These Countries Are Home to the Most Millionaires on Earth
While it may not feel possible to us regular folks, the number of millionaires and billionaires is growing at a rapid clip. So, where are all the ultra-wealthy living?
Certain countries are emerging as millionaire hot spots, primarily places that dominate the global wealth scene and create the perfect environment for wealth accumulation. Using data from the 2024 Henley Private Wealth Migration Report, we examined the 12 countries with the most millionaires (and billionaires!) as of December 2023.
This data set focuses on high-net-worth individuals with liquid investable wealth—stocks, bonds, cash, but not real estate or home equity—of $1 million U.S. dollars or more. Other reports may include personal property and real estate in their assessments, raising the number of estimated millionaires.
1. United States
The United States continues to dominate when it comes to the number of millionaires and billionaires living within its borders: The nation is home to a staggering 5.5 million millionaires and 788 billionaires. This wealth is driven by a booming tech industry (hello, Silicon Valley), financial markets, and an entrepreneurial climate that encourages innovation and investment. Some of the wealthiest people in the world, like Elon Musk and Jeff Bezos, call the U.S. home.
2. China
China has seen a rapid rise in the number of millionaires and billionaires over the past few decades, thanks to its economic transformation. Currently, China boasts over 862,000 millionaires and 305 billionaires. The country’s growing tech, manufacturing, and real estate sectors have catapulted many wealthy folks into the ranks of the super-rich.
3. Germany
With 806,000 millionaires and 82 billionaires, Germany is a clear leader of wealth in Europe. Its strong industrial base, particularly in areas like automotive (think BMW, Mercedes-Benz, Volkswagen) and manufacturing, fuels its wealth accumulation. Cities like Munich and Frankfurt are hubs for Germany’s millionaire and billionaire populations.
4. Japan
Japan has approximately 755,000 millionaires, though its billionaire count is relatively modest at 39. The country’s steady economy, high levels of innovation, and industries like electronics, automotive, and finance help sustain its wealth. Tokyo, the country’s financial hub, continues to be a center for millionaire activity; some of Japan’s billionaires, like Tadashi Yanai (founder of Uniqlo), are household names.
5. United Kingdom
The U.K. is home to 603,000 millionaires and 75 billionaires, making it a major global wealth center. London is known for attracting global investors, ultra-high-net-worth individuals, and financial pros. Some of the richest people include Ineos founder Sir Jim Ratcliffe and the billionaire brothers David and Simon Reuben.
6. France
Ooh la la! France has around 506,000 millionaires and 55 billionaires, with Paris acting as a focal point for the country’s wealth. The luxury goods market, which includes global brands like Louis Vuitton and Chanel, plays a major role in wealth generation. Bernard Arnault, one of the world’s richest people and CEO of LVMH, is one of France’s notable billionaires.
7. Switzerland
Switzerland comes in at No. 7 with 428,000 millionaires and 40 billionaires. Despite its small footprint, its position as an offshore financial center — one that offers tax benefits, asset protection, and privacy — attracts wealthy individuals.
8. Australia
Australia is home to about 383,000 millionaires and 48 billionaires, making it a hot spot for wealth in the Asia-Pacific region. Much of this wealth is concentrated in Sydney and Melbourne, and is driven by strong property markets, mining, and financial services.
9. Canada
Canada is home to 371,000 millionaires and 52 billionaires. Most of that wealth is concentrated in Toronto and Vancouver, and is fueled by strong real estate markets, financial services, and natural resources. Canada’s stable economy and appealing quality of life make it a coveted destination for both domestic and international wealth.
10. India
India has seen a significant rise in wealth, and now boasts around 326,000 millionaires and 120 billionaires. With a growing tech industry, real estate, and manufacturing sectors, the country is quickly becoming a major player on the global wealth stage. Cities like Mumbai and Bangalore are at the center of this wealth surge.
11. Italy
Italy has roughly 289,000 millionaires and 38 billionaires. Known for its luxury fashion, high-end design, and tourism, Italy’s wealth is concentrated in cities like Milan and Rome. Key sectors such as fashion (Gucci, Prada), automobiles (Ferrari), and high-end cuisine contribute to the wealth of the country’s richest individuals.
12. Singapore
Like Switzerland, Singapore serves as an offshore financial hub for roughly 245,000 millionaires and 30 billionaires. It may be a small country, but its concentration of high-net-worth individuals increases economic activity at a higher rate.