Countries with the fastest growing millionaire population

Countries with the fastest growing millionaire population
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Countries with the fastest growing millionaire population [BI]

Nigeria’s struggle with currency devaluation has further impacted its wealthy class as seen in the 45% decline in the country’s millionaire population.

A new study titled The Henley Private Wealth Migration Report 2024 has shown that some countries are steadily growing their millionaire population to measure up with the world economic powerhouses like the United States of America and China.

According to Statista, the United States hosts the highest volume of dollar millionaires accounting for 22.7 million in 2022. This represents 6.7% of the country’s population. China comes next on the list with 6.2 million (0.4% of the population), while France followed with 2.8 million (4.2% of the population).

Yahoo Finance reports that, for the first time, the number of global millionaires surpassed 1% of global adults in 2020 and the wealth per adult has been projected to hit $110,270 in 2027 while the number of global millionaires is expected to reach 86 million people.

10 countries with the fastest growing millionaire population

The Global Wealth Report 2023 by Credit Suisse has produced a detailed chart which covers between 2013-2023 showing the steady growth of millionaire populations by country.

RankCountryNumber of millionaires (2023)Change (2013–2023)
1Vietnam19,4000.98
2China862,4000.92
3Mauritius5,1000.87
4India326,4000.85
5UAE116,5000.77
6Malta10,2000.74
7Monaco15,6000.68
8Singapore244,8000.64
9USA5,492,4000.62
10New Zealand56,1000.48

The absence of major economies in Africa has been noted in the chart as the millionaire population in notable countries like Nigeria and South Africa experienced a decline.

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This has been traced to the high rate of emigration and the economic instability in the region.

Nigeria’s struggle with currency devaluation has further impacted its wealthy class as seen in the 45% decline in the country’s millionaire population while South Africa’s millionaires’ population dropped by 20%.

Other countries that experienced a drop in their millionaire population during the period include Japan (-6%), United Kingdom (-8%), Russia (-24%), and Brazil (-28%).

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