Ranked: Countries With the Most Millionaires and Billionaires
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This graphic lists the top 12 countries by number of high net worth individuals (HNWIs). An HNWI is someone with liquid investable wealth of $1 million USD or more.
Importantly this excludes assets such as primary residences from counting towards wealth.
Data for this graphic is sourced from the Henley Private Wealth Migration Report 2024.
Where Do the Wealthy Live?
The U.S. leads the world with a massive millionaire (>$1 million USD) population of 5,492,400. To put this into perspective, the U.S. has more millionaires than Ireland has people.
Unsurprisingly, America also has the most centi-millionaires (9,850) and billionaires (788) as well.
| Country | Millionaires (USD 1M+) |
Centi-millionaires (USD 100M+) |
Billionaires (USD 1B+) |
|---|---|---|---|
| 🇺🇸 U.S. | 5,492,400 | 9,850 | 788 |
| 🇨🇳 China | 862,400 | 2,352 | 305 |
| 🇩🇪 Germany | 806,100 | 1,075 | 82 |
| 🇯🇵 Japan | 754,800 | 748 | 39 |
| 🇬🇧 UK | 602,500 | 830 | 75 |
| 🇫🇷 France | 506,000 | 605 | 55 |
| 🇨🇭 Switzerland | 427,700 | 730 | 40 |
| 🇦🇺 Australia | 383,300 | 463 | 48 |
| 🇨🇦 Canada | 371,200 | 495 | 52 |
| 🇮🇳 India | 326,400 | 1,044 | 120 |
| 🇮🇹 Italy | 289,300 | 418 | 38 |
| 🇸🇬 Singapore | 244,800 | 336 | 30 |
Note: Data current to December, 2023.
Far behind the U.S. in all three metrics, China is the next country with the most millionaires (862,400) and billionaires (305).
However, despite ranking 11th in terms of millionaires, India has the world’s third-largest billionaire population (120).
Economic size is a clear indication of a country’s propensity to having more numbers of high net worth individuals. Nine of the top 12 countries with the biggest wealthy populations are also the top 10 countries by gross domestic product.
However, Switzerland and Singapore are two countries that punch above their weight, helped by their status as offshore financial centers. With their tax benefits, asset protection, and privacy, they tend to attract wealthy individuals at a higher rate. For smaller countries, attracting this outside wealth can dramatically increase economic activity.
