Money
Visualizing the World’s Growing Millionaire Population (2012-2022)
Visualizing the World’s Growing Millionaire Population
Reaping the rewards of tech revolutions, market booms, and more, the last decade has seen a remarkable increase in the global number of millionaires.
In 2022, 1.1% of all of the world’s adults were millionaires, up from 0.6% in 2012.
In today’s visualization, we dive into the world’s growing millionaire population using data from this year’s Global Wealth Report by Credit Suisse.
The Global Millionaire Population, Then and Now
In 2022, total millionaire wealth stood at $208.3 trillion, accounting for 45.8% of global wealth. That represents a 138% increase from 2011, when millionaires held $87.5 trillion in wealth.
While the rise can be attributed to a number of factors, financial assets have accounted for most of the increase in total wealth since the 2008 Financial Crisis, according to Credit Suisse.
Here’s a look at the explosive growth in the number of millionaires from 2012 to 2022:
Wealth range | Number of adults (2012) | Number of adults (2022) |
---|---|---|
$1-5M | 25.6 million | 51.5 million |
$5-10M | 1.9 million | 5.1 million |
>$10M | 1.0 million | 2.8 million |
At the very apex of these pyramids, the number of ultra-high-net-worth individuals (all holding $50 million or more in wealth) has nearly tripled over the last decade.
Where are the world’s millionaires mostly found?
- 42%: North America
- 27%: Europe
- 16%: Asia-Pacific (ex. China and India)
- 10%: China
- 5%: Rest of the World
In total, the world’s millionaire population amounted to 59.4 million adults in 2022.
Despite inflation, interest rates, and current market conditions hampering wealth creation for many in 2022 and 2023, Credit Suisse forecasts that the number of millionaires will still grow to 86 million by 2027, a 45% increase from 2022.
The Outlook for Wealth Inequality
Although wealth inequality fell slightly in 2022, a significant chunk of overall global wealth still belongs to the wealthiest parts of the population.
In stark contrast to millionaires, 52.5% of the world’s adults had less than $10,000 in wealth, and combined for just 1.2% of global wealth.
From a big picture perspective, however, worldwide wealth inequality has trended downward over the last two decades. That is, before the 2020–2021 period when the wealth gap was exacerbated due to the pandemic and the subsequent boom in share and house prices.
Looking ahead to 2027, Credit Suisse forecasts that the share of adults with less than $10,000 in wealth will fall, with more adults moving into the middle and upper income levels. It’ll be interesting to see if global wealth inequality continues its long-term downward trajectory.
Where does this data come from?
Source: Credit Suisse Global Wealth Report (2022 and 2012 versions)
Money
Charted: Which City Has the Most Billionaires in 2024?
Just two countries account for half of the top 20 cities with the most billionaires. And the majority of the other half are found in Asia.
Charted: Which Country Has the Most Billionaires in 2024?
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Some cities seem to attract the rich. Take New York City for example, which has 340,000 high-net-worth residents with investable assets of more than $1 million.
But there’s a vast difference between being a millionaire and a billionaire. So where do the richest of them all live?
Using data from the Hurun Global Rich List 2024, we rank the top 20 cities with the highest number of billionaires in 2024.
A caveat to these rich lists: sources often vary on figures and exact rankings. For example, in last year’s reports, Forbes had New York as the city with the most billionaires, while the Hurun Global Rich List placed Beijing at the top spot.
Ranked: Top 20 Cities with the Most Billionaires in 2024
The Chinese economy’s doldrums over the course of the past year have affected its ultra-wealthy residents in key cities.
Beijing, the city with the most billionaires in 2023, has not only ceded its spot to New York, but has dropped to #4, overtaken by London and Mumbai.
Rank | City | Billionaires | Rank Change YoY |
---|---|---|---|
1 | 🇺🇸 New York | 119 | +1 |
2 | 🇬🇧 London | 97 | +3 |
3 | 🇮🇳 Mumbai | 92 | +4 |
4 | 🇨🇳 Beijing | 91 | -3 |
5 | 🇨🇳 Shanghai | 87 | -2 |
6 | 🇨🇳 Shenzhen | 84 | -2 |
7 | 🇭🇰 Hong Kong | 65 | -1 |
8 | 🇷🇺 Moscow | 59 | No Change |
9 | 🇮🇳 New Delhi | 57 | +6 |
10 | 🇺🇸 San Francisco | 52 | No Change |
11 | 🇹🇭 Bangkok | 49 | +2 |
12 | 🇹🇼 Taipei | 45 | +2 |
13 | 🇫🇷 Paris | 44 | -2 |
14 | 🇨🇳 Hangzhou | 43 | -5 |
15 | 🇸🇬 Singapore | 42 | New to Top 20 |
16 | 🇨🇳 Guangzhou | 39 | -4 |
17T | 🇮🇩 Jakarta | 37 | +1 |
17T | 🇧🇷 Sao Paulo | 37 | No Change |
19T | 🇺🇸 Los Angeles | 31 | No Change |
19T | 🇰🇷 Seoul | 31 | -3 |
In fact all Chinese cities on the top 20 list have lost billionaires between 2023–24. Consequently, they’ve all lost ranking spots as well, with Hangzhou seeing the biggest slide (-5) in the top 20.
Where China lost, all other Asian cities—except Seoul—in the top 20 have gained ranks. Indian cities lead the way, with New Delhi (+6) and Mumbai (+3) having climbed the most.
At a country level, China and the U.S combine to make up half of the cities in the top 20. They are also home to about half of the world’s 3,200 billionaire population.
In other news of note: Hurun officially counts Taylor Swift as a billionaire, estimating her net worth at $1.2 billion.
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