Wealth
Mapped: Where Do the Wealthiest People in the World Live?
See this visualization first on the Voronoi app.
Where Do the Wealthiest People in the World Live?
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.
Investors didn’t expect 2023 to be the bumper year for returns it ended up being. Despite tightening monetary policies and surging bond yields, equities continued their strong performance (helped hugely by enthusiasm around the potential of artificial intelligence).
This has boosted wealth creation, and the growth of ultra high net worth individuals (UHNWIs) in the world.
We map out where the 600,000+ UHNWIs reside, as of the end 2023. To be categorized as such, a person’s net worth needs to be higher than $30 million. This map uses data from the Knight Frank Wealth Report 2024.
It’s worth noting that some countries that are known hotspots for the wealthy—including Belgium, Saudi Arabia, the UAE, and Russia—do not have specified numbers in the source report and have not been covered in this map and article.
Ranked: Countries By Number of Ultra Wealthy Individuals
At the top of the ranks, accounting for more than one-third of the wealthiest in the world, the U.S. is home to 225,000 UHNWIs, more than double the number of 99,000 UHNWIs in China.
Together, the world’s two largest economies are home to 50% of the world’s wealthiest.
| Rank | Territory | UHNWI Population | YoY Growth | % of World UHNWIs |
|---|---|---|---|---|
| 1 | 🇺🇸 U.S. | 225,077 | +7.9% | 35.9% |
| 2 | 🇨🇳 China | 98,551 | +3.3% | 15.7% |
| 3 | 🇩🇪 Germany | 29,021 | +1.1% | 4.6% |
| 4 | 🇨🇦 Canada | 27,928 | +2.0% | 4.5% |
| 5 | 🇫🇷 France | 24,941 | +0.2% | 4.0% |
| 6 | 🇬🇧 UK | 23,072 | +3.1% | 3.7% |
| 7 | 🇯🇵 Japan | 21,710 | +0.3% | 3.5% |
| 8 | 🇮🇹 Italy | 15,952 | +3.8% | 2.5% |
| 9 | 🇦🇺 Australia | 15,347 | +2.9% | 2.4% |
| 10 | 🇨🇭 Switzerland | 14,734 | +5.2% | 2.4% |
| 11 | 🇮🇳 India | 13,263 | +6.1% | 2.1% |
| 12 | 🇪🇸 Spain | 10,149 | +1.7% | 1.6% |
| 13 | 🇳🇱 Netherlands | 8,390 | +0.2% | 1.3% |
| 14 | 🇹🇼 Taiwan | 7,640 | -0.3% | 1.2% |
| 15 | 🇰🇷 South Korea | 7,310 | +5.6% | 1.2% |
| 16 | 🇭🇰 Hong Kong | 5,957 | +2.5% | 1.0% |
| 17 | 🇸🇬 Singapore | 4,783 | +4.0% | 0.8% |
| 18 | 🇸🇪 Sweden | 4,125 | +2.5% | 0.7% |
| 19 | 🇳🇿 New Zealand | 2,587 | +2.9% | 0.4% |
| 20 | 🇳🇴 Norway | 2,276 | +1.1% | 0.4% |
| 21 | 🇦🇹 Austria | 2,167 | +0.3% | 0.3% |
| 22 | 🇹🇷 Türkiye | 1,932 | +9.7% | 0.3% |
| 23 | 🇮🇪 Ireland | 1,890 | +0.4% | 0.3% |
| 24 | 🇮🇩 Indonesia | 1,479 | +4.2% | 0.2% |
| 25 | 🇫🇮 Finland | 1,269 | +4.1% | 0.2% |
| 26 | 🇹🇭 Thailand | 889 | +0.8% | 0.1% |
| 27 | 🇿🇦 South Africa | 835 | -1.3% | 0.1% |
| 28 | 🇵🇹 Portugal | 800 | +3.0% | 0.1% |
| 29 | 🇲🇾 Malaysia | 754 | +4.3% | 0.1% |
| 30 | 🇻🇳 Vietnam | 752 | +2.4% | 0.1% |
| N/A | 🌐 Other | 51,039 | +0.1% | 8.1% |
| N/A | 🌍 World | 626,619 | +4.2% | N/A |
Note: The organization uses a dynamic proprietary wealth-sizing model created by their data engineering team to arrive at these figures. Exact numbers may change between different editions of this report.
Ranked third, Germany, has close to 30,000 UHNWIs, following the pattern of the biggest economic powerhouses having the highest share of the wealthy.
This correlation remains generally constant outside the top three as well, even if exact positions aren’t quite maintained:
- Canada, 10th largest economy, 4th in share of wealthiest people.
- Australia, 14th largest economy, 9th in wealthiest people.
- Switzerland, 20th largest economy, 10th in wealthiest people.
- India, 6th largest economy, 11th in wealthiest people.
Together, these top countries by share of UHNWIs account for 92% of all individuals with a net worth greater than $30 million.
Other countries, not specifically mentioned in the report, have 59,039 UHNWIs, or 8.1% of the world’s total.
Ranked: Regions By Number of Ultra Wealthy Individuals
Unsurprisingly, buoyed by the U.S. and China, North America and Asia are the top two regions by wealthiest individuals.
Europe is close behind Asia however; a reminder of the region’s collective economic might.
| Rank | Region | UHNWI Population | YoY Growth |
|---|---|---|---|
| 1 | North America | 253,066 | +7.2% |
| 2 | Asia | 165,442 | +2.6% |
| 3 | Europe | 155,232 | +1.8% |
| 4 | Middle East | 18,790 | +6.2% |
| 5 | Oceania | 17,934 | +2.9% |
| 6 | South America | 13,159 | -3.6% |
| 7 | Africa | 2,996 | +3.8% |
The oil-rich Middle East also outperforms on the wealthy individuals metric and saw the highest YoY growth in the ultra-wealthy after North America.
The world as a whole grew its UHNWI population by 4.2% and only South America saw a contraction in numbers between 2022 and 2023.
Where Does This Data Come From?
Source: Knight Frank Wealth Report 2024.
Note: Some countries that are known hotspots for the wealthy, including Belgium, Saudi Arabia, the UAE, and Russia have not been specified by the source report, and thus do not appear on this map.
Wealth
Visualizing the Tax Burden of Every U.S. State
Tax burden measures the percent of an individual’s income that is paid towards taxes. See where it’s the highest by state in this graphic.
Visualizing the Tax Burden of Every U.S. State
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 map graphic visualizes the total tax burden in each U.S. state as of March 2024, based on figures compiled by WalletHub.
It’s important to understand that under this methodology, the tax burden measures the percent of an average person’s income that is paid towards state and local taxes. It considers property taxes, income taxes, and sales & excise tax.
Data and Methodology
The figures we used to create this graphic are listed in the table below.
| State | Total Tax Burden |
|---|---|
| New York | 12.0% |
| Hawaii | 11.8% |
| Vermont | 11.1% |
| Maine | 10.7% |
| California | 10.4% |
| Connecticut | 10.1% |
| Minnesota | 10.0% |
| Illinois | 9.7% |
| New Jersey | 9.5% |
| Rhode Island | 9.4% |
| Utah | 9.4% |
| Kansas | 9.3% |
| Maryland | 9.3% |
| Iowa | 9.2% |
| Nebraska | 9.2% |
| Ohio | 8.9% |
| Indiana | 8.9% |
| Arkansas | 8.8% |
| Mississippi | 8.8% |
| Massachusetts | 8.6% |
| Virginia | 8.5% |
| West Virginia | 8.5% |
| Oregon | 8.4% |
| Colorado | 8.4% |
| Pennsylvania | 8.4% |
| Wisconsin | 8.3% |
| Louisiana | 8.3% |
| Kentucky | 8.3% |
| Washington | 8.0% |
| New Mexico | 8.0% |
| Michigan | 8.0% |
| North Carolina | 7.9% |
| Idaho | 7.9% |
| Arizona | 7.8% |
| Missouri | 7.8% |
| Georgia | 7.7% |
| Texas | 7.6% |
| Alabama | 7.5% |
| Montana | 7.5% |
| South Carolina | 7.5% |
| Nevada | 7.4% |
| Oklahoma | 7.0% |
| North Dakota | 6.8% |
| South Dakota | 6.4% |
| Delaware | 6.4% |
| Tennessee | 6.1% |
| Florida | 6.1% |
| Wyoming | 5.7% |
| New Hampshire | 5.6% |
| Alaska | 4.9% |
From this data we can see that New York has the highest total tax burden. Residents in this state will pay, on average, 12% of their income to state and local governments.
Breaking this down into its three components, the average New Yorker pays 4.6% of their income on income taxes, 4.4% on property taxes, and 3% in sales & excise taxes.
At the other end of the spectrum, Alaska has the lowest tax burden of any state, equaling 4.9% of income. This is partly due to the fact that Alaskans do not pay state income tax.
Hate Paying Taxes?
In addition to Alaska, there are several other U.S. states that don’t charge income taxes. These are: Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming.
It’s also worth noting that New Hampshire does not have a regular income tax, but does charge a flat 4% on interest and dividend income according to the Tax Foundation.
Learn More About Taxation From Visual Capitalist
If you enjoyed this post, be sure to check out this graphic which ranks the countries with the lowest corporate tax rates, from 1980 to today.
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