These 15 Countries Have the Most Millionaires
Technology has made the world smaller, creating a truly global world economy. This has given enterprising individuals across the planet more opportunities than ever to create wealth.
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You can see this trend reflected in the growing number of millionaires worldwide. Although many are concentrated in the U.S., Europe and Asia are home to millions of wealthy individuals, too.
So where do most millionaires live? Read on to find the answer.
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United States
Number of millionaires: 24.5 million
The U.S. is home to the most millionaires of any country by a large margin. In fact, nearly 9% of U.S. adults are millionaires today. This makes sense, as the United States has the world’s largest domestic economy.
The U.S. also has more lenient taxation policies than many of its competitors. This makes it easier for people to build wealth in the country.
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China
Number of millionaires: 6.2 million
China has the second-largest domestic economy, with a gross domestic product of around $18 trillion. The country has far fewer millionaires than the United States, but almost double the amount of any other country. Many of China’s millionaires are founders and high-level employees of companies in the country’s growing technology sector.
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Japan
Number of millionaires: 3.4 million
After the U.S. and China, the distribution of millionaires becomes more even. Japan is next on the list with 3.4 million. It also has the third-largest GDP in the world. This indicates there’s at least some correlation between countries with high GDPs and the number of millionaires they have, as the U.S. and China were one and two.
United Kingdom (Tie)
Number of millionaires: 2.8 million
The United Kingdom shares fourth place with France. Each country is home to 2.8 million millionaires. The two countries also have very similar GDPs, coming in at sixth and seventh overall, respectively.
France (Tie)
Number of millionaires: 2.8 million
France doesn’t just share the title of having the fourth most millionaires. It’s also home to a few of the richest people on the planet, including Bernard Arnault, the wealthiest person in the world.
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Germany
Number of millionaires: 2.7 million
Germany is another European powerhouse that’s home to a high number of millionaires. The country has the largest economy in Europe, built on key sectors like automotive, mechanical engineering, chemical and electrical.
Canada
Number of millionaires: 2.3 million
Canada has a wealthy and diverse economy, so it’s no surprise that it’s home to plenty of millionaires. The country is rich in natural resources like oil sands, which make it one of the largest producers of oil. You’ll also find plenty of natural gas, minerals and timber resources here.
Australia
Number of millionaires: 2.2 million
Australia is very close to Canada in its number of millionaires and lands in spot 12 of the largest GDP. The country’s economy is dominated by its service sector, which contributes over 60% of its GDP. Other major industries include energy, infrastructure and agribusiness.
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Italy
Number of millionaires: 1.4 million
Italy takes the number nine spot on the list with 1.4 million millionaires. Its main industries include fashion, agriculture, manufacturing and construction. The popular vacation destination is the 10th-largest world economy.
South Korea
Number of millionaires: 1.3 million
South Korea enters the list at number 10. The wealthiest person in the country is Jay Y. Lee, the executive chairman of Samsung Electronics. South Korea’s main industries include electronics, car manufacturing and steel.
Switzerland
Number of millionaires: 1.2 million
Switzerland’s economy is dominated by the services sector. Nearly 75% of Swiss GDP comes from it. The country is also a major player in chemical and pharmaceutical production, in addition to mechanical engineering and metals.
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Netherlands (Tie)
Number of millionaires: 1.1 million
The Netherlands and Spain tie for number 12 on this list. The wealthiest person in the Netherlands is Charlene de Carvalho-Heineken, heiress to a large stake in beer giant Heineken. The country generates much of its wealth through industries like IT, tech and electronics.
Spain (Tie)
Number of millionaires: 1.1 million
Spain has spot 12 on the largest GDP in the world. It generates some of its wealth through a thriving tourism industry but is also a player in life sciences, automotive manufacturing and energy.
Taiwan
Number of millionaires: 870,000
Taiwan may be one of the biggest surprises on this list. It has just under 24 million citizens, which is in place 57 overall. This gives it one of the higher ratios of citizens to millionaires on the planet.
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India
Number of millionaires: 800,000
India has taken over China as the country with the largest population. Its 1.4 billion citizens earn wealth through a variety of industries, ranging from electricity and steel production to information technology and pharmaceuticals.
Key Takeaways
What can you learn from a list like this? A few things, it turns out.
First, there appears to be a strong correlation between a country’s GDP and the number of millionaires it has. Generally, the larger a country’s economy, the more millionaires you’d expect it to have.
However, there are some exceptions to that rule. For example, India has the fifth-largest economy, but only the 15th-most millionaires.
You might also want to draw some conclusions about the types of industries that generate the most millionaires. But there doesn’t appear to be a common thread. Countries produce millionaires in a wide variety of sectors, from energy and technology to real estate and fashion.
The Bottom Line
Lists like these are fun to read. But they also show that you can become a millionaire almost regardless of where you live. You may just need to work on improving your financial wellness to get there.
*Numbers of millionaires by country were sourced from worldpopulationreview.com.
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