According to the 2024 UBS Global Wealth Report (PDF), which samples 56 markets representing 92 percent of the world’s wealth, there are at least US$58 million billionaires in the world and 1.5 percent of the world’s adult population. occupies .
The United States has the highest number of millionaires, with approximately 21.95 million people having wealth of seven figures or more. China is a distant second with approximately 6.01 million billionaires, followed by the UK (3.06 million), France (2.87 million), and Japan (2.83 million).
UBS defines wealth as the value of financial and real assets minus the debt held by households.
Global wealth rose 4.2% in dollar terms in 2023, after falling 3% in 2022, according to UBS.
“When you think about billionaires and wealthy people in general, you have something like a core of indigenous billionaires who have a strong attachment to their country. Additionally, they can switch residences around the world fairly easily. There are also elements that are more mobile that can be used,” UBS economist Samuel Adams told Al Jazeera.
By 2028, the UK is expected to lose the most billionaires, with nearly one in six billionaires set to lose their status. The Netherlands is another country expected to lose 4% of its millionaires by 2028.
“What we would like to argue about the Netherlands and the UK is that these countries already have a large number of billionaires and a growing core. (elements) exist.And in the global competition for wealth, there may be a possibility that some of the more mobile wealthy will leave. That doesn’t mean wealth is still being generated in those countries, but people who move may consider all the places they want to reside.
How is wealth distributed globally?
According to the Global Wealth Report, nearly half of the world’s wealth, 47.5 percent or $213 trillion, is held by just 1.5 percent of the world’s adult population. These are households with $1 million or more.
In contrast, people with less than $10,000 in assets hold only 0.5 percent of the world’s wealth ($2.4 trillion) but account for 39.5 percent of the world’s adults.
Households with assets between $10,000 and $100,000, which make up 42.7 percent of adults, account for 12.6 percent of global wealth, or $56.2 trillion.
Fastest Growing Billionaires (2000-2023)
In terms of wealth per adult, the world’s population has made significant progress since the early 2000s. The percentage of adults with assets over $1 million tripled, from 0.5% to 1.5%.
Since 2000, Qatar has seen the largest increase in the number of billionaires, increasing from 46 to 26,163. The second largest increase was in China, where the number of millionaires rose from 39,000 to 6,013,282, followed by Kazakhstan (from 918 to 44,307).
“I think it’s important to understand that wealth generally increases in proportion to economic growth, but also vaguely in proportion to increases in asset prices,” Adams said.
“If you look back at emerging market countries like China, especially in the 2000s, they were at a very different stage, but so was Russia, where they generally tend to see an increase in wealth. They also tend to have a certain concentration in certain areas. If you have that, that also helps,” for example, especially in sectors that are seeing growth. Therefore, commodity exporting countries, including Russia but also some Middle Eastern countries, tend to accumulate wealth very quickly, especially in the top 10 percent of the wealthy, which supports the growth of billionaires. are. ”
In the 15 years since the report was published, UBS said Asia-Pacific has recorded the largest increase in wealth, at around 177%, followed by the Americas at around 146%, and Europe, the Middle East and Africa (EMEA). said. ) increased by just 44%.
Highest percentage of millionaires
The United States is home to 38% of the world’s richest people, 28% in Western Europe and 10% in China.
By country, Switzerland has the highest percentage of billionaires, with 12 out of 100 people having assets of $1 million or more. This is followed by Hong Kong, where 8 out of 100 people are billionaires, Australia (7 out of 100), the Netherlands (7 out of 100) and the United States (6 out of 100).
Check out the table below to see how billionaire wealth has changed in different countries.
