The Global Millionaire Population Has Doubled in the Last Decade

There was a time when being a millionaire was seen as an extremely impressive feat, but in the modern age there are actually millions upon millions of millionaires around the world. Back in 2012 there were just over 25 million adults who had a net worth of over a million dollars, or 25.6 million to be precise. A decade later in 2022, this number has doubled to 51.5 million with all things having been considered and taken into account.

One might think that this is the result of population growth, but in spite of the fact that this is the case, millionaires have increased disproportionally to the rest of the world’s population. 0.6% of adults in the world were millionaires in 2012, and by 2022, 1.1% had reached the million dollar mark.

Another way to look at this is by analyzing the total combined value of the assets that they own. As of 2022, millionaires own approximately $208.3 trillion dollars, which accounts for 45.8% of the total wealth in the world. This represents a 138% increase from the $87.5 trillion they owned back in 2011, so their rate of wealth accumulation is outpacing the number of millionaires themselves.

What’s more, Ultra High Net Worth Individuals who have a net worth that is greater than $50 million have seen their numbers triple in the same time period. This seems to suggest that more people are getting wealthier around the world, but it bears mentioning that this wealth is not spread all that evenly.

Apart from the 51.5 million people that have a net worth between $1 million and $5 million, there are 7.9 million who possess net worth of million or more. All told, they comprise 59.4 million adults worldwide in 2022.

42% of these millionaires are located in North America, representing the largest proportion of all. 27% are in Europe, 16% in the Asia Pacific region if you exclude China which itself has 10% of the world’s millionaires. Just 5% of millionaires come from the rest of the world, which reveals the enormous disparity in terms of how wealth is distributed.

H/T: Visual Capitalist
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by Zia Muhammad via Digital Information World