Daily Management Review

Where millionaires live: top 10 countries


07/20/2016


Four countries of the world are home for more than 60% of total number of millionaires in the world (HNWI, high-net-worth individual) according to World Wealth Report by Capgemini Consulting.

A person with high income is defined as an owner of "investable assets of at least $ 1 million or more, excluding primary residence, collectible items, consumer durables."

The top-10 features countries with different cultures; yet all of them have strong economies, and well-developed services sector.

Below is a list of 10 countries with the largest number of millionaires.



Jeff Belmonte
Jeff Belmonte
10. Italy

Number of millionaires: 229 thousand.

In 2016, there has been high volatility in the local financial sector. Nevertheless, Italy is still one of the largest economies in Europe, and the number of millionaires there has grown by 4% since the previous report, published in 2015.

9. Australia

Number of millionaires: 234 thousand.

The report shows that Australia also observed a significant increase in the number of millionaires - by 4% over the last year.

Many of them have become rich thanks to natural resources and mining industry, which accounts for over 7% of GDP and boosts strong economic growth.

8. Canada

Number of millionaires: 321 thousand.

Many representatives of other countries live in Canada, though in the last year, the country has lost a significant part of its upper-crust world: their number decreased by 3%.

World Wealth Report suggests the fall was partly caused by the unfavorable situation in asset markets that led to the runaway.

7. Switzerland

Number of millionaires: 358 thousand.

Switzerland is one of the most favorite destinations for millionaires. It is not surprising that the country has got in the top 10 countries by the number of wealthy people.

In addition, this country is among the top countries with the highest per capita income, so the wealth is concentrated in the hands of a limited number of persons.

6. France

Number of millionaires: 523 thousand.

Number of millionaires in France increased by 6% compared to last year.

Even direct taxes on those earning more than € 1,3 million are not a reason solid enough to scare millionaires off.

5. United Kingdom

Number of millionaires: 553 thousand.

Of course, it’s mostly about London, as the city is one of the world's largest financial centers.

However, the report notes that at the moment, no one can predict how Brexit will affect the situation.

4. China

Number of millionaires: 1 034 000.

China is a country with the highest population in the world. And if you take into account high rate of economic growth, it is not surprising that the country has entered the top 10 by the number of millionaires.

Nevertheless, World Wealth Report noted that the China's economy is cooling down; therefore, pace of growth in the number of millionaires is also slowing.

3. Germany

Number of millionaires: 1 199 000

This is the largest euro zone economy, which hosts the largest number of millionaires in Europe.

In 2014, Germany was the largest exporter of capital, and its trade surplus amounted to $ 285 billion.

2. Japan

Number of millionaires: 2 720 000.

Japan has the highest growth in the number of millionaires of all countries included in the list. This increase was 11%.

World Wealth Report believes that this is partly due to the fact that the government has introduced regulations and tax rules to encourage domestic investment.

1. United States

Number of millionaires: 4 458 000.

It is logical that the largest economy in the world has the highest number of millionaires.

The analysts note that the US leadership position will soon be challenged by China. Yet, no other country in the world support and stimulate innovation as much as the United States do. The country is leading in virtually all sectors of the economy.






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