The Number of Millionaires Around the World Is Surging

By: Anneken Tappe · July 11, 2024 · Reading Time: 2 minutes

Making Millionaires

There are more millionaires than ever today — and that might not change anytime soon.

In 2023, the number of millionaires across the globe surged to a record level of 22.8 million, according to research from consulting firm Capgemini. A separate study by UBS (UBS) found that millionaires accounted for 1.5% of the adult population last year — and that figure is projected to increase in most of the surveyed economies over the next few years, per the bank’s 2024 Global Wealth Report.

Wealth Wave

Taiwan is expected to see the largest increase in millionaires in the next four years at nearly 50%, per UBS, helped by its strong microchip industry and an influx of wealthy immigrants, CNBC reports. Turkey, Kazakhstan, Indonesia, and Japan stand to witness the next largest increases in millionaires.

The U.S. remains the country with the most millionaires by a large margin, at roughly 22 million, followed by China with 6 million. But there should be increases to those numbers too. The U.S. is also one of the few markets surveyed that has seen an acceleration in wealth growth since 2010.

These figures and projections represent a significant bounce back from 2022, when UBS found a 3% decline in millionaires worldwide.

Fortune Flows

Growing wealth inequality continues to skew the average wealth figures, but the research does suggest the world is getting richer across all wealth segments of the wealth spectrum. UBS expects wealth mobility to improve as well, projecting the chance of escaping the lowest bracket of wealth to be as high as 60%. The researchers also believe there is a one-in-three chance to jump by two or more wealth brackets.

The report’s findings also support the thesis of the expected “Great Wealth Transfer”, projecting more than $83 trillion in wealth to be passed on to heirs within the next couple of decades, which could help mint many more millionaires in the years to come.

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