Over the last decade, the number of millionaires has grown rapidly across many countries. According to the Henley Global, between 2013 and 2023, nations such as China, India, and the UAE experienced a significant increase in the number of millionaires. The rapid growth in millionaires is an indication of fast-emerging economies and wealth increases in the world. However, this increase in wealthy people is not happening uniformly in all regions. Some nations are experiencing their millionaire count decreasing.
Although most individuals are getting wealthier, income disparity is also increasing. A few individuals are making a lot more money than the rest of the population. This income inequality between the rich and the poor is turning into a major problem in developed as well as developing nations.
Key Takeaways
- China experienced the greatest millionaire growth of all nations — an increase by 92% between 2013 and 2023.
- Both India and the UAE also experienced robust growth among millionaires, as a result of their increasing business and international ties.
- Wealth is relocating from mature Western economies to rapidly expanding Asian and Middle Eastern nations.
Millionaire Growth Around the World
The table below shows the percentage growth in the number of millionaires from 2013 to 2023 for different countries.
| Rank | Country/Territory | Millionaire Growth % (2013–2023) |
|---|---|---|
| 1 | 🇨🇳 China | 92% |
| 2 | 🇮🇳 India | 85% |
| 3 | 🇦🇪 UAE | 77% |
| 4 | 🇸🇬 Singapore | 64% |
| 5 | 🇺🇸 USA | 62% |
| 6 | 🇨🇭 Switzerland | 38% |
| 7 | 🇦🇺 Australia | 35% |
| 8 | 🇨🇦 Canada | 29% |
| 9 | 🇰🇷 South Korea | 28% |
| 10 | 🇮🇹 Italy | 16% |
| 11 | 🇩🇪 Germany | 15% |
| 12 | 🇫🇷 France | 14% |
| 13 | 🇭🇰 Hong Kong (SAR China) | -4% |
| 14 | 🇯🇵 Japan | -6% |
| 15 | 🇬🇧 UK | -8% |
Source: Henley Global.
🇨🇳 China
China dominates the world in millionaire growth, with 92% growth between 2023 and 2013. It is because of its rapidly growing economy, thriving tech and manufacturing industries, and growth in private wealth. In the past decade, numerous Chinese firms have turned into global giants, creating a great deal of new money. The expansion of e-commerce, real estate, and green energy industries has also contributed significantly to China’s millionaire growth.
🇮🇳 India
India is in second position with an 85% increase in millionaires in the last ten years. One of the major reasons for this millionaire’s rise in India is the rise of startups, tech companies, and international outsourcing companies. Also, a huge young population, increasing incomes, and government support of business are fueling this growth.
🇦🇪 UAE
The UAE, particularly Dubai and Abu Dhabi, has become a magnet for wealth in the Middle East. With a 77% increase in millionaires, the country has also emerged as a center for finance, trade, real estate, and tourism globally.
Numerous other countries’ rich individuals are also migrating to the UAE due to its friendly tax policies, luxury life, and political stability. The nation has also gained from increasing oil prices and has invested that money into developing a robust non-oil economy.
Regional Trends
Asia and the Middle East are growing rapidly in terms of millionaire expansion. China, India, Singapore, and the UAE are among the nations witnessing significant rises, whereas most Western nations are slowing or even decreasing. The USA continues to experience high growth (62%), but European countries like the UK, France, and Germany are growing much more slowly.
Actually, the UK, Japan, and Hong Kong have experienced their millionaire population, perhaps because of economic slowdown, political upheavals, and changing investment trends.
Where Are Millionaires Growing Most in the World?
Increasing Income Inequality
While some people are getting extremely wealthy, many more find it hard to keep pace. This is leading to an increase in income inequality — the divide between rich and poor is increasing. In nations where millionaires are growing quickly, the average individual is not necessarily experiencing the same degree of income growth. This can lead to economic and social issues. Quality education, healthcare, and employment are still out of reach for many.
Conclusion
The last ten years have seen big changes in where the world’s wealth is accumulating. Places such as China, India, and the UAE are becoming significant hubs of wealth and economic influence. This is part of a larger shift away from the old Western economies to the rapidly rising East. But this rise in millionaires also comes with challenges, especially the growing income gap between the rich and everyone else.
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