The number of millionaires in the world is expected to grow significantly by 2030. According to a report by HSBC, there could be as many as 275 million millionaires in the world by 2030, up from 156 million in 2021. This growth is being driven by a number of factors, including:
The rise of emerging economies, such as China and India, where the middle class is growing rapidly.
The increasing wealth gap between the rich and the poor in developed countries.
The rising value of assets, such as stocks and real estate.
The report also predicts that the distribution of millionaires will change significantly by 2030. Asia is expected to become the home of the majority of millionaires, with China and India leading the way. The United States is expected to remain the second-largest home of millionaires, but its share of the global total is expected to decline.
Here is a breakdown of the number of millionaires by region in 2030, according to the HSBC report:
* Asia: 150 million
* Europe: 70 million
* North America: 50 million
* Latin America: 25 million
* Middle East: 15 million
* Africa: 10 million
It is important to note that these are just projections, and the actual number of millionaires in 2030 could be higher or lower depending on a number of factors, such as economic growth and political stability.
The growth in the number of millionaires is having a number of implications for the global economy. For one, it is leading to a concentration of wealth in the hands of a few. This could lead to social unrest and instability, as the gap between the rich and the poor widens.
On the other hand, the growth of the millionaire class is also creating new opportunities for businesses and investors. As more people have disposable income, they are spending more on luxury goods and services. This is creating new markets for businesses to tap into.
The growth in the number of millionaires is also having an impact on the way that people live. As more people become wealthy, they are demanding higher standards of living. This is leading to a rise in the cost of living in many parts of the world.
The growth in the number of millionaires is a complex phenomenon with a number of implications for the global economy. It is important to understand the factors that are driving this growth and the potential consequences so that we can make informed decisions about how to manage it.
FAQs
How many millionaires globally. According to Kiplinger, globally there are about 59 million millionaires. That number might actually be a bit lower if you factor in “inflation millionaires” – people who no longer would qualify once inflation was factored in.
What percent of the US are millionaires? ›
Millionaires comprise about 8.8% of the American population. The average net worth of a millionaire in the U.S. is $2.2 million, according to Charles Schwab's 2022 Modern Wealth Survey.
Which country has the most millionaires? ›
The Millionaire's Club - A Global Perspective
- With 24.5M individuals, the United States has the highest number of millionaires globally. ...
- Following the United States, countries with the next highest number of millionaires are China (6.2M), Japan (3.4M), and the United Kingdom (2.8M).
Worldwide net private wealth stood at $454.4 trillion in 2022. The highest wealth rung controls $208.3 trillion in wealth, or 45.8% of the global total. Just 1.1% of the world adult population fall in this bracket. Those with $100,000 to $1 million have the next greatest share, at 39.4% of net household wealth.
How many millionaires are made everyday? ›
In the U.S., 1,700 people become millionaires every day.
Are millionaires top 1%? ›
In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd. As of the end of 2023, this ultra-high net worth population is on the rise, reaching 626,000 globally, up from just over 600,000 a year earlier.
What is the net worth of the top 2% of Americans? ›
Top 2% wealth: The top 2% of Americans have a net worth of about $2.472 million, aligning closely with the surveyed perception of wealth. Top 5% wealth: The next tier, the top 5%, has a net worth of around $1.03 million. Top 10% wealth: The top 10% of the population has a net worth of approximately $854,900.
How much money is considered rich? ›
Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.
What race has the most millionaires? ›
Share of U.S. families who are millionaires 2016, by ethnicity. In 2016, around 15.2 percent of all White families in the United States had a net worth of one million U.S. dollars or more. This compares to only 1.9 percent of Black families.
What city in America has the most millionaires? ›
New York City
Of all the cities in the US, it's little surprise that the Big Apple has the most millionaires. New York City had 349,500 as of December, a jump of 48% compared to 2013, the Henley and Partners' report said. This means about 7% of all millionaires residing in the US live in the city.
Ranked: Countries By Number of Ultra Wealthy Individuals
| Rank | Territory | % of World UHNWIs |
|---|
| 1 | 🇺🇸 U.S. | 35.9% |
| 2 | 🇨🇳 China | 15.7% |
| 3 | 🇩🇪 Germany | 4.6% |
| 4 | 🇨🇦 Canada | 4.5% |
28 more rowsMar 8, 2024
Millionaires — those who have a net worth of at least $1 million —are, perhaps not surprisingly, on the older end. They're predominantly 55 and older; just 2.4% are under the age of 35.
What is the net worth of the top 1% of the world? ›
Here's how much wealth you need to be a part of the 1% across the globe:
- Monaco - $12.9 million.
- Luxembourg - $10.8 million.
- Switzerland - $8.5 million.
- United States — $5.8 million.
- Singapore – $5.2 million.
- Sweden — $4.8 million.
- Australia — $4.7 million.
- New Zealand — $4.6 million.
Additionally, statistics show that the top 2% of the United States population has a net worth of about $2.4 million. On the other hand, the top 5% wealthiest Americans have a net worth of just over $1 million.
What percentage of the population is a millionaire? ›
In 2022, 1.1% of all of the world's adults were millionaires, up from 0.6% in 2012. In today's visualization, we dive into the world's growing millionaire population using data from this year's Global Wealth Report by Credit Suisse.
How much is the top 1% worth? ›
Key Takeaways. In 2023, the top 1% of household net worth in the U.S. started at $13.7 billion. An individual would need to earn an average of $407,500 per year in order to join the top 1%, and a household would need an income of $591,550.
What makes 90% of millionaires? ›
Real Estate: The Cornerstone of Wealth
During an episode of her show, Moriarity says statistics show that 90% of millionaires have achieved this milestone through real estate investment. Real estate, including one's primary residence, often makes up a substantial portion of a millionaire's net worth.
How much wealth does the 1% own? ›
For example, the top 1 percent of households hold 30.6 percent of the total wealth, according to the Federal Reserve. But just the top 0.1 percent own 14 percent of the total wealth, giving them a stunning average of more than $1.52 billion per household.
