The global sphere of wealth provides a unique window into economic power and growth. According to the World Population Review, certain countries have the highest number of millionaires, highlighting thriving financial markets, strong economies, and flourishing industries.
United States
The USA leads the list with over a staggering 24 million millionaires in 2024. This is not surprising given its steady economy and entrepreneurial spirit.
Nearly 10% of the working-age adults are millionaires. The country fosters wealth creation through diverse sectors like tech, finance, and real estate. Strong capital markets and a culture of entrepreneurship led to this high concentration of wealth. But this emphasizes how important inclusive economic development is.
China
China’s 16.9 million millionaires, despite being only 0.56% of working-age adults, showcase the country’s rapid economic transformation. State-led initiatives, urbanization, and an ever-growing consumer market have fueled wealth accumulation. The tech and manufacturing sectors have been key drivers in creating new millionaires as the country transitions to a more innovation-driven economy.
Japan
Japan has over 3.3 million millionaires, comprising 3.21% of working-age adults, stemming from its post-war economic miracle and strong corporate culture. The country’s focus on high-tech industries and precision manufacturing has created substantial wealth. Despite demographic challenges, long-term economic policies and a culture of saving have contributed to this wealth concentration. Japanese millionaires often build wealth through property investments and conservative financial strategies.
United Kingdom
The UK’s 2.849 million millionaires represent a blend of traditional and modern wealth sources. A concentration of 5.42% of these people falls within the working adult age range. London’s status as a global financial hub attracts international capital, while the country’s strong higher education system leads to innovation. The service sector, particularly finance and technology has been crucial in wealth generation.
France
France’s 2.796 million millionaires with 5.57% of working-age adults, reflect its diverse economy. The luxury goods industry, tourism, and aerospace sector result significantly in wealth creation. France’s emphasis on research and development, coupled with its strategic location in Europe has fostered a conducive environment for high-net-worth individuals. However, high taxes and social tensions around wealth inequality are ongoing issues.
Germany
Germany has over 2.68 million millionaires, with 3.94% falling within the working-age group. The country’s focus on high-value exports, particularly in the automotive and machinery sectors, leads to wealth growth. Many German millionaires are tied to the country’s famous Mittelstand family-owned businesses that drive innovation. Germany’s dual education system and support for small and medium enterprises contribute to a broad base of prosperity.
Canada
Canada’s 2.291 million millionaires comprise 7.59% of working-age adults, benefitting from the country’s vast natural resources and growing tech sector. A stable political environment and a strong banking system provide a solid foundation for wealth preservation. The country’s emphasis on innovation and clean technology is creating new avenues for wealth generation. Canadian millionaires often benefit from the country’s high quality of life and diverse economy. However, soaring property prices by an average of 2.7% every year is a double-edged sword for wealth creation.
Australia
Australia’s 2.177 million millionaires are 11.25% of working adults. It reflects its resource-rich economy and property market dynamics. The mining sector has been a significant wealth creator, while urban property appreciation has boosted the net worth of many. The country’s strategic position in the Asia-Pacific region has attracted investment, further driving wealth accumulation.
Italy
Italy comprises 1.413 million millionaires with 2.84% of working-age adults in this group. It showcases the country’s strengths in luxury goods, gastronomy, and manufacturing. Family-owned businesses, particularly in the industrial north, contribute significantly to wealth creation. Italy’s cultural heritage and tourism industry provides additional avenues for high-net-worth individuals.
South Korea
South Korea has 1.29 million millionaires with 3.02% of working-age adults. It reflects its rapid industrialization and technological prowess. The country’s conglomerates and thriving electronic industry have been the major sources of wealth generators. Government support for research and development and a highly educated workforce contribute to South Korea’s wealthy landscape.
Switzerland
Switzerland’s 1.152 millionaires, an impressive 16.45% of working adults, stem from its banking sector, political stability, and high-value industries. The country’s reputation for financial services attracts global wealth. On the other hand, sectors like pharmaceuticals and precision engineering create domestic wealth. A high level of life combined with low tax rates helps this nation preserve its wealth. However, the high cost of living affects wealth metrics.
Netherlands
The Netherlands has over 1.1 million millionaires among which 8.49% belong to the working adults age group. The millionaires benefit from the country’s strategic location and open economy. As a European trade hub, it attracts multinational corporations and fosters a strong startup ecosystem. The country’s emphasis on sustainable technologies and efficient agriculture contributes to wealth creation.
Spain
Spain’s 1.132 million millionaires consist of 2.99 working-age adults, reflecting its strong tourism sector and real estate market. The country’s climate and cultural attractions drive property investment. While sectors like renewable energy help in creating new wealth. Spain’s EU membership provides access to a large market which supports wealth accumulation. However, economic volatility and high youth unemployment remain challenges.
Taiwan
Taiwan has 869 thousand millionaires consisting of 4.4% of working-age adults. It highlights its crucial role in the global tech supply chains. The country’s dominance in semiconductor manufacturing and hardware production drives wealth creation. Government support for high-tech industries and a well-educated workforce contribute to the country’s economic success. Its strategic economic position also drives wealth creation. However, its geopolitical tensions with China introduce some uncertainty.
India
India’s 796 thousand millionaires consist only of 0.09% of working-age adults. The country’s large consumer market, IT service sector, and pharmaceutical industry are key sources that lead to wealth generation. Economic reforms and a young, growing workforce are creating new opportunities for more wealth accumulation. However, income inequality is still a serious problem in the country.