How Many Millionaires Are There in the World in 2023?
Millionaires and billionaires abound in the news, but just how many people have managed to accumulate over seven figures in total personal wealth? While the number might be higher than you’d think, it still only accounts for a little over one percent of the population. Here’s everything you need to know about the distribution of wealth around the world.
How Many Millionaires Are There in the World?
According to the most recent available data, there were approximately 56.1 million millionaires in the world at the end of 2020, a significant increase from the 50.8 million listed for the previous year. Although this might seem like a big number, the percentage of millionaires across the globe right now is only 1.1% of the entire human population.
(Credit Suisse Research Institute)
Exploring the Number of Millionaires in the World
The number of millionaires worldwide has been gradually increasing over the years, even in spite of life-changing events like the global pandemic. Total global wealth has grown by 7.4% and wealth per adult also increased by 6% between 2020 and 2021. Let’s take a closer look at some of the statistics about millionaires by country and background.
(Credit Suisse Research Institute)
Around 2% of black households have a net worth of over $1 million.
An estimated 2% of black households or 340,000 families have a net worth of more than $1 million. Alternatively, more than one in every seven white households have surpassed a net worth of $1 million, though the finances of these individuals might not be in all liquid assets.
(McKinsey)
11.8% of all billionaires in the US are female.
While insights into the female share of the total number of millionaires in the world are limited, studies show men are more likely to achieve millionaire status than women. However, we do know that only 11.8% of the billionaires in the US are female.
(Statista)
There are 21,951,000 millionaires in the US.
When exploring the number of millionaires by country, we can easily see that America comes out on top. The total number of millionaires in America in 2021 was 21,951,000. What’s more, the US has achieved the highest year-over-year increase in the number of millionaires between 2020 and 2021.
(Credit Suisse Research Institute)
There are 2,688 billionaires in the world.
While there is limited research to highlight the number of multi-millionaires in the world, we do know there are about 2,688 billionaires worldwide, according to Forbes. Additionally, Americans make up the highest percentage of multi-millionaires (having more than $50 million in net worth). Around 101,240 individuals in the US were deemed multi-millionaires. This is an increase in 2021 of 8.4% over the previous year.
(Forbes)
New York City has the highest concentration of the ultra-rich in the world.
If you’re looking for the most millionaires per capita, New York is a good place to start. Reports show that New York City has more millionaires than any other city in the world. It’s also the second wealthiest state in the United States, falling just behind California. New York has 9,530 ultra-high net worth residents, compared to California’s 13,445.
(Wealth-X)
79% of millionaires are self-made.
Surprisingly, nearly four out of five millionaires did not receive any inheritance from their families. Only 3% of millionaires received an inheritance of $1 million or more. Around 3 out of 4 millionaires said regular and consistent investing over a long period of time led to their success.
(Ramsey Solutions)
The Rising Number of Millionaires in the World
The increasing number of millionaires in the world, particularly in the United States, highlights the rapidly changing wealth landscape for consumers today. However, even as the number of millionaires grows, these high net-worth individuals still only account for a tiny sliver of the planet’s population.
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