The number of millionaires in the world has seen a massive increase over the last few years.
In spite of the trade war and all the other sad economic news, the world at large is producing many more millionaires. The total number of millionaires jumped by 1.1 million people from mid-2018 to mid-2019. According to the Global Wealth Report from Credit Suisse, the world’s 46.8 million millionaires hold a combined $158.3 trillion. This figure represents about 44% of all the wealth in the world.
So, there are plenty of people becoming millionaires, but where are they from and what’s making them their millions? The US is still leading the world in total number of millionaires and millionaire growth. Over the past year, about 675,000 Americans have joined the millionaire class. Japan is also a leading producer of millionaires, and the country gained 187,000 millionaires over the last year as well. China has also long been a country that produces many millionaires. Although the Chinese economy has been slowing down, primarily due to trade tensions, over 158,000 Chinese have become millionaires over the last year, bringing the country’s total up to 4.5 million.
Despite the overall increase in millionaires around the world, not all countries are seeing millionaire growth. In fact, Australia actually lost 124,000 millionaires. While this sounds like a huge loss, much of that reduction comes from a weaker Australian Dollar, as globally millionaire status is determined by wealth in American Dollars.