Where Do the World’s Millionaires Live? A Global Map of Wealth

In 2024, the global distribution of wealth reveals a striking disparity in the share of millionaires across countries. While Switzerland, Hong Kong, and Singapore top the chart with the highest proportion of millionaires in their adult populations, major economies like China and Saudi Arabia lag far behind. What explains these differences, and what are the broader economic implications?

Quantitative Breakdown: Top Millionaire-Dense Nations

According to the latest visual data, Switzerland leads the world with 15.7% of its adult population qualifying as millionaires. It’s followed by Hong Kong (10.5%), Australia (9.5%), Singapore (7.9%), and the United States (8.5%). Other developed economies like Canada (6.3%), the United Kingdom (5.8%), and Germany (4.1%) also feature prominently, though not at the top.

On the lower end of the spectrum, Qatar (1.2%), Saudi Arabia (1.5%), and China (0.6%) show surprisingly low millionaire ratios despite large GDPs and sustained economic growth in recent decades.

Drivers of Wealth Accumulation: More Than Just GDP

Being wealthy isn’t just about a high GDP. The prevalence of millionaires in a population reflects a mix of factors: wealth distribution mechanisms, access to capital markets, investment culture, taxation policy, ease of doing business, political stability, and education.

Switzerland’s top position is consistent with its long-standing role as a global financial hub, marked by a stable economy, discreet banking services, and investor-friendly tax regulations. The country attracts capital globally and has historically promoted individual asset protection and private banking.

Similarly, Hong Kong and Singapore benefit from their roles as Asian financial centers. Both are characterized by low-tax regimes, open economies, strong legal protections, and business-friendly regulations. They offer regional access to international capital, which stimulates private wealth accumulation.

Western vs. Asian Economies: A Tale of Two Trends

A comparison between Western and Asian countries reveals important insights. While Western nations like the US, UK, Canada, and Germany all boast substantial shares of millionaires, Asia shows a more diverse picture. Singapore and Hong Kong are thriving, but China, despite having the second-largest economy in the world, has only 0.6% of its adult population classified as millionaires.

This discrepancy highlights concentrated wealth in China, where a significant share of assets is held by a small elite. Although the absolute number of wealthy individuals is large, the share of affluent adults remains low due to limited access to private capital markets, lower financial freedom, and strict regulations on outbound wealth flows.

In contrast, Singapore offers easy access to global investment tools, and its regulatory system fosters wealth democratization, making it easier for professionals and entrepreneurs to accumulate assets over time.

The U.S. Perspective: Wealth from Innovation and Equity

With 8.5% of its adult population classified as millionaires, the United States is among the top five globally. Much of this can be attributed to its deep and liquid capital markets, an entrepreneurial culture, and tech-fueled wealth. Equity compensation in startups and established tech firms like Google, Apple, and Nvidia has created a new class of millionaire employees.

Moreover, widespread participation in 401(k) retirement plans, stock portfolios, and property ownership contributes to higher net worth among middle- and upper-income Americans. However, the data also masks deep income inequality, with millions still excluded from asset-building opportunities.

Economic Policy Implications: The Millionaire Effect

The density of millionaires in a country directly impacts fiscal policy, social equity, and economic strategy. Countries with a high concentration of millionaires often face pressure to introduce progressive taxation, especially amid rising inequality and populist sentiment.

Nations like Switzerland and Singapore, known for wealth-friendly tax laws, have enjoyed a continuous inflow of capital. However, this may widen internal inequality and pose challenges in terms of social cohesion and housing affordability.

In contrast, lower-density countries may suffer capital flight, especially among high-net-worth individuals who relocate to jurisdictions with more favorable economic policies. This creates a feedback loop where the lack of millionaires reduces investment and slows financial market development.

Israel’s Silent Rise: Not on the Map, but Worth Watching

While not featured in the chart, Israel deserves mention. As of late 2023, data from Credit Suisse suggested that 3.5% to 4% of Israel’s adult population were millionaires. Given the country’s relatively small population, this is a notable statistic, largely driven by the high-tech sector, startup culture, and diaspora wealth returning in the form of VC and real estate investments.

Israel’s wealth concentration is increasingly visible in urban real estate, equity ownership in private companies, and growing representation in international capital markets.

The Global Outlook: Emerging Economies on the Rise?

While developed markets dominate the 2024 list, future millionaire growth may come from unexpected regions. Countries like India, Indonesia, Brazil, and Vietnam are projected to see a rapid rise in private wealth due to urbanization, digital banking penetration, and growing middle classes.

That said, policy choices will determine whether this wealth becomes widely distributed or remains in the hands of a few. Education systems, financial literacy, investment accessibility, and regulatory reforms will play key roles in shaping the next generation of millionaires.

Meanwhile, Western nations face challenges of inflation, slower growth, and rising taxation—factors that could slow the creation of new millionaires and prompt more aggressive estate and wealth tax policies.

Millionaires per Capita: A Mirror of Broader Trends

This data visualization reflects more than just personal fortunes. It serves as a barometer for national financial infrastructure, capital mobility, and investment sophistication. Countries with high millionaire density are usually those that allow individuals to participate actively in asset appreciation, either through real estate, business ownership, or market investments.

Conversely, nations with state-controlled economies, high capital restrictions, or nascent investment ecosystems tend to lag behind.