In this article, we will look at the 20 Countries with Most Centi Millionaires. If you want to skip our detailed analysis, you can go directly to the 5 Countries with Most Centi Millionaires.
Global Wealth: An Analysis
The global wealth rebounded in 2023 following a dip in 2022. Wealth is steadily increasing worldwide with the proportion of people from every wealth bracket growing, excluding the lowest wealth bracket which has shrunk since 2008. According to the Global Wealth Report 2024 by Credit Suisse, the number of individuals with wealth below $10,000 nearly halved between 2000 and 2023, while the number of people with wealth between $10,000 and $100,000 more than doubled during the same period. Today, people are three times as likely to have wealth over $1 million. In addition, the report projects a wealth transfer of approximately $83.5 trillion within the next 20 to 25 years.
The millionaires accounted for nearly 1.5% of the total adult population in 2023. The US had the highest number of millionaires, at around 22 million or 38% of the total population, making it the country with the highest percentage of millionaires in the world. China had the second highest number of millionaires, with just over 6 million, followed by the UK with over 3 million millionaires. Western Europe accounts for 28% of the world’s total millionaires, followed by China with 10% millionaires. Over 44% of the top 1% of the wealth is based in the US and Canada, while Western Europe has nearly a quarter of it.
By 2028, the number of millionaire adults is anticipated to increase in 52 markets out of 56 worldwide, as per Global Wealth Report 2024. The millionaire figure is set to increase by over 25% by 2028, with Taiwan expected to experience the highest growth of almost 50%. Türkiye, Kazakhstan, Indonesia, Japan, and South Korea are next on the list and are expected to have millionaire growth of 43%, 37%, 32%, 28%, and 27%, respectively. The global wealth share for emerging economies will surpass 30% in 2024 and is expected to reach 32% by 2028. On the contrary, the number of adults in the lowest wealth bracket will decline in the next five years.
New York City and the Bay Area are two metropolitan areas with the most number of millionaires among cities. New York City has nearly 350,000 millionaire adults, while the Bay Area has over 305,000 millionaires. The Medical field gives you the best career opportunities to become a millionaire, especially in the US. Some of the best jobs that can make you a millionaire before retirement include Cardiologist, Orthopaedic Surgeon, Pediatric Surgeon, Radiologist, and Dermatologist.
READ ALSO: 20 Most Corrupt Countries in Asia and 25 Poorest Countries in Asia by GDP Per Capita.
A Top Tech Company Making Millionaires
In today’s time, the digital economy has become a go-to place for adults to achieve the millionaire threshold. For instance, platforms such as YouTube, Instagram, and TikTok are the backbone for digital creators. One of these platforms, YouTube, owned by Alphabet Inc.’s (NASDAQ:GOOG) Google, is creating new millionaires each year. According to a forecast by The Goldman Sachs Group, the creator economy is projected to more than double from an estimated $250 billion in 2023 to $480 billion by 2027. The most popular YouTuber, MrBeast brings in an estimated $600 to $700 million in revenue annually. In an interview with Time Magazine, the YouTuber, real name Jimmy Donaldson, said that each of his video generates over a couple million in ad revenue and a couple million in brand deals. The brands pay between $2.5 million to $3 million for a shout-out in a video.
Recently, Alphabet Inc. (NASDAQ:GOOG) reported its Q2 2024 earnings and surpassed estimates. The company posted an EPS of $1.89, beating estimates of $1.85. The revenue came in at $84.74 billion, with a revenue surprise of $445.49 million and up by 14% year over year. At a forward P/E of 22, analysts believe Alphabet Inc. (NASDAQ:GOOG) to be one of the best value stocks in the market as its valuation remains depressed amid fears caused by an overreaction.
Cloud and YouTube are two strong catalysts for the company. Alphabet Inc.’s Cloud revenue soared 28.8% to $10.35 billion, surpassing analysts’ forecasts of $10.16 billion. Alphabet Inc. (NASDAQ:GOOG) is on track to reach a $100 billion revenue run rate from YouTube Ads and Google Cloud by the end of 2024. Here are some of the comments from the Q2 2024 earnings call:
“Starting with performance, Google Services delivered revenues of $73.9 billion for the quarter, up 12% year-on-year. Search and other revenues grew 14% year-on-year, led by growth in the retail vertical, followed by financial services. YouTube ads revenues were up 13% year-on-year driven by growth and brand as well as direct response. Network revenues declined 5% year-on-year.
In subscriptions, platforms, and devices, year-on-year revenues increased 14%, driven again by strong growth in YouTube subscriptions. For the rest of my remarks, I want to double click on two topics. First, how we’re applying AI across the marketing process to deliver an even stronger ads experience. Second, YouTube’s position as the leading multi-format platform.”
Alphabet Inc. (NASDAQ:GOOG) is among the top picks from 31 Most Popular Stocks Among Hedge Funds and is also on the list of Cathie Wood’s 11 Favorite AI Stocks. Cathie Wood owns GOOG shares worth over $23 million, while 165 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the second quarter, as per our dataset.
Out of 62 analysts, 79% have a ‘buy’ rating on the stock, with GOOG having a 22% upside, as of August 20.
While we acknowledge the potential of GOOG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NVDA but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Now, let’s have a look at the 25 countries with the most centi-millionaires in the world.
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Our Methodology
To compile the list of the 20 countries with the most centi-millionaires, we gathered the data for countries with millionaires having net worth above $100 million. Centi-millionaires are ultra-high-net-worth individuals with liquid assets greater than $100 million. The data for centi-millionaires was taken from Credit Suisse’s World Databook 2023, and data was updated as of 2022. The countries with most centi-millionaires are ranked in ascending order of the highest number of centi-millionaires.
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20 Countries with Most Centi Millionaires
20. Israel
No. of Centi-millionaires (2022): 505
The number of millionaires in Israel is expected to increase from 179,905 in 2023 to 226,226 in 2028, growing at almost 26% between 2023 and 2028. Israel ranks 20th among the countries with the most centi-millionaires in the world.
19. Singapore
No. of Centi-millionaires (2022): 694
Singapore is a densely populated city-state with a significant millionaire population. Millionaires are expected to rise from 333,204 in 2023 to 375,725 in 2028. With around 694 centi-millionaires, Singapore is one of the countries with the most centi-millionaires in the world.
18. Spain
No. of Centi-millionaires (2022): 709
Spain has over 700 centi-millionaires, as of 2022. The total of millionaires in Spain stood at 1.18 million, which is expected to grow by 12% between 2023 and 2028.
17. Sweden
No. of Centi-millionaires (2022): 831
Sweden is anticipated to have one of the highest millionaires increase between 2023 and 2028, from 575,426 to 703,216. Sweden has over 830 centi-millionaires and ranks 17th among the countries with the most centi-millionaires.
16. Taiwan
No. of Centi-millionaires (2022): 879
Taiwan’s millionaires mainly make their fortune from the semiconductor industry. Taiwan is expected to experience the highest increase in millionaires between 2023 and 2028, rising from 788,799 to over 1.15 million.
15. Japan
No. of Centi-millionaires (2022): 1,094
Japan ranks 15th among the countries with the most centi-millionaires. Millionaires in Japan are anticipated to grow by 28% between 2023 and 2028.
14. Switzerland
No. of Centi-millionaires (2022): 1,150
Switzerland has over 1.05 million millionaires and almost 1,150 are centi-millionaires. Switzerland’s millionaire population is anticipated to grow by 19% between 2023 and 2028.
13. France
No. of Centi-millionaires (2022): 1,250
France is one of the countries with the most centi-millionaires in the world. The total millionaires in France are just over 2.86 million, as of 2023.
12. Italy
No. of Centi-millionaires (2022): 1,257
Italy has over 1,200 centi-millionaires, as of 2022. The total number of millionaires in Italy stood at 1.33 million, which is expected to grow by 9% between 2023 and 2028.
11. Hong Kong
No. of Centi-millionaires (2022): 1,266
Hong Kong is expected to have one of the highest millionaires increase between 2023 and 2028, from 629,155 to 737,716. Hong Kong has over 1,260 centi-millionaires and ranks 11th among the countries with the most centi-millionaires.
10. Brazil
No. of Centi-millionaires (2022): 1,295
Brazil ranks 10th among the countries with the most centi-millionaires. Millionaires in Brazil are anticipated to grow by 22% between 2023 and 2028.
9. South Korea
No. of Centi-millionaires (2022): 1,314
The number of millionaires in South Korea is expected to increase from 1.29 million in 2023 to 1.64 million in 2028, growing at almost 27% between 2023 and 2028. South Korea ranks ninth among the countries with the most centi-millionaires in the world.
8. United Kingdom
No. of Centi-millionaires (2022): 1,317
The United Kingdom has over 1,300 centi-millionaires, as of 2022. The total number of millionaires in the UK stood at 3.06 million. The UK is among those few countries where the millionaire population is decreasing drastically. Between 2023 and 2028, millionaires in the UK are expected to decline by a whopping 17%.
7. Australia
No. of Centi-millionaires (2022): 1,435
Australia’s millionaire population is expected to grow by almost 21% between 2023 and 2028. With over 1,400 centi-millionaires, Australia ranks among the countries with the most centi-millionaires in the world.
6. Canada
No. of Centi-millionaires (2022): 1,679
Canada has over 1,600 centi-millionaires, as of 2022. Canada is also a growth hub for millionaires, where the millionaire population is expected to rise by 21% between 2023 and 2028.
5. Russia
No. of Centi-millionaires (2022): 2,050
Russia ranks fifth among the countries with the most centi-millionaires in the world. Millionaires in Russia are anticipated to grow from 381,726 in 2023 to 461,487 in 2028.
4. India
No. of Centi-millionaires (2022): 2,160
India has the fourth largest cent-millionaire population in the world. Millionaires in India are expected to increase by 22% between 2023 and 2028, from 868,671 to over 1.06 million.
3. Germany
No. of Centi-millionaires (2022): 3,523
Germany has over 2.82 million millionaires and almost 3,523 are centi-millionaires. Germany’s millionaire population is anticipated to grow by 14% between 2023 and 2028.
2. China
No. of Centi-millionaires (2022): 12,652
China is one of the largest economies in the world. With over 12,600 centi-millionaires, China ranks second among the countries with the most centi-millionaires in the world.
1. United States
No. of Centi-millionaires (2022): 33,212
The United States ranks first among the countries with the most centi-millionaires in the world. The United States has the highest number of millionaires, with nearly 22 million millionaires, as of 2023. The millionaire population in the US is expected to cross 25 million by 2028.
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Disclosure: None. This article was originally published at Insider Monkey.