The new top 10 countries which have the most millionaires list is out. Check out which countries made the cut.
When it comes to millionaires, most of us think that they are mostly in Europe or in the United States. However, with the different industries now aiding other countries flourish, the economic situation in other parts of the globe are catching up with the West. A new report reveals which countries now have more rich citizens than other countries worldwide.
Which Countries Made the Cut?
According to the 2019 wealth report from Credit Suisse released on Tuesday, more than half of the world’s newest millionaires are based in the United States. In their analysis, almost 1,146,000 adults became millionaires this year. This brings the global total to 46.8 million. The US added 675,000 people in the list last year, the largest number contributed by other countries.
China and Japan follows the US in the list in second and third place respectively.
Out of the countries that used to be in the list, Australia, the United Kingdom and Turkey had a large drop in their millionaire list this year.
Here are the countries who made it in the list:
- United States – 18,614,000
- China – 4,447,000
- Japan – 3,025,000
- Germany – 2,187,000
- Canada – 1,322,000
- Spain – 979,000
- Netherlands – 832,000
- Switzerland – 810,000
- India – 759,000
- Brazil – 259,000
Meanwhile, global wealth grew by 2.6% to USD 360 trillion. Wealth per adult reached to USD 70,849, which is a record high for the report. This is 1.2% higher than the 2018 record which was USD 63,100 per adult. Switzerland, according to the assessment, had the most amount of adults who had the biggest gains in wealth per person. The US and Japan followed in the biggest gains per adult.
In terms of losses, Turkey, Norway and Australia had the biggest losses in wealth per adult. They recorded a decrease of $5,230, $7,520 and $28,670 respectively.
The US, China and Europe also contributed the most towards the global wealth growth with USD 3.8 trillion, USD 1.9 trillion and USD 1.1 trillion contribution respectively.
Finally, when it comes to the distribution of wealth, it constantly changes. Th report also said that the bottom tier is decreasing in rate each year. Around 56.6% of people or 1.8% worldwide own less than USD 10,000. Individuals who own between USD10,000 and 100,000 are around 15.5% globally or 32.6%. Those who have around USD 100,000 to 1 million account to 38.8% globally, while 43.9% cover the wealthiest 1% of the global population.
Who is Credit Suisse?
The Credit Suisse Global Wealth Report reveals the trends in world wealth. It covers all the countries worldwide, as well as analyzed all the wealth spectrums from rich to poor.
Credit Suisse is one of Switzerland’s largest multinational investment banks and offers various financial services. It has branches worldwide and often offers insights on how the financial world grows each year.