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The Fastest Growing Millionaire Populations, by Country (2013-2023)

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The Fastest Growing Millionaire Populations, by Country (2013-2023)

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The Fastest Growing Millionaire Populations, by Country

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The world’s economic powerhouses, like the U.S. or China, hold the majority of millionaires in absolute terms. But which countries are growing their millionaire populations at the fastest rate?

This chart shows the growth of millionaire populations by country between 2013 and 2023, using data from New World Wealth, as detailed in the Henley Private Wealth Migration Report 2024.

Specifically, the report tracks high-net-worth individuals (HNWIs) who possess liquid investable wealth of $1 million USD or more. The figures are rounded to the nearest hundred and represent residents of each country as of December 2023.

Emerging Markets Like Vietnam Top the Ranking

While the United States remains the leader with over 5.4 million millionaires, emerging economies such as Vietnam, China, and India are seeing the fastest growth rates.

Vietnam’s millionaire population, in particular, has surged by 98% over the last decade, reflecting the country’s rapid economic development. Meanwhile, China and India have created hundreds of thousands of new millionaires, solidifying their positions as major players in the global wealth landscape.

RankCountryNumber of millionaires (2023)Change (2013โ€“2023)
1๐Ÿ‡ป๐Ÿ‡ณ Vietnam19,400+98%
2๐Ÿ‡จ๐Ÿ‡ณ China862,400+92%
3๐Ÿ‡ฒ๐Ÿ‡บ Mauritius5,100+87%
4๐Ÿ‡ฎ๐Ÿ‡ณ India326,400+85%
5๐Ÿ‡ฆ๐Ÿ‡ช UAE116,500+77%
6๐Ÿ‡ฒ๐Ÿ‡น Malta10,200+74%
7๐Ÿ‡ฒ๐Ÿ‡จ Monaco15,600+68%
8๐Ÿ‡ธ๐Ÿ‡ฌ Singapore244,800+64%
9๐Ÿ‡บ๐Ÿ‡ธ USA5,492,400+62%
10๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand56,100+48%
11๐Ÿ‡น๐Ÿ‡ผ Taiwan62,600+42%
12๐Ÿ‡จ๐Ÿ‡ญ Switzerland427,700+38%
13๐Ÿ‡ฆ๐Ÿ‡บ Australia383,300+35%
14๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia58,300+35%
15๐Ÿ‡ต๐Ÿ‡น Portugal67,200+32%
16๐Ÿ‡จ๐Ÿ‡ฆ Canada371,200+29%
17๐Ÿ‡ฐ๐Ÿ‡ท South Korea109,600+28%
18๐Ÿ‡ฎ๐Ÿ‡น Italy289,300+16%
19๐Ÿ‡ฉ๐Ÿ‡ช Germany806,100+15%
20๐Ÿ‡ซ๐Ÿ‡ท France506,000+14%
21๐Ÿ‡ฌ๐Ÿ‡ท Greece64,700+14%
22๐Ÿ‡ช๐Ÿ‡ธ Spain106,300+6%
23๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong (SAR China)143,400-4%
24๐Ÿ‡ฏ๐Ÿ‡ต Japan754,800-6%
25๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom602,500-8%
26๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa37,400-20%

Despite its modest growth rate of 62%, the United States still boasts the largest number of millionaires globally. China is nearing one million millionaires, becoming only the second country to approach this milestone after the United States.

Vietnam’s exceptional 98% growth rate stands out, particularly given its communist governance and initially low base of millionaires. This growth reflects the country’s recent economic success and suggests a continuing upward trend in wealth accumulation.

In contrast, the United Kingdom experienced a slight decline in its millionaire population over the past decade. Factors such as Brexit and other economic uncertainties have contributed to this reduction, highlighting the challenges faced by established economies.

African countries like Nigeria and South Africa have seen their millionaire populations decrease, partly due to emigration and economic instability. Nigeria’s struggle with currency devaluation has further impacted its wealthy class, while South Africa saw a notable 20% decline in its millionaire population.

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