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Where are the world’s millionaires and how is wealth divided globally?

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Where are the world’s millionaires and how is wealth divided globally?

The world has at least 58 million US dollar millionaires, accounting for 1.5 percent of the global adult population, according to the 2024 UBS Global Wealth Report (PDF), which sampled 56 markets that account for 92 percent of global wealth.

The United States has the highest number of millionaires, with some 21.95 million individuals having wealth in seven figures or more. China comes at a distant second with some 6.01 million millionaires, followed by the United Kingdom (3.06 million), France (2.87 million) and Japan (2.83 million).

UBS defines wealth as the value of financial assets and real assets minus debts held by a household.

Global wealth, in dollar terms, grew by 4.2 percent in 2023 after a decline of 3 percent in 2022, according to UBS.

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“If you think of millionaires or the wealthy in general, there’s kind of an indigenous, core of millionaires that has a strong attachment to the country. Then there is a more mobile element that globally [is able to] fairly easily switch domiciles,” Samuel Adams, an economist at UBS, told Al Jazeera.

By 2028, the UK is expected to lose the most millionaires – nearly one in six of its millionaires will lose that status. The Netherlands is another country set to lose 4 percent of its millionaires by 2028.

“The point here with the Netherlands and the UK that we’re making is that both of these countries already have a lot of millionaires – they have a growing core. But then you have a very mobile [element] working around that. And it might be that, in the global competition for wealth, they could see some outflows of the more mobile element of the wealthy. Which doesn’t necessarily mean the economy isn’t working. There’s still wealth being created in those countries. It’s just that the people who are mobile might consider all the places that they want to domicile to.”

How is wealth divided globally?

Almost half of the world’s wealth, 47.5 percent or $213 trillion, is held by just 1.5 percent of the global adult population, according to the Global Wealth Report. These are households that hold more than $1m.

In contrast, those with a wealth of less than $10,000 hold just 0.5 percent ($2.4 trillion) of global wealth, but make up 39.5 percent of the world’s adults.

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Households with a wealth of between $10,000 and $100,000, representing 42.7 percent of adults, account for 12.6 percent of global wealth or $56.2 trillion.

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The fastest-growing millionaires (2000-23)

In terms of wealth per adult, the world’s population has made substantial progress since the beginning of the millennium. The percentage of adults whose wealth exceeds $1m tripled from 0.5 percent to 1.5 percent.

Since 2000, Qatar saw the greatest increase in the number of millionaires, which rose from 46 to 26,163. China saw the second largest increase, from 39,000 to 6,013,282 millionaires, followed by Kazakhstan (918 to 44,307).

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“I think it’s important to appreciate that in general, wealth grows kind of proportionate to economic growth, as well as kind of vaguely to asset price growth,” Adams said.

“Emerging market economies such as China, especially if we think back to the 2000s, which was in a very different stage, Russia equally, tend to see more wealth growth in general, and then it also helps if you have a certain concentration in a sector, for example, that sees particular growth. So commodity exporters – thinking of Russia, but also some Middle Eastern countries – tend to see very fast accumulation of wealth, particularly in the top 10 percent of the wealth bracket, which supports millionaire growth.”

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UBS said over that the 15 years that it has published its report, the Asia Pacific region has posted the biggest growth in wealth, up almost 177 percent, followed by the Americas at nearly 146 percent, while Europe, the Middle East and Africa (EMEA) was up just 44 percent.

The highest share of millionaires

The US hosts 38 percent of the world’s millionaires, Western Europe 28 percent and China 10 percent.

By country, in percentage terms, Switzerland has the highest share of millionaires, with 12 in every 100 people having a wealth of more than $1m. This is followed by Hong Kong, where eight in every 100 people are millionaires, Australia (seven in 100), the Netherlands (seven in 100) and the US (six in 100).

INTERACTIVE Where highest population share of millionaires-1721899019

Explore the table below to see how millionaire wealth has changed in different countries.

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World

Colin Farrell Says Tom Cruise ‘Was Not Happy’ on ‘Minority Report’ Set After Farrell Drank Before Filming and Needed to Do 46 Takes of One Scene: ‘It Went Terrible’

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Colin Farrell Says Tom Cruise ‘Was Not Happy’ on ‘Minority Report’ Set After Farrell Drank Before Filming and Needed to Do 46 Takes of One Scene: ‘It Went Terrible’

Colin Farrell revealed to Stephen Colbert on “The Late Show” that Tom Cruise “was not happy” with him during the making of Steven Spielberg’s “Minority Report.” Farrell was in the midst of his substance abuse struggles during production and went out partying the night before his birthday, which happened to be a filming day.

“I had one of the worst days I’ve ever had on a film set [on ‘Minority Report’],” Farrell admitted. “It was my birthday on May 31, and we were shooting, and I begged production — who did I think I was? — of a $120 million film if they [could] not have me working on my birthday. So of course my pickup was 6 a.m. on May 31, and I got up to all sorts of nonsense the night before. And I remember getting into bed, and as soon as I turned off the light the phone rang and it was the driver, [who] said, ‘It’s 10 past 6.’ And I went, ‘Oh, shit.’” 

Farrell was disheveled when he showed up on the “Minority Report” set, so much so that assistant director David H. Venghaus Jr. stopped him and said: “You can’t go to the set like this.’”

“And I went, ‘Just get me six Pacifico Cervezas and a packet of 20 [Marlboro] Red,’” Farrell said. “Now, listen, it’s not cool because two years later I went to rehab, right? But it worked in the moment. All the holy people that we look to on how to live a life would say the present is all that counts.”

Farrell “had a couple of beers” and went to set and “it was terrible,” he said. “I will never forget the line I had that I couldn’t get out. It was, ‘I’m sure you’ve all grasped the fundamental paradox of pre-crime methodology.’ That was the line that started the scene. I remember [the crew] coming up and saying, ‘Do you want to go out and take a breath of fresh air?’ And I remember thinking, ‘If I go out and take a breath of fresh air, then I’ll be under more pressure when I come back in to be better.’ And I went, ‘No, we’ll just go through it.’”

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“We did 46 takes,” Farrell revealed. “Tom wasn’t very happy with me. Tom, who I love, was not very happy!”

Loosely based on Philip K. Dick’s 1956 novella, “Minority Report” is set in a future where police apprehend criminals by using psychics who give them foreknowledge of the impending crime. Cruise’s police chief is framed for a crime he did not commit, forcing him on the run. Farrell plays the police agent assigned with bringing Cruise’s character in. The movie was a critical favorite and grossed a strong $358 million worldwide.

Watch Farrell’s full interview on “The Late Show” in the video below.

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Hegseth says military conducted another strike on boat carrying alleged narco-terrorists

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Hegseth says military conducted another strike on boat carrying alleged narco-terrorists

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Pentagon chief Pete Hegseth announced the U.S. military on Wednesday struck another boat carrying people he claims were narco-terrorists.

The strikes were carried out in the Eastern Pacific region at the direction of President Donald Trump, killing four men on board, according to Hegseth.

The military “carried out a lethal kinetic strike on yet another narco-trafficking vessel operated by a Designated Terrorist Organization (DTO) in the Eastern Pacific,” Hegseth wrote on X.

“This vessel, like all the others, was known by our intelligence to be involved in illicit narcotics smuggling, was transiting along a known narco-trafficking route, and carrying narcotics,” he said. “Four male narco-terrorists were aboard the vessel — and killed — during the strike, which was conducted in international waters. No U.S. forces were harmed in this strike.”

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US STRIKES ANOTHER ALLEGED DRUG-TRAFFICKING BOAT NEAR VENEZUELA, KILLING 4

  (Secretary of War Pete Hegseth via X)

“The Western Hemisphere is no longer a safe haven for narco-terrorists bringing drugs to our shores to poison Americans,” Hegseth added. “The Department of War will continue to hunt them down and eliminate them wherever they operate.”

This is the 14th strike on suspected drug boats carried out since September. A total of 61 have reportedly been killed while three survived, including at least two who were later repatriated to their home countries.

The Pentagon has refused to release the identities of those killed or evidence of drugs on board.

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US DEPLOYS FORD CARRIER STRIKE GROUP TO COMBAT NARCO-TERROR IN WESTERN HEMISPHERE

Pete Hegseth addresses generals at Quantico.

Pentagon chief Pete Hegseth announced the U.S. military struck another boat carrying who he claims were narco-terrorists. (Kevin Lamarque/Reuters)

The Trump administration has been scrutinized in recent weeks over the strikes, including by Sen. Rand Paul, R-Ky., who raised concerns about killing people without due process and the possibility of killing innocent people.

Paul has cited Coast Guard statistics that show a significant percentage of boats boarded for suspicion of drug trafficking are innocent.

The senator has also argued that if the administration plans to engage in a war with Venezuela after it has targeted boats it claims are transporting drugs for the Venezuela-linked Tren de Aragua gang, it must seek a declaration of war from Congress.

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The Pentagon has refused to release the identities of those killed or evidence of drugs on board. (Reuters)

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Democrats on the Senate Judiciary Committee also penned a letter Wednesday demanding to review the legal justification behind the series of boat strikes they say appear to violate several laws.

“Drug trafficking is a terrible crime that has had devastating impacts on American families and communities and should be prosecuted. Nonetheless, the President’s actions to hold alleged drug traffickers accountable must still conform with the law,” the letter states.

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RFK Jr walks back Trump administration’s claims linking Tylenol and autism

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RFK Jr walks back Trump administration’s claims linking Tylenol and autism

Kennedy, a top health official, urges ‘cautious approach’ after Trump baselessly claimed taking Tylenol is linked autism in children.

United States Health and Human Services Secretary Robert F Kennedy Jr has partially walked back his warning that taking Tylenol during pregnancy is directly linked to autism in children.

In a news conference on Wednesday, Kennedy struck a more moderate tone than he generally has in his past public appearances.

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“The causative association between Tylenol given in pregnancy and the perinatal periods is not sufficient to say it definitely causes autism,” Kennedy told reporters. “But it’s very suggestive.”

“There should be a cautious approach to it,” he added. “ That’s why our message to patients, to mothers, to people who are pregnant and to the mothers of young children is: Consult your physician.”

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Wednesday’s statement is closer in line with the guidance of reputable health agencies.

While some studies have raised the possibility of a link between Tylenol and autism, there have been no conclusive findings. Pregnant women are advised to consult a doctor before taking the medication.

The World Health Organization reiterated the point in September, noting that “no consistent association has been established” between the medication and autism, despite “extensive research”.

But claims to the contrary have already prompted efforts to limit the availability of Tylenol, a popular brand of acetaminophen, a fever- and pain-reducing medication.

On Tuesday, Texas Attorney General Ken Paxton launched a lawsuit accusing Johnson & Johnson and Kenvue, the companies behind the over-the-counter pain reliever, of deceptive practices.

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In doing so, he reiterated misinformation shared by President Donald Trump and government officials like Kennedy.

“By holding Big Pharma accountable for poisoning our people, we will help Make America Healthy Again,” Paxton said in a statement, giving a nod to Kennedy’s MAHA slogan.

The suit alleges that Johnson & Johnson and Kenvue violated Texas consumer protection laws by having “deceptively marketed Tylenol as the only safe painkiller for pregnant women”.

It was the latest instance of scientific misinformation being perpetuated by top officials. Both Trump and Kennedy have repeatedly spread scientific misinformation throughout their political careers.

Trump linked autism and the painkiller during a news conference in September, without providing reputable scientific findings to back the claim.

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“[Using] acetaminophen – is that OK? – which is basically, commonly known as Tylenol, during pregnancy can be associated with a very increased risk of autism,” Trump said on September 22. “So taking Tylenol is not good. I’ll say it. It’s not good.”

Kennedy has offered his own sweeping statements about Tylenol and its alleged risks, despite having no professional medical background.

“Anyone who takes this stuff during pregnancy, unless they have to, is irresponsible,” he said in a cabinet meeting on October 9.

Kennedy also mischaracterised studies on male circumcision earlier this month. He falsely said the studies showed an increase in autism among children who were “circumcised early”.

“It’s highly likely because they’re given Tylenol,” he added.

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Kenvue stressed in a statement on Tuesday that acetaminophen is the safest pain reliever option for pregnant women, noting that high fevers and pain are potential risks to pregnancies if left untreated.

“We stand firmly with the global medical community that acknowledges the safety of acetaminophen and believe we will continue to be successful in litigation as these claims lack legal merit and scientific support,” Kenvue said.

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