In a Netflix series, Richie Rich earns a trillion dollars overnight and a new life filled with nonstop fun and adventure. Cut to reality, wealthy millionaires are living a real life on their own. How many wealthy millionaires are there in the world? How do wealthy people earn so much wealth? If you are looking for answers to these and other commonly asked questions about affluent people, this year’s ‘Global Wealth Report 2024’ from UBS has you covered.

The ‘Global Wealth Report 2024’ draws one major conclusion: individuals worldwide are becoming increasingly wealthy across all wealth categories. Net worth or wealth is defined as the value of financial assets plus real assets (principally housing) owned by households, minus their debts.

Key Findings Global Wealth Report 2024

Country with Most Millionaires

The United States with nearly 22 million people hosts the highest number of millionaires in the world Mainland China is in second place with just over six million, roughly double the number of the third market, the United Kingdom. No other market counts in excess of 3 million millionaires. Japan, Germany and France have a millionaire population just below that level, while Canada and Australia count fewer than 2 million people in this cohort.

In percentage terms, these numbers are equally revealing – The United States host 38% of the world’s millionaires, Western Europe 28% and Mainland China 10%, equivalent to the sum of Japan, India, Indonesia, South Korea, Singapore and Thailand.

Interestingly, the relatively small Netherlands hosts over 1,200,000 USD millionaires, approximately as many as Italy and Spain, nearly twice as many as Hong Kong SAR and almost four times as many as Singapore.

World’s Wealth Pyramid

The world’s wealth pyramid comprises 14 individuals with nearly USD 2,000 billion, followed by the second-highest group of 12 individuals with between USD 50 and 100 billion. The segment below is significantly more populated, being made up of the just over 2,600 individuals owning between USD one and fifty billion.

How Wealthy get Wealthier

The Billionaires Ambitions Report reveals that the majority of new billionaires in 2022/2023, 65%, achieved their wealth through organic business growth, rather than IPOs, as a significant factor in their wealth accumulation, rather than relying on specific events.

Highest proportion of USD millionaires per capita

The highest proportion of USD millionaires per capita in our sample is to be found in Luxembourg, at over 16% of adults, followed by Switzerland at just below 15% and Hong Kong SAR and Australia at almost 10%. New Zealand, the USA and the Netherlands come close to 9%, as does Denmark. Singapore follows with just over 6.5%. It should be noted that Monaco was not part of the sample of analyzed markets.

Individual Wealth

The most dramatic evolution has taken place in Türkiye, where average wealth per adult in this period has shot up by 1708% in local currency. Brazil and Mainland China’s values reach a still remarkable level above 360%, more than three times as much as in the United States. On the opposite side of the spectrum, in two European countries, growth has been limited to the lower-double digits, and Greece has experienced a decline in wealth of 11%.

Inter-Generational Wealth Transfer

The report predicts that intra-generational inheritance often precedes inter-generational wealth transfer, with the inheriting spouse holding on to the wealth for four years. The analysis predicts $83.5 trillion of wealth will be transferred within 20-25 years, with 9 trillion horizontally shifted between spouses, with over 10% likely to be women.