How Many Millionaires Are There in the World?

How Many Millionaires countries Are There in the World?

The number of millionaires in the world has been growing steadily over the past several decades. With globalization and the expansion of capitalism, more people than ever before can build sizable wealth. According to the Credit Suisse Global Wealth Report, there were approximately 46.8 million millionaires globally in mid-2023. This represents about 1% of the world’s adult population having wealth of $1 million or more.

The United States continues to have the highest number of millionaires of any country, with over 22 million individuals holding assets over $1 million. China ranks second with around 5.3 million millionaires, followed by Japan, the United Kingdom, and Germany as other nations with high concentrations of high-net-worth individuals.

Here is a closer look at the number of millionaires by region:

Millionaires by Region

North America

  • United States – 22.6 million
  • Canada – 1.3 million
  • Total: 23.9 million millionaires

The U.S. added over 2.5 million new millionaires in 2022 alone, driven by a recovery in financial markets. High rates of home ownership, entrepreneurship, and robust capital markets contribute to wealth creation.


  • Germany – 2.95 million
  • United Kingdom – 2.49 million
  • France – 2.47 million
  • Italy – 1.48 million
  • Switzerland – 1.15 million
  • Rest of Europe – 5.6 million
  • Total: 16.14 million

Many European nations have thriving financial hubs in cities like London, Zurich, Geneva, and Frankfurt. Millionaires represent between 2-5% of adult populations in most Western European countries.


  • China – 5.28 million
  • Japan – 3.65 million
  • Australia – 1.288 million
  • South Korea – 1.025 million
  • Singapore – 249,800
  • Hong Kong – 245,240
  • India – 619,000
  • Rest of Asia-Pacific – 4.56 million
  • Total: 16.9 million

Rapid economic growth in Asia has lifted many into the millionaire ranks. China produces more millionaires than anywhere else besides the U.S. Japan and Australia also have high densities of high-net-worth individuals.

Latin America

  • Brazil – 307,000
  • Mexico – 248,000
  • Chile – 82,560
  • Rest of Latin America – 632,440
  • Total: 1.27 million

Wealth remains more concentrated in Latin America than in other regions, with the ultra-wealthy holding a large portion of assets. Access to education and financial services is improving and growing the ranks of millionaires.

Middle East

  • Saudi Arabia – 78,000
  • United Arab Emirates – 153,000
  • Israel – 188,000
  • Rest of Middle East – 334,000
  • Total: 753,000

The Middle East has significant wealth concentrated among royal families and oil tycoons. Financial centers in Dubai and Tel Aviv have expanded the number of self-made millionaires.


  • South Africa – 43,000
  • Egypt – 49,000
  • Nigeria – 23,000
  • Rest of Africa – 133,000
  • Total: 248,000

Africa has the smallest share of global millionaires due to relatively underdeveloped banking and financial systems. South Africa is the continent’s wealth hub, followed by North African countries like Egypt.

Millionaires by Age and Gender

Millionaire demographics include:

  • Over 65% of all millionaires are self-made, having built their wealth in their lifetime vs inheriting it.
  • The average age of millionaires globally is approximately 62 years old. Many accumulate wealth through decades of business, investing, and career earnings.
  • Around 75% of millionaires are men. The gender wealth gap remains substantial, although more women are reaching millionaire status through entrepreneurship and rising corporate roles.
  • Approximately 10% of millionaires worldwide are under age 50. Younger high-net-worth individuals often build wealth through finance, technology, entertainment, sports, and other high-paying sectors.
  • The U.S. has a higher proportion of young millionaires, at around 15% under 50, benefiting from tech sector growth.
  • Multigenerational millionaire families are rare, with 90% of affluent families losing their wealth by the third generation. Maintaining wealth requires sound financial management.

Top Ways Millionaires Build Wealth

How do everyday people build assets of $1 million or more? Here are some of the most common sources of wealth for millionaires worldwide:

Owning a Business

Over 65% of millionaires own some form of business that generates income and appreciates into a high-value asset over time. Popular types include retail, real estate, professional practices (doctors, lawyers), and miscellaneous services and goods. Business equity and profits are major wealth accelerators.


Roughly 75% of millionaires invest at least some of their assets in stocks, bonds, mutual funds, and other investment vehicles. Compounding market returns over decades can grow portfolios substantially. Real estate investment is also popular. Minimal risk tolerance expands options.

High-Income Careers

Careers with high earnings potential like doctors, corporate executives, and finance professionals have heavy concentrations of millionaires. Engineering, law, tech, and entertainment also offer paths to wealth from aptitude and ambition. Location matters too, with more millionaires in developed urban centers.


Building a business from scratch can be lucrative for founders and early employees in scaled startups. Tech and innovation hotspots like Silicon Valley have produced many millionaires through equity compensation or cashed-out stakes. Vision, innovation, timing, and persistence pay off.


Roughly 35% of millionaires globally inherit part or all of their wealth. Old-money families and dynasties remain influential in countries worldwide. Inherited wealth provides an investing head start and safety net, but maintaining assets takes planning.

For the average person, achieving millionaire status requires disciplined saving, investing, risk-taking through business or real estate, and time. Few get rich quickly, with most wealth taking decades of focus to accumulate. The global population of millionaires continues to expand as more people enjoy access to the necessary education, financial systems, and opportunities to build net worth.

Millionaire Lifestyles and Spending Habits

What does life look like for those with over $1 million in assets? Here are some insights on how millionaires live:

  • Most millionaires lead fairly modest lifestyles, spending well under their means. Many live in average homes and avoid flashy luxury purchases.
  • U.S. millionaires allocate approximately 10% of their household budget to travel and vacations. International destinations are popular.
  • Philanthropy is common, with about 75% of millionaires donating to causes important to them. Education, religious groups, health, and social services receive significant support.
  • Over 50% of millionaires spend money on financial advice and wealth management services to preserve and grow their assets. Tax planning is also common.
  • Luxury vehicles are popular, with over 30% of millionaires owning a high-end car like a Mercedes, BMW, Lexus, or Audi. Affordability at this income level is high.
  • Multi-millionaires and the ultra-wealthy more commonly own lavish homes, collect luxury goods, own vacation properties, fly private, and spend freely on indulgences.
  • Old-money millionaires tend to be more low-key, while first-generation millionaires sometimes display more outward wealth. Spending preferences vary by personality.

Challenges for Millionaires

While millionaire status confers many advantages, some drawbacks include:

  • Maintaining wealth takes discipline and often professional advisors. Wealth management, tax strategy, and estate planning are necessary to preserve assets.
  • Splurging on luxury goods or lifestyle inflation can rapidly deplete a millionaire’s assets if they overspend relative to earnings.
  • Family conflict over inheritance is common when millions are at stake. Communicating plans for wealth transfer is key.
  • Isolation or disconnect from non-wealthy friends is a risk. Millionaires may interact more within exclusive social circles.
  • Guilt over inequality and lack of understanding of poverty can affect millionaires’ life satisfaction. Volunteerism and philanthropy help address this.
  • Boredom and loss of motivation in the absence of a regular career. Pursuing ambitious projects and goals can provide a sense of purpose.
  • Raising children with good values under affluent circumstances requires intentional parenting.
  • Taxes and regulations on the wealthy vary globally but can leave less leftover income than expected. Careful planning helps.
  • Security concerns ranging from lawsuits to kidnapping arise for identifiable high-net-worth people. Anonymity, security, and safe practices help mitigate risks.

Millionaire status delivers freedom and options but also comes with unique responsibilities and tradeoffs like any major life change.

Wealth Inequality Considerations

With 46.8 million millionaires in the world, it is clear that substantial wealth is concentrated at the top strata of the global population distribution. Is this wealth gap problematic? A few considerations around inequality:

  • The global millionaire class owns over 45% of the world’s total household wealth. This gives them outsized economic and political influence.
  • Wealth and income gaps have been widening since the 1970s in most industrialized countries, suggesting growing disparity.
  • However, the rise of Asian wealth in the past decades has been a positive force offsetting inequality by lifting millions out of poverty.
  • High concentrations of wealth can be seen as unfair, particularly when basic needs go unmet in parts of the population.
  • Tax policy is one tool used by governments to redistribute wealth and fund programs benefiting poorer groups.
  • Access to education and financial literacy training are important in empowering more people to build assets and achieve mobility.

There are reasonable arguments on both sides of this complex issue. Ongoing debate centers on the right balance of wealth creation, fairness, and appropriate policy responses globally.

Millionaire Future Outlook

Several developments point to continued growth in the global millionaire population:

  • Emerging market growth will likely lift more individuals to millionaire status over time, especially in Asian economies.
  • Digitization makes building global businesses easier, allowing for young technology millionaires.
  • Women are narrowing gender wealth and income gaps, albeit slowly, expanding female millionaire ranks.
  • Wealth inheritance, already estimated at $15 trillion in OECD countries, will transfer between generations and create new millionaires.
  • Global population and economic expansion will generate new concentrations of wealth, even if unequally distributed.

On the other hand, potential crises like war, climate change, or global depression would alter the landscape. Assuming relative stability, however, the millionaire population should continue growing steadily worldwide.

The millionaire demographic represents substantial human potential for business leadership, innovation, and philanthropy. With judicious oversight and policy nudges, this group can drive global living standards higher for all. There are now more pathways than ever to access the resources, education, and opportunities to join the millionaire ranks through dedication and luck. The forecast looks bright for this elite financial cohort to grow.

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