 | 9.12 |
2005 | 5.15 | 8.03 |
2010 | 7.25 | 10.09 |
2015 | 7.25 | 9.3 |
2018 | 7.25 | 8.78 |
2019 | 7.25 | 8.61 |
2020 | 7.25 | 8.58 |
2021 | 7.25 | 8.24 |
2022 | 7.25 | 7.61 |
2023 | 7.25 | 7.25 |
What our graphic shows is how inflation has eroded the real value of the U.S. minimum wage over time, despite nominal increases.
For instance, consider the year 1960, when the federal minimum wage was $1 per hour. After accounting for inflation, this would be worth around $10.28 today!
The two lines converge at 2023 because the nominal and real value are identical in present day terms.
Many States Have Their Own Minimum Wage
According to the National Conference of State Legislatures (NCSL), 30 states and Washington, D.C. have implemented a minimum wage that is higher than $7.25.
The following states have adopted the federal minimum: Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, New Hampshire, North Carolina, North Dakota, Oklahoma, Pennsylvania, Texas, Utah, Wisconsin, and Wyoming.
Meanwhile, the states of Alabama, Louisiana, Mississippi, South Carolina, and Tennessee have no wage minimums, but have to follow the federal minimum.
How Does the U.S. Minimum Wage Rank Globally?
If you found this topic interesting, check out Mapped: Minimum Wage Around the World to see which countries have the highest minimum wage in monthly terms, as of January 2023.
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