Countries where Millionaire Population Will Grow the Most in the Next 5 Years

Currently the countries with the most millionaires are the United States and China, but they are not the nations where the millionaire population will grow the most by 2023.

“Currently 75.2% of individuals with a high world heritage come from 10 countries. These are those individuals with a fortune of between 1 million and 30 million dollars.”

At the top of the list is the United States, the country with the most high-income population, with 8,676,985 individuals, followed by China and Japan, with 1,880,215 and 1,618,670 respectively. Of course, the growth of the millionaire population in the US has slowed down due to a decline in GDP and the decline of the stock market.

The ranking of the 10 countries with the highest population with high wealth is completed by Germany, the United Kingdom, France, Canada, South Korea, Australia and Italy, in the corresponding order. In total, all these countries have 387,000 individuals of high heritage living on their borders.

Of course, the ranking of the countries where the millionaire population will increase the most in the next 5 years is quite different.

For its annual report ‘High New Worth Handbook 2019‘, Wealth X studied how global wealth will be in the future. For this, they took into account current levels of wealth, forecasts for population growth and investment opportunities. Anticipate that the 10 countries in which more will increase the amount of individuals of high patrimony will be the following:

  • Nigeria – 16.3%
  • Egypt – 12.5%
  • Bangladesh – 11.4%
  • Vietnam – 10.1%
  • Poland – 10.0%
  • China – 9.8%
  • Kenya – 9.8%
  • India – 9.7%
  • Philippines – 9.4%
  • Ukraine – 9.2%

Obviously, when starting from a lower base, the growth is greater. It would be difficult for the United States, being at the point where it is, to reach such a percentage of growth – although China has taken the sixth place. However, it is striking how varied the group is. Wealth-X rated the cases of Poland and Kenya as surprising, since they are not within any of the groups of emerging countries such as BRICS, CIVETS, MINT, EAGLEs or TIMPs.

Thus, the source of wealth varies greatly in each country on the list. For example, Nigeria and Egypt obtain the majority of the energy sector. Thus, Bangladesh is explained by its rapid urbanization and an increase in investment in infrastructure. Vietnam, India, the Philippines and Kenya are also associated with greater investment in structure. On the other hand, Ukraine and Poland seem to be more linked to the technology sector.