The 2024 UBS Global Wealth Report reveals that there are at least 58 million US dollar millionaires worldwide, with the United States leading the pack at 21.95 million millionaires. China, the United Kingdom, France, and Japan follow in the rankings. Global wealth saw a 4.2 percent growth in 2023 after a 3 percent decline in 2022. The report predicts that the UK will lose the most millionaires by 2028.
Over 47.5 percent of the world’s wealth is held by just 1.5 percent of the global adult population, while those with less than $10,000 hold just 0.5 percent of global wealth. Since 2000, the number of millionaires has tripled, with Qatar and China experiencing significant increases. Emerging market economies like China and Russia tend to see faster wealth growth, especially in the top 10 percent of the wealth bracket.
The Asia Pacific region has experienced the biggest growth in wealth over the past 15 years, while the US hosts 38 percent of the world’s millionaires. Switzerland has the highest percentage of millionaires per capita, followed by Hong Kong, Australia, the Netherlands, and the US. Overall, the wealthy population is increasingly mobile, considering different domiciles for wealth management and growth opportunities.
The report highlights the shifting landscape of global wealth distribution and the factors that drive millionaire growth in different economies. As wealth continues to grow globally, understanding the trends and patterns in millionaire wealth distribution becomes crucial for policymakers and economists.
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