Is Your Country a Hub of Ultra Rich? Here Are The Top 5 Countries With The Most Millionaires In The World

Do you know the world has a mere 543 billionaires in 2023? We have to be honest, we thought the number was going to be a little bigger. The number of millionaires, however, is a little larger. There are 62,483 millionaires in the world with the US being home to the most millionaires.

According to recent statistics compiled by VisualCapitalist, the US has 5 countries with the most millionaires in the top 10 list. The second place is taken by China, Europe comes in third, while the last place is scooped by Australia.

The wealthiest country is New York which is counting millionaires. It might not come to most as a surprise but the real estate value of New York is also mind-blowing. The total wealth of the country exceeds a whopping $3 trillion. It is also known as the financial hub of the US. The heart of New York is its Stock Exchange. The country currently has 345,600 millionaires residing in it.

The country with the second-most number of millionaires is Tokyo. It is known as the economic center of Japan as it supports most businesses and financial ventures there. 304,900 millionaires have chosen Tokyo to be their home and have established companies like Sony and Honda. It is also home to the largest stock exchange in Asia.

The third on the list is San Fransisco. The country is home to the most billionaires on our list today - 62. It has 276,400 millionaires at the moment and is one of the largest tech hubs in the world. The infamous Silicon Valley is also found in San Fransisco which is the heart of all the tech ideas. According to analysts, this country could host the most millionaires by 2024.

Fourth on the list is London. For the past decade, London had the most millionaires in the whole world, but now the country has leveled down and acquired the fourth position on the global list. It has come to light that most millionaires have simply flown out of the area towards more opportunistic and tax-friendly states. Today, it has 272,400 millionaires.

Last on the list is Singapore. Now we do know that it is one of the top tourist destinations for the past decade or two but surprisingly, it also hosts the fifth largest portion of millionaires. It has 249,400 millionaires and is the second richest country in Asia. The country is known for its strong economic growth and favorable work environment.

The reason for analyzing the economic conditions of these countries is to assess where the world stands financially. Since these millionaires also represent that particular country’s economy, it is a good indicator concerning the utilization of resources.

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by Arooj Ahmed via Digital Information World