The number of individuals with a net worth of one million dollars or more has significantly risen in recent years.
Despite concerns such as trade tensions and negative economic trends, the global population of millionaires is on the rise. In the period spanning from mid-2018 to mid-2019, the total count of millionaires increased by 1.1 million, reaching a total of 46.8 million individuals. According to the Global Wealth Report released by Credit Suisse, these millionaires collectively hold $158.3 trillion, which accounts for approximately 44% of the world’s total wealth.
As the number of millionaires continues to grow, it begs the question of where these individuals are located and what factors are contributing to their financial success. The United States remains at the forefront in terms of both total millionaire population and new millionaire additions. In the past year alone, approximately 675,000 Americans have joined the ranks of millionaires. Japan also boasts a significant number of millionaires with an additional 187,000 individuals gaining millionaire status over the last year. Despite recent economic challenges, particularly related to trade, China has consistently produced a large number of millionaires, with over 158,000 new millionaires emerging in the last year, bringing their total count to 4.5 million.
While there has been an overall increase in millionaires globally, not all countries are experiencing growth in this sector. For instance, Australia has seen a decline of 124,000 millionaires. It is important to note that much of this reduction is attributed to the weakening of the Australian Dollar, as an individual’s millionaire status is typically determined based on wealth denominated in U.S. Dollars.
