Connect with us

World

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

Published

on

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.

Advertisement

“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.

Advertisement

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.

INTERACTIVE- How is wealth divided globally--JULY22-2024-1721899027

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).

INTERACTIVE Where most increase millionaires-1721899023

“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.”

Advertisement

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.

Advertisement

World

From sewers to swimming sites: how Europe's cities reclaim their rivers

Published

on

As Europe braces for hotter summers, cities are reopening rivers once written off as polluted waterways. From Paris to Copenhagen, local authorities are investing in cleaner, swimmable rivers to adapt to rising temperatures and meet citizens’ needs.

Continue Reading

World

Le Pen, France’s Far-Right Leader, Launches Her Presidential Campaign

Published

on

Marine Le Pen, the leader of France’s far-right political party, launched her fourth bid for the presidency on Wednesday. Her campaign rally comes a day after a court upheld her embezzlement conviction and shortened a ban on her eligibility to run for public office.

Continue Reading

World

Critics say Turkey’s verbal attacks on Israel have crossed into antisemitism

Published

on

Critics say Turkey’s verbal attacks on Israel have crossed into antisemitism

NEWYou can now listen to Fox News articles!

As Iran, Russia’s war with Ukraine and NATO’s defense spending dominate the organization’s summit in Ankara, one issue that has escaped the media glare is the increasingly antisemitic rhetoric coming from Turkish leaders.

As relations between Turkey and Israel continue to hit new lows, a war of words between the two nations has erupted.

In a July 2 interview with CNN Türk, Turkish Foreign Minister Hakan Fidan said Israel has “become a burden that humanity can no longer bear,” The Jerusalem Post reported. 

Fidan also said Israel is representative of “humanity’s common problems,” and asked other countries to apply pressure to the Jewish State, according to Israel National News.

Advertisement

ISRAELI OFFICIAL SAYS EU SANCTIONS REVEAL ANTISEMITISM HIDING BEHIND ‘SOCIALLY ACCEPTABLE MASK’

Anti-Israel protesters rally in Istanbul, Turkey, Feb. 17, 2024, over the ongoing war between Israel and Hamas. (AP Photo/Khalil Hamra)

In a press statement, Israeli Foreign Minister Gideon Sa’ar called Fidan’s words “a clear call for genocide. The Jewish people know very well what happens when such words are allowed to go unchallenged. The first step on the road to genocide is dehumanization.

“This is a sentence that sounds very familiar to sentences from about 100 years ago,” Sa’ar added. “To speak about a people as a ‘problem for humanity.’ What do you do with a ‘burden that you can no longer bear?’” he asked.

Sinan Ciddi, a senior fellow at the Foundation for Defense of Democracies and director of FDD’s Turkey program, told Fox News Digital Fidan’s statement was “some of the vilest rhetoric to come out of any statesman since the Holocaust.”

Advertisement

Turkish President Tayyip Erdoğan speaks during a rally in solidarity with Palestinians in Gaza amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas in Istanbul, Turkey, Oct. 28, 2023.  (Dilara Senkaya/Reuters)

SIGN UP FOR ANTISEMITISM EXPOSED NEWSLETTER

Ciddi said escalated anti-Israel rhetoric in Turkey “goes all the way back to 2008,” when President Recep Tayyip Erdoğan “began the process of ripping apart the bilateral relationship between Israel and Turkey. But, after Oct. 7, it just went into overdrive,” he said. “I have never heard any Arab leader utter the words that Foreign Minister Fidan has said.”

Yet Erdoğan has condemned antisemitism; the Turkish Minute reported that he told Turkish religious minority representatives at an Ankara dinner in March that “just as Islamophobia is a crime against humanity, antisemitism is also a crime, an evil that cannot be considered reasonable or legitimate.”

Despite his recent condemnation, he and other ministers have continued with their rhetoric against the Jewish state.

Advertisement

In June, Turkish Interior Minister Mustafa Ҁiftҁi said the world would “witness the liberation of Jerusalem,” according to the Times of Israel.

WHO IS TURKEY’S RECEP TAYYIP ERDOĞAN? HOW NATO’S MOST UNPREDICTABLE LEADER KEEPS REINVENTING HIMSELF

In May 2021, the Times of Israel reported that Erdoğan called Israelis “murderers,” claiming they were “only satisfied by sucking their [victims’] blood.” At the time, the State Department spokesperson issued a strong condemnation of Erdoğan’s “antisemitic comments regarding the Jewish people,” calling them “reprehensible.”

In May 2025, Erdoğan invoked similar language, accusing Israel of being “a terror state that feeds on the blood, lives and tears of the innocent,” Israel National News reported.

Israeli Foreign Minister Gideon Sa’ar, right, and Israeli Ambassador to the U.N. Danny Danon speak to journalists ahead of a United Nations Security Council meeting at U.N. headquarters on August 5, 2025 in New York (Angela Weiss/AFP via Getty Images)

Advertisement

Anti-Israel sentiment in Turkey has infiltrated far beyond leadership. A Pew Research poll from June found that Turkey had the highest level of anti-Israel sentiment of any polled country, with 91% of the population holding “very unfavorable” views on Israel, 6% holding an “unfavorable” view, and just 1% expressing any favor of Israel.

In response to questions about whether the State Department plans to respond to antisemitic statements from Turkish leadership, a spokesperson told Fox News Digital that “Turkey is a longstanding and valued NATO ally, and we continue to engage on all aspects of our important and multi-faceted relationship.”

Ciddi said there are “numerous channels” for the State Department and Trump administration to reprimand Turkey for its unchecked hatred. 

“The president could obviously pull aside a Turkish counterpart and demand an apology,” he explained, while the State Department could address the comments or place Turkey on a watchlist.

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

Advertisement

NATO leaders participate in a summit in The Hague, Netherlands, June 25, 2025.  (Handout/Latin America News Agency via Reuters Connect)

As the two-day NATO summit winds down in Ankara, Ciddi said Turkey “is going to try and overshadow anything else” and “promote itself as the sort of premiere NATO ally, so we need to watch out for Turkey’s whitewashing of its human rights record.

“We cannot safeguard our allies’ democratic norms, rights and practices if we don’t hold member states like Turkey accountable for the threats that it presents.”

The Turkish Embassy in Washington, D.C., did not respond to Fox News Digital’s request for comment.

Advertisement
Continue Reading
Advertisement

Trending