In this article, we will talk about the 15 countries with highest percentage of millionaires in the world. If you want to skip our detailed analysis, head straight to the 5 Countries with Highest Percentage of Millionaires in the World.
Global Millionaires: An Outlook
Most of the millionaires around the world are self-made. In recent years, the rise in entrepreneurship and online businesses has paved the way for business owners to become millionaires. According to the Global Wealth Report 2023 by Credit Suisse, there were an estimated 59.4 million millionaires as the worldwide USD millionaires fell by 3.5 million during 2022. The upper-middle segment with a total wealth ranging from $100,000 to $1 million has more than tripled in the 21st century. The upper-middle segment has increased from 208 million to 642 million individuals since 2000. The upper-middle segment has net assets accumulated around $178.9 trillion, accounting for 39.4% of global wealth in 2022. The top tier of high-net-worth individuals (HNWIs) with total wealth over $1 million remain comparatively small in size, around 59.4 million or 1.1% of all adults worldwide.
The majority of world adults were earning below $10,000 in 2022, accounting for 53% of all adults in the world. The adults with wealth ranging between $10,000 and $100,000 have experienced the biggest increase this century. Adults from this segment more than tripled from 503 million in 2000 to 1.8 billion in 2022, with an average wealth of around $33,573 or 40% of the global average wealth. In 2022, this segment had over $61.9 trillion in total assets, providing them with notable economic leverage. The number of millionaires worldwide has been rising in recent years driven by higher entrepreneurial activities. The number of global millionaires surpassed 1% of global adults for the first time in 2020. The HNWIs have been the most dominant and experienced a five-fold increase in their aggregate wealth from $41.4 trillion in 2000 to $208.3 trillion in 2022. The global wealth share of HNWIs has soared from 35% to 46% from 2000 to 2022. In 2022, the overall wealth inequality fell with the world’s top 1% falling to 44.5%. Global median wealth increased by 3% in 2023, which is a meaningful benchmark for an individual’s wealth growth. In addition, the median wealth has soared five-fold in the 21st century, mainly driven by huge wealth growth in China.
Millionaires like to reside in some of the top locations and the US is one of the top destinations. New York, The Bay Area, and Los Angeles are some of the top US cities with the most millionaires in the world. The Medical field gives you the best career opportunities to become a millionaire. Cardiologist, Orthopaedic Surgeon, Pediatric Surgeon, Radiologist, and Dermatologist are some of the best jobs that can make you a millionaire before retirement.
As per Credit Suisse’s projections, global wealth is expected to rise to $629 trillion, increasing by 38% by 2027. The wealth per adult is projected to reach $110,270 in 2027 and the global millionaires are expected to reach 86 million people. The ultra-high-net-worth individuals are expected to jump to 372,000 individuals during the same period.
The Online Creators Economy
In today’s digitalized world, it is much easier for this generation to make money compared to older generations. Millions have detached from traditional career paths to work as digital creators and content-makers. According to Oxford Economics, the global creator industry was valued at around $250 billion in 2022, with tens of millions of individuals creating online content. Individual creators come from all ages. According to the Creators Economy Trends Report 2024 by MBO Partners, around 39% of creators are Millennials, 26% are Gen Z, 24% are Gen X, and 11% are Baby Boomers. About 63% of the online creators are 40 years old or younger and 53% are male. The older division of the Baby Boomers and Gen X have increased their share from 27% in 2022 to 35% in 2023. The majority of the creators work part-time, with over 70% of independent creators working part-time. Whereas, 30% of independent creators report to work full-time as online content creators. The creator economy surged massively from 2015 to 2022, especially the COVID-19 pandemic years of 2021 and 2022 were the peak time. According to a forecast by The Goldman Sachs Group, Inc. (NYSE:GS), the creator economy is projected to more than double from an estimated $250 billion in 2023 to $480 billion by 2027.
Companies Making Millionaires
Companies like Alphabet Inc. (NASDAQ:GOOG), Amazon.com, Inc. (NASDAQ:AMZN), and Meta Platforms, Inc. (NASDAQ:META) are giving online earning opportunities through their video streaming and e-commerce platforms.
For instance, Alphabet Inc.’s (NASDAQ:GOOG) YouTube is one of the largest Over-the-top (OTT) platform where content creators make a range of different types of content. Similarly, creators on Facebook and Instagram, owned by Meta Platforms, Inc. (NASDAQ:META) are also earning large amounts of money. Creators on Facebook and Instagram mainly built their networks to gain sponsorship deals. Moreover, Meta Platforms, Inc. (NASDAQ:META) has its marketplace which allows individuals and businesses to sell their services and products. Similarly, Amazon.com, Inc. (NASDAQ:AMZN) is one of the biggest e-commerce platforms in the world.
YouTube is owned by Google, a subsidiary of Alphabet Inc. (NASDAQ:GOOG). In 2022, YouTube created more than 390,000 full-time jobs in the US, four times more than those people working at General Motors Company (NYSE:GM). On January 22, Forbes reported that famous YouTube creator, Jimmy Donaldson also known as MrBeast, has an estimated net worth of around $82 million. Donaldson is on his way to becoming the first billionaire YouTube content creator. Donaldson’s MrBeast channel on YouTube has 247 million subscribers, as of March 30.
Amazon.com, Inc. (NASDAQ:AMZN) is one of the largest e-commerce companies. According to GETIDA, over 60,000 Amazon.com, Inc. (NASDAQ:AMZN) sellers had achieved over $1 million in sales in 2021. Around 9,500 Amazon sellers achieved $5 million in sales in 2021 while 3,300 Amazon sellers passed $10 million in sales. Finally, 180 sellers had sales over $50 million, and 50 Amazon sellers had sales over $100 million in 2021.
Online platforms are creating huge opportunities for the young generation to become super rich in no time. The online economy is a reality in the 21st century and markets such as metaverse, NFTs, and cryptocurrencies will drive further economic activities. With that said, here are the 15 countries with the highest percentage of millionaires in the world.
15 Countries with Highest Percentage of Millionaires in the World
Our Methodology
To compile our list of the 15 countries with the highest percentage of millionaires in the world, we shortlisted the countries with the total number of millionaires from Credit Suisse’s Global Wealth Databook 2022. We then took the population data from the World Bank, as of 2021. We then calculated the percentage of millionaires by dividing the total millionaires by country from the population of each country and then multiplying it by 100. We have ranked the countries in ascending order of their percentage of millionaires.
15 Countries with Highest Percentage of Millionaires in the World
15. Ireland
Percentage of Millionaires: 3.49%
Total Millionaires (2021): 176,000
Population (2021): 5.03 Million
Ireland is one of the richest countries in Europe. With 176,000 millionaires, Ireland ranks 15th among the countries with the highest percentage of millionaires in the world.
14. Taiwan
Percentage of Millionaires: 3.64%
Total Millionaires (2021): 869,000
Population (2021): 23.89 Million
Taiwan had an estimated population of 23.89 million in 2021 and total millionaires of around 869,000 in 2021. Taiwan ranks among the countries with the highest percentage of millionaires in the world.
13. France
Percentage of Millionaires: 4.13%
Total Millionaires (2021): 2.8 Million
Population (2021): 67.76 Million
France had a total population of around 67.76 million and 2.8 million millionaires in 2021.
12. United Kingdom
Percentage of Millionaires: 4.18%
Total Millionaires (2021): 2.8 Million
Population (2021): 67.02 Million
The United Kingdom is one of the countries with the most millionaires and billionaires in the world. In the United Kingdom, almost 4.18% of its population are millionaires, as of 2021. The United Kingdom ranks 12th among the countries with the highest percentage of millionaires in the world.
11. Norway
Percentage of Millionaires: 4.37%
Total Millionaires (2021): 236,000
Population (2021): 5.41 Million
Norway had a total population of around 5.41 million in 2021 and 4.37% of its population was millionaires. Norway had almost 236,000 millionaire individuals in 2021.
10. Singapore
Percentage of Millionaires: 5.48%
Total Millionaires (2021): 299,000
Population (2021): 5.45 Million
Singapore had 299,000 millionaires in 2021. Singapore ranks 10th among the countries with the highest percentage of millionaires in the world.
9. Sweden
Percentage of Millionaires: 5.86%
Total Millionaires (2021): 610,000
Population (2021): 10.41 Million
Sweden is one of the richest countries in Europe and had 610,000 millionaires in 2021. Sweden is one of the countries with the highest percentage of millionaires in the world.
8. Canada
Percentage of Millionaires: 6.02%
Total Millionaires (2021): 2.3 Million
Population (2021): 38.23 Million
Canada is one of the largest economies in the world and had a population of 38.23 million in 2021. Canada had around 2.3 million millionaires in 2021.
7. Netherlands
Percentage of Millionaires: 6.27%
Total Millionaires (2021): 1.1 Million
Population (2021): 17.53 Million
The Netherlands ranks seventh among the countries with the highest percentage of millionaires in the world and had 1.1 million millionaires in 2021.
6. Denmark
Percentage of Millionaires: 6.57%
Total Millionaires (2021): 385,000
Population (2021): 5.86 Million
Denmark had around 385,000 millionaires in 2021 and a population of 5.86 million in 2021. 6.57% of the population of the country were millionaires in 2021. Denmark ranks sixth among the countries with the highest percentage of millionaires in the world.
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Disclosure: None. 15 Countries with Highest Percentage of Millionaires in the World is originally published on Insider Monkey.