World
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.
“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.
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.
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).
“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.”
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).
Explore the table below to see how millionaire wealth has changed in different countries.
World
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US citizen among 4 dead in Laos after suspected alcohol poisoning
An American, two Danes and one Australian tourist died after drinking tainted alcohol in Laos following reports that several people had been sickened in a town popular with backpackers.
The only victim’s identity publicly released so far is 19-year-old Bianca Jones of Australia.
Australian Prime Minister Anthony Albanese told Parliament on Thursday that Jones had died after being evacuated from Vang Vieng, Laos, for treatment in a Thai hospital. Her friend, also 19, remains hospitalized in neighboring Thailand.
“This is every parent’s very worst fear and a nightmare that no one should have to endure,” Albanese said, according to The Associated Press. “We also take this moment to say that we’re thinking of Bianca’s friend Holly Bowles, who is fighting for her life.”
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Shaun Bowles told reporters outside Bangkok Hospital on Wednesday that his daughter remained in critical condition and on life support.
“We just like to thank everyone from back home for all of the support and love that we’re receiving,” he said. “But we’d also like the people to appreciate right now, we just need privacy so we can spend as much time as we can with Holly.”
Australian media said Jones was the fourth foreign tourist to die after consuming the contaminated alcohol.
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“The physician who examined her said the cause of death was a methanol poisoning, from fake liquor,” Phattanawong Chanphon, a police official in the Thai city, told Reuters. “The amount of methanol in her body was high, leading to swelling of the brain.”
Counterfeit liquor is a problem in Laos, with the governments of Australia and Britain warning citizens to be cautious when having drinks there.
Methanol is a toxic alcohol that is used industrially as a solvent, pesticide and alternative fuel source, according to the U.S. Centers for Disease Control and Prevention.
The U.S. Department of State did not respond to a Fox News Digital inquiry, but told the AP that local authorities were investigating the case and were responsible for providing any details. The State Department noted that the U.S. was providing consular assistance.
“At this time I would say to parents, to young people, please have a conversation about risks, please inform yourselves, please let’s work together to ensure this tragedy doesn’t happen again,” Australian Foreign Minister Penny Wong said after receiving news of Jones’ death.
The Associated Press and Reuters contributed to this request.
World
UK imposes sanctions on Isabel dos Santos, Ukrainian oligarch Firtash
The measures are a part of the Labour government tightening Britain’s anti-corruption sanctions regime.
The United Kingdom has barred Angolan billionaire Isabel dos Santos and Ukrainian oligarch Dmytro Firtash and frozen their UK assets, the government announced, in what it said was part of a new crackdown on “dirty money”.
The measures on Thursday were the first step in tightening Britain’s anti-corruption sanctions regime as promised in July’s election, the Labour government said.
“These unscrupulous individuals selfishly deprive their fellow citizens of much-needed funding for education, healthcare and infrastructure – for their own enrichment,” Foreign Secretary David Lammy said in a statement.
Dos Santos, whose father Jose Eduardo dos Santos served as Angola’s president for 38 years until 2017, is Africa’s first female billionaire and has faced corruption accusations in Angola and elsewhere for years. She denies the allegations and says she is the target of a long-running political vendetta.
She was sanctioned by the United States in 2021 for “involvement in significant corruption” and is barred from entering the country.
Britain said dos Santos abused her positions at Angolan state oil firm Sonangol and telecoms company Unitel to embezzle at least 350 million pounds ($440m).
Dos Santos lost an appeal to overturn an order freezing up to 580 million pounds of her assets in September as part of a lawsuit at London’s High Court brought by Unitel. Global police agency Interpol has issued a red notice for her.
In a statement cited by the Reuters news agency, dos Santos said that the British sanctions were “incorrect and unjustified”.
“I was not given the opportunity to defend myself against these allegations,” she said. “I intend to appeal and I hope that the United Kingdom will give me the opportunity to present my evidence.”
Firtash is wanted by Ukrainian and US authorities on suspicion of embezzling nearly $500m involving Ukraine’s gas transit system. He says the charges are without legal foundation.
He is currently in Austria fighting extradition to the US.
In June 2021, Ukrainian President Volodymyr Zelenskyy signed a decree imposing sanctions on Firtash, including the freezing of his assets and withdrawal of licences from his companies, after accusing him of selling titanium products to Russian military companies.
Britain said Firtash had extracted “hundreds of millions of pounds from Ukraine through corruption”, and hidden tens of millions of pounds of ill-gotten gains in the UK property market alone.
Britain also sanctioned his wife Lada Firtash, who it said held UK assets on his behalf including the site of the old Brompton Road rail station of the London Underground.
Latvian businessman and politician Aivars Lembergs, who was put on a US sanctions list in 2019 for alleged corruption, was also sanctioned, as was his daughter Liga Lemberga. The British government said Lembergs had “abused his political position to commit bribery and launder money.”
Lammy said the penalties were the start of a crackdown.
“I committed to taking on kleptocrats and the dirty money that empowers them when I became foreign secretary, and these sanctions mark the first step in delivering this ambition,” he said.
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