The 2024 UBS Global Wealth Report reveals that there are approximately 58 million US dollar millionaires worldwide, accounting for 1.5 percent of the global adult population. The United States has the highest number of millionaires, with 21.95 million individuals having wealth in the seven figures or more. China, the United Kingdom, France, and Japan follow as the countries with the next highest number of millionaires.
UBS defines wealth as the value of financial and real assets minus debts held by a household. Global wealth grew by 4.2 percent in 2023 after a decline of 3 percent in 2022. The report highlights that there is a core group of millionaires who have strong ties to their country, as well as a more mobile element that can easily switch domiciles. By 2028, the UK is expected to see a significant decline in the number of millionaires, with around one in six losing their millionaire status. The Netherlands is another country expected to lose 4 percent of its millionaires by 2028.
Nearly half of the world’s wealth, 47.5 percent or $213 trillion, is held by just 1.5 percent of the global adult population who have wealth exceeding $1 million. In contrast, those with wealth below $10,000 hold just 0.5 percent of global wealth. Households with wealth between $10,000 and $100,000 account for 42.7 percent of adults but hold only 12.6 percent of global wealth.
Since the year 2000, the percentage of adults with wealth exceeding $1 million has tripled from 0.5 percent to 1.5 percent. Countries like Qatar, China, and Kazakhstan have seen significant increases in the number of millionaires over this period. Emerging market economies tend to see more wealth growth in line with economic growth and asset price growth. The Asia Pacific region has experienced the largest growth in wealth over the past 15 years, followed by the Americas and Europe, the Middle East, and Africa.
In terms of the distribution of millionaires globally, the US hosts 38 percent of the world’s millionaires, Western Europe 28 percent, and China 10 percent. Switzerland has the highest percentage of millionaires by country, with 12 in every 100 people having wealth exceeding $1 million. Hong Kong, Australia, the Netherlands, and the US also have high percentages of millionaires within their populations. The report suggests that wealth growth is closely tied to economic growth and asset price growth, with different countries and regions experiencing varying levels of wealth accumulation.
