Top 10 Countries That Have The Most Millionaires

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Top 10 Countries That Have The Most Millionaires
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Since 2011, the Credit Suisse Research Institute has been publishing The Global Wealth Report which is the financial services company’s key source of intelligence in relation to global wealth. The 2019 edition of the report revealed that around 47 million people around the world have fortunes in excess of one million U.S. dollars. This figure is up significantly from 33 million in 2016. The U.S. tops the list with 13.6 million adults laying claim to wealth above $1 million – that is more than 40% of the world’s millionaires and more than the next eight countries combined. [1]




History of Terminology ‘Millionaire’: The word ‘millionaire’ was first recorded in English as French term in a 1816 letter composed by Lord Byron, an English poet, politician, and leading figure in the Romantic movement. It also appeared in print in “Vivian Grey”, a novel by British author Benjamin Disraeli. Thomas Jefferson, the principal author of the Declaration of Independence, utilized an early English word ‘millionary’ while serving as Minister to France. A 1843 obituary for New York tobacco manufacturer Pierre Lorillard II saw the first American printed use of the word ‘millionaire.’

How Do You Determine If A Person Is A Millionaire:

Many would assume that a millionaire literally has a million dollars in cash. However, there are multiple approaches to determining a person’s status as a millionaire. One of the most commonly used measurements is net worth, which represents a person’s assets minus their liabilities. In layman’s term, net worth refers to ‘what you own minus what you owe.’

For financial institutions, a person’s net worth may be determined by excluding the equity value of real estate and other non-liquid personal property such as cars. [2] Thus, the millionaire category only applies to individuals with net investable assets or working capital more than one million dollars.

Countries With The Most Millionaires:

Based on the Credit Suisse’s annual wealth report, here are the top ten countries with the most millionaires including the country’s adult population and median wealth for comparison purposes.




1. United States

Number of millionaires in 2019: 18,614,000
Number of millionaires in 2010: 7,440,000
Adult Population: 245 million
Median wealth per adult: $65,904

2. China

Number of millionaires in 2019: 4,447,000
Number of millionaires in 2010: 38,000
Adult Population: 1,090 million
Median wealth per adult: $20,942

3. Japan

Number of millionaires in 2019: 3,025,000
Number of millionaires in 2010: 1,990,000
Adult Population: 105 million
Median wealth per adult: $110,488

4. United Kingdom

Number of millionaires in 2019: 2,460,000
Number of millionaires in 2010: 750,000
Adult Population: 51 million
Median wealth per adult: $97,452



5. Germany

Number of millionaires in 2019: 2,187,000
Number of millionaires in 2010: 618,000
Adult Population: 68 million
Median wealth per adult: $35,313

6. France

Number of millionaires in 2019: 2,071,000
Number of millionaires in 2010: 428,000
Adult Population: 48.66 million
Median wealth per adult: $99,923

7. Italy

Number of millionaires in 2019: 1,496,000
Number of millionaires in 2010: 424,000
Adult Population: 49.3 million
Median wealth per adult: $104,105

8. Canada

Number of millionaires in 2019: 1,322,000
Number of millionaires in 2010: 274,000
Adult Population: 29 million
Median wealth per adult: $294,255

9. Australia

Number of millionaires in 2019: 1,180,000
Number of millionaires in 2010: 108,000
Adult Population: 19 million
Median wealth per adult: $181,361

10. Spain

Number of millionaires in 2019: 979,000
Number of millionaires in 2010: 172,000
Adult Population: 46.7 million
Median wealth per adult: $207,531

Number Of Millionaires Residing In The USA:

There are conflicting estimates on the number of millionaire households in the U.S. A report published in CNN Money showed that there were two million houses in the U.S. that had a net worth of at least $1 million excluding primary residences in 2005. [3] This figure increased to 9.3 million households in mid-2006, according to a TNS Financial Services. [4]

Another report prepared by Capgemini for Merrill Lynch stated that in 2015, there were 4.3 million American households who held at least one million dollars in financial assets. [5] A study from Spectrum Group’s Market Insights Report 2017 placed the number of millionaires in the U.S. at 10.8 million as of the end of 2016. [6]

TNS released data in 2009 revealing Los Angeles, California as the county with the highest number of millionaires. Three other counties from the Golden State made the list including Orange County, San Diego County, and Santa Clara. Also making the list were Cook County in Illinois, Maricopa County in Arizona, Harris County in Texas, Nassau County in New York, and Palm Beach County in Florida.

References:

[1] Credit Suisse Research Institute. Global Wealth Report 2019
https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html

[2] The Huffington Post. November 2, 2012. U.S. Adds 1.1 Million Millionaires Under President Obama: Report
http://www.huffingtonpost.com/2012/11/02/us-one-million-new-millionaires-obama_n_2066177.html

[3] Jeanne Sahadi. March 29, 2006. CNN Money. Top 10 millionaire counties
http://money.cnn.com/2006/03/28/news/economy/millionaires/

[4] May 6, 2006. TNS Reports Record Breaking Number of Millionaires in the USA
http://www.usa.xorte.com/0,4,TNS-Reports-Record-Breaking-Number-of-Millionaires-in-the-USA,1422.html

[5] Robert Frank. June 24, 2015. How many millionaires? Depends who’s counting
https://www.cnbc.com/2015/06/24/how-many-millionaires-in-the-world-it-depends.html

[6] Catherine Clifford. A record number of Americans are now millionaires, new study shows
https://www.cnbc.com/2017/03/24/a-record-number-of-americans-are-now-millionaires-new-study-shows.html

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Top 10 Countries That Have The Most Millionaires
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