In this article, we will analyze the population of the millionaires across the world. We will rank 41 countries as per the number of millionaires. We will also present the data for the millionaires as a percentage of total population in those countries. We have used the millionaire population data from ‘The Wealth Report 2019’ by Knight Frank (more details are provided at the bottom of the article).

This article is part of a series of articles analyzing the population of the wealthy people across the globe. This is our first article in that series. In our second article, we have presented an analysis of the global billionaire population. In our third article, we have presented an analysis of the global UHNWI (ultra-high net worth individuals) population.

Country-wise Data Availability

The Knight Frank wealth report provides the country-wise millionaire population data for the following 41 countries:

North America : US, Canada

: US, Canada Europe : Germany, UK, Switzerland, France, Spain, Italy, Sweden, Austria, Ireland, Greece, Poland, Monaco, Romania

: Germany, UK, Switzerland, France, Spain, Italy, Sweden, Austria, Ireland, Greece, Poland, Monaco, Romania Asia : Japan, China, Singapore, Hong Kong, India, South Korea, Taiwan, Indonesia, Malaysia, Thailand, Philippines, Vietnam

: Japan, China, Singapore, Hong Kong, India, South Korea, Taiwan, Indonesia, Malaysia, Thailand, Philippines, Vietnam Latin America : Brazil, Mexico, Argentina

: Brazil, Mexico, Argentina Middle East : Turkey, Saudi Arabia, UAE

: Turkey, Saudi Arabia, UAE Australasia : Australia, New Zealand

: Australia, New Zealand Russia and CIS : Russia

: Russia Africa: South Africa, Kenya, Tanzania, Uganda, Zambia

We have analyzed and presented the data for these countries only in this article.

Number of Millionaires in the World

There were 19.6 million millionaires in the world during 2018. The world total population was 7.5 billion in 2018. So, 0.26% of the world total population are millionaires.

North America is the home to nearly one-third of the world millionaires. Here are the details of number of millionaires in 2018 across different regions: North America – 6.4 million, Europe – 5.7 million, Asia – 5.6 million, Latin America – 0.6 million, Middle East – 0.5 million, Australasia – 0.4 million, Russia & CIS – 0.2 million, and Africa – 0.2 million.

The share of these regions, of the world total millionaires, has remained nearly the same over the last five years. It is expected to remain nearly same over the next five years as well. The number of millionaires are expected to grow to 23.4 million by 2023.

The charts for the global millionaire population by regions during 2013, 2018, and 2023 are as follows:

Number of Millionaires by the Country

The United States had 5.9 million millionaires during 2018. This represents 30.3% of the total of 19.6 million millionaires globally. Japan ranks second with 2.3 million millionaires (11.9% of the world total). China ranks third with 1.5 million millionaires. Together, these top-3 countries account for 50% of the global millionaire population.

The chart below provides the millionaire population for 41 countries, along with their share of the world millionaires total population.

The data for the total number of millionaires in the different countries during 2018 is as follows: (1) United States – 5,944,007 (2) Japan – 2,326,522 (3) China – 1,535,473 (4) Germany – 1,530,348 (5) United Kingdom – 759,354 (6) France – 610,831 (7) Canada – 459,319 (8) Switzerland – 331,686 (9) Australia – 329,643 (10) India – 326,052 (11) Italy – 282,580 (12) Spain – 261,435 (13) Hong Kong – 223,223 (14) Sweden – 200,530 (15) South Korea – 185,257 (16) Brazil – 179,628 (17) Singapore – 171,559 (18) Russia – 163,176 (19) Mexico – 158,901 (20) Taiwan – 135,689 (21) Austria – 125,043 (22) Turkey – 83,947 (23) Ireland – 77,984 (24) Greece – 65,821 (25) Thailand – 64,131 (26) New Zealand – 55,792 (27) UAE – 53,798 (28) South Africa – 52,926 (29) Saudi Arabia – 51,360 (30) Indonesia – 43,118 (31) Poland – 33,205 (32) Argentina – 32,547 (33) Malaysia – 29,272 (34) Philippines – 24,162 (35) Romania – 23,713 (36) Vietnam – 12,327 (37) Monaco – 12,261 (38) Kenya – 9,482 (39) Tanzania – 6,429 (40) Uganda – 1,639 (41) Zambia – 974

Millionaires Share of their Country’s Total Population

If we look at the number of millionaires as a percentage of the total population, Monaco ranks first. 32.3% of the Monaco total population are millionaires. Switzerland ranks second. 3.9% of the Switzerland total population are millionaires. Singapore ranks third. 3.0% of the Singapore total population are millionaires. The United States ranks eighth. 1.8% of the US total population are millionaires.

The chart below provides the data for millionaires share of their country’s total population.

The country-wise data for the millionaires as a percentage of the total population is as follows: (1) Monaco – 32.3% (2) Switzerland – 3.9% (3) Singapore – 3.0% (4) Hong Kong – 3.0% (5) Sweden – 1.9% (6) Germany – 1.8% (7) Japan – 1.8% (8) United States – 1.8% (9) Ireland – 1.6% (10) Austria – 1.4% (11) Australia – 1.3% (12) Canada – 1.2% (13) United Kingdom – 1.1% (14) New Zealand – 1.1% (15) France – 0.9% (16) Greece – 0.6% (17) Taiwan – 0.6% (18) Spain – 0.6% (19) UAE – 0.5% (20) Italy – 0.5% (21) South Korea – 0.4% (22) Saudi Arabia – 0.2% (23) Mexico – 0.1% (24) Romania – 0.1% (25) Russia – 0.1% (26) China – 0.1% (27) Turkey – 0.1% (28) Thailand – 0.1% (29) South Africa – 0.1% (30) Malaysia – 0.1% (31) Poland – 0.1% (32) Brazil – 0.1% (33) Argentina – 0.1% (34) India – 0.02% (35) Philippines – 0.02% (36) Kenya – 0.02% (37) Indonesia – 0.02% (38) Vietnam – 0.01% (39) Tanzania – 0.01% (40) Zambia – 0.01% (41) Uganda – 0.004%

Number of Millionaires for Every 10,000 People in the Country

Another way to look at the millionaires share of their country’s total population is to look at the number of millionaires for every 10,000 people in the country.

Monaco has 3,227 millionaires for every 10,000 people. This means 1 of the 3 people in Monaco is a millionaire. Switzerland has 391 millionaires for every 10,000 people. Singapore has 303 millionaires for every 10,000 people.

The chart below provides the data for the number of millionaires for every 10,000 people in their country. Basically, we divided the millionaire population by the total population of the country. If we divide the millionaire population by the population aged 18+ years in those countries, the millionaires share would be even higher.

Five-year Growth Forecast for the Number of Millionaires

If we look at the growth in the number of millionaires over the next five years from 2018 to 2023, India ranks first. The number of millionaires in India are expected to grow by 35%. Philippines and China rank second and third with growth rates of 34% and 31% respectively. Greece, Brazil, and Turkey rank at the bottom in the 41 countries with growth rates of 6%, 5%, and 3% respectively.

The chart below provides the five-year growth forecast for the number of millionaires.

Notes

The data source for the millionaire population data in this article is the ‘The Wealth Report 2019 (13th Edition)’ by Knight Frank. The report further mentions GlobalData WealthInsight as the data source. The number of countries in our article is limited by the data freely available in the Knight Frank report.

The Knight Frank report further provides the data for the UHNWI (Ultra High Net Worth Individuals) Population. UHNWI are individuals with a net worth of over $30 million. The report provides UHNWI population data for 59 countries and 52 cities. The report also provides the billionaire population data for 41 countries.

We have provided an analysis of the global UHNWI population and the global billionaire population in separate articles.