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The Fastest Growing Millionaire Populations
Using data from New World Wealth, the Henley Private Wealth Migration Report 2024 reveals which countries saw the fastest growth in millionaire populations over the last decade. These figures represent residents with liquid investable wealth of $1 million USD or more as of December 2023.
Top 20 Countries by Growth Rate:
1. Vietnam: 19,400 millionaires (+98%)
2. China: 862,400 millionaires (+92%)
3. Mauritius: 5,100 millionaires (+87%)
4. India: 326,400 millionaires (+85%)
5. UAE: 116,500 millionaires (+77%)
6. Malta: 10,200 millionaires (+74%)
7. Monaco: 15,600 millionaires (+68%)
8. Singapore: 244,800 millionaires (+64%)
9. USA: 5,492,400 millionaires (+62%)
10. New Zealand: 56,100 millionaires (+48%)
11. Taiwan: 62,600 millionaires (+42%)
12. Switzerland: 427,700 millionaires (+38%)
13. Australia: 383,300 millionaires (+35%)
14. Saudi Arabia: 58,300 millionaires (+35%)
15. Portugal: 67,200 millionaires (+32%)
16. Canada: 371,200 millionaires (+29%)
17. South Korea: 109,600 millionaires (+28%)
18. Italy: 289,300 millionaires (+16%)
19. Germany: 806,100 millionaires (+15%)
20. France: 506,000 millionaires (+14%)
Key Observations:
Emerging Markets Surge: Vietnam, China, and India lead the growth, reflecting rapid economic development.
US Dominance: Despite slower growth, the US still boasts the largest number of millionaires.
Economic Stability and Challenges: Established economies like the UK and South Africa saw declines, influenced by factors such as Brexit and economic instability.
🤔 While the US and China hold the largest absolute numbers of millionaires, emerging economies are seeing the fastest growth rates, reshaping the global wealth landscape.
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