Countries with the Most Millionaires
by kalyani10
Despite the bad news about economy from almost all parts of the globe, the number of millionaires seems to be rising all the time. While in Asian countries, this has been due to the high growth rate of the newly-emerging economies, certain European countries have continued to benefit from a long history of economic and commercial power. America is of course, home to be wealthiest people in the world. Based on Boston Consulting Group’s annual report tracking wealth around the world, here is a list of countries with the most millionaires, evaluated in terms of US dollars in 2012.
- United States
As the largest economy in the world, it comes as little surprise that United States should be home to the largest number of millionaires. As of 2012, there are 5,134,000 millionaire households in America the number of U.S. millionaires dropped by 129,000 between 2010 and 2011. Not only does the US have the largest number of millionaires, it also boasts of having the more billionaires than any other country in the world, a continuing testimony to the economic might of Uncle Sam on the global map.
- Japan
Japan is among the richest countries of the world and one of the leading technological powers. Despite being subjected to crippling bombings which ended the Second World War, Japan is today the third largest economy by nominal GDP as well as purchasing power. Even though it comes after China as far as the size of the economy is concerned, Japan currently has the second-highest number of millionaires at 1,587,000 – a ranking that it has maintained since last year in 2011. And yet Japan is a distant second to America since the difference in number of millionaire households between the two countries is roughly four million. Also though Japan has the second most millionaires in the world, with regards to households worth over 100 million, the second spot is usurped by China which has the second-highest number of billionaires in the world.
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- China
Despite being the second largest economy and home to second highest number of billionaires in the world, China trails behind Japan in the total number of millionaires, revealing that economic inequality is still a matter of concern in the fastest growing economy of the world. Even then China has 1,432,000 millionaire households in 2012, as a result of the largest rate of growth among all other countries on this list, adding 193,000 homes with a net worth exceeding $1 million between 2010 and 2011.
- United Kingdom
This is one of those economies where the number of millionaires has remained steady between 2010 and 2011 at 411,000 – a reminder of the fact that though UK has been relatively insulated from the turmoil surrounding the Euro, it has not had the spectacular growth witnessed by many Asian economies such as Singapore. In UK the millionaire density or the percentage of population who are millionaires is 1.5%.
- Germany
Germany witnessed the highest rise in the number of millionaires among the European countries. Currently the number of Millionaire households in the country is 345,000 which marks an addition of 25,000 millionaire households between 2010 and 2011. Germany’s pre-eminence in the European economy is also signalled by the fact that along with having the second highest number of millionaires on the continent, it also has the highest number of billionaires in Europe.
- Switzerland
With 322,000 millionaire households, the Swiss can boast of ranking sixth on the global millionaire list and third on the European equivalent. What is most remarkable though is the fact it has the highest millionaire density in the continent with as high as 9.5 % of its population having assets worth a million US dollars or more2. Switzerland has long been known one of the richest countries in the world by per capita gross domestic product. It not only had the highest wealth per adult of any country in the world - with $372,692 for each person – in 2010 3, but also has one of the world's largest account balances as a percentage of GDP.
- Italy
The next country to figure in the global millionaires list is Italy with 270,000 households worth a million US dollars or more – this makes the difference between the sixth and seventh countries with the largest millionaires quite substantial – almost a hundred thousand.
- Taiwan
Yet another Asian economy to figure on the list of the ten largest millionaires in the world is Taiwan. Here the number of Millionaire households is 246,000 which actually marks a millionaire density of 3.2%, one of the highest in Asia. Taiwan’s mercurial success in the latter half of the last century made it one of the four Asian Tigers along with South Korea, Singapore and Hong Kong. One of the primary driving forces of the Taiwanese economy is its trade. Exports are one of the major sources of foreign exchange besides providing the main impetus for industrialization of the country.
- Hong Kong
Even though Hong Kong is technically a special administrative region of China, the Boston Consulting Group classifies the city with a population of over seven million, as a country in its study. In 2012, there are estimated to be around 212,000 millionaire households in Hong Kong, which marks a jump of 3000 from last year – this probably owes to the fact that private wealth increased by a whopping 10.7 per cent during the same time, which was part of a total boom of $23.7 trillion for the Asian economy.
- France
At 20,000 millionaire households, France was one of the largest economies of the world to experience a substantial jump in the number of its millionaires. From 2010 to 2011, the number of French households with a net worth exceeding $1 million rose by 10,000.
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