The global millionaire population stood at 46.8 million in mid-2019, according to Credit Suisse’s latest Global Wealth Report.
Unsurprisingly, the U.S. accounted for 40 percent of that total with an estimated 18.6 million people worth one million dollars plus. Among the determining factors for people to be included in the “millionaire” club are – the size of the adult population, average wealth and wealth inequality.
The U.S. scored highly on all three factors with its millionaire population expanding at a steady pace with 675,000 newcomers added over the past year.
That rate of growth is higher than the sum of all the next nine countries combined Japan, China, Germany, the Netherlands, Brazil, India, Spain, Canada, and Switzerland.
China has 4.45 million individuals in the “club”, the second-highest millionaire population and it grew by 158,000 since 2018. Japan came third with 3.03 million and 187,000 newcomers. Not all developed countries recorded gains, however.
Brexit and the decline of the pound’s value contributed to a fall in the UK’s millionaire population which contracted by 27,000 since last year. Australia experienced a decline in household wealth and that impacted its millionaire population which fell by 124,000 since last year.