The world’s millionaire population: US leads with an impressive 22.7M while China has 6.2M — and France leads Europe with 2.8M
The United States is leading the world’s millionaire population with a staggering 40 percent share of the uber-wealthy, with China and France following far behind.
The US boasts an impressive 22.7 million millionaires, surpassing China with 6.2 million and France with 2.8 million, as reported by Visual Capitalist using data from UBS and Credit Suisse.
The US has roughly 4 percent of the global population, but boasts an impressive 22.7 million millionaires, surpassing the combined total of the next eight highest countries.
The majority of these millionaires fall within the wealth range of $1 to $5 million, constituting a whopping 87 percent of the list. The ultra-rich, those with over $10 million, make up a smaller percentage at just 4.6 percent.
The United States is leading the world’s millionaire population with a staggering 40 percent share, with China and France following behind
As of 2023, there are nearly 22 million millionaires in the country, including familiar faces such as Dwayne Johnson, Dolly Parton, Jennifer Lopez and more
Chairman of Alibaba Group Jack Ma arrives to attend the ‘Tech for Good’ summit at Hotel de Marigny on May 15, 2019 in Paris, France
Despite a perception fed by social media and popular culture, the US is a millionaire hotspot, with a diverse range of individuals achieving this financial milestone.
While billionaires like Elon Musk grab headlines, there’s a broader, more populous community of millionaires in the US.
As of 2023, there are nearly 22 million millionaires in the country, including familiar faces such as Dwayne Johnson, Dolly Parton, Jennifer Lopez and more.
Elon Musk continues to reign as the wealthiest person in the US, with a staggering net worth of $251 billion, overshadowing Jeff Bezos by $90 billion. Other notable billionaires include Larry Ellison, Warren Buffet, Bill Gates, and Mark Zuckerberg.
However, even with substantial wealth, America’s richest face challenges. Rising prices and inflation impact their purchasing power just like most of the middle-class population.
Wealth guilt is a real phenomenon, especially for those inheriting massive sums, according to Forbes.
‘Often, the way mom and dad made their money does not resonate with the NextGen,’ Jon Foster, CEO of Angeles Wealth Management, told the outlet. ‘Value systems can change across generations.’
Bernard Arnault, billionaire and chairman of LVMH Moet Hennessy Louis Vuitton SE, during an LVMH Moet Hennessy Louis Vuitton SE news conference in Paris. He is part of the French population of millionaires
Tax efficiency becomes a daily concern for the uber-wealthy as high-income individuals navigate tax brackets and seek investments that maximize returns after taxes. Building and preserving wealth across generations require strategic financial planning.
A study released in November revealed that only a very small share of millionaires actually feel rich.
Just 8 percent of Americans with at least $1 million in investable assets consider themselves wealthy, according to an Ameriprise Financial survey of more than 3,000 adults. This amounts to around 240 individuals.
Among the millionaires, 31 percent said they considered themselves to be ‘middle class’, while 60 percent said they were among the ‘upper-middle class.’
The findings lay bare the impact of inflation, higher interest rates and economic uncertainty on the nation’s wealthiest. Fewer Americans – including millionaires – feel confident in their financial standing in the current climate.
Among the millionaires, 31 percent said they considered themselves to be ‘middle class’, while 60 percent said they were among the ‘upper-middle class’
Ameriprise Financial advisor Kim Maez told CNBC: ‘Many people feel squeezed between higher prices and lower asset prices. While a necessary part of the economic cycle, it’s also uncomfortable.’
Though inflation has cooled from its four-decade high of 9.1 percent last summer, it is still hovering at an annual rate of 3.7 percent in September – well above the Federal Reserve’s 2 percent target.
The Fed’s benchmark borrowing costs remain at a 22-year high. The central bank’s relentless hiking campaign has taken interest rates from an all-time low of 0.5 percent in April 2020 to 5.5 percent today.
Last week, billionaire investor Ken Griffin warned higher baseline inflation could remain in the US for ‘decades’ and elevated interest rates could become the norm.
This means that many high-earners do not feel well off.
A Bloomberg survey earlier this year revealed how a quarter of Americans earning over $175,000 describe themselves as ‘very poor’ or ‘poor’.
The salary should be enough to put workers in the top 10 percent of US tax filers yet 25 percent said they felt they were ‘getting by but things are tight.’
And half of the 1,000 Americans surveyed described themselves as just ‘comfortable’ rather than ‘rich’ or ‘very rich.’
