Reaching the status of a millionaire is an unequivocal achievement, however in the age of digital entrepreneurship, it seems as though it is much more conceivable.
In this line, we at Moneyzine.com uncovered just how millionaires there are worldwide.
The current figure stands at 62,489 million worldwide, which whilst it sounds a lot, only equates to 1.1% of the world’s 7.888 billion population.
When taking a look at millionaire’s by their location, it was revealed that over 4 in every 10 millionaires reside in the US. In fact, the states have the largest number of millionaires by a landslide, with 26,778,000. In comparison, China is home to the second largest volume of millionaires at 6,190,000, meaning less than 1 in every 10 millionaires is from China. Following China is Japan with 3,366,000 millionaires, the UK with 2,849,000 and France with 2,796.
Even at a city level, the US trumps every other nation, with New York being home to 340,000 millionaires. Filling in the remaining top five is Tokyo in second place with 290,300 millionaires, third place goes to the Bay Area with 285,000 millionaires, London in fourth with 258,000 and Singapore in fifth with 240,100.
Whilst the US may boast the highest number of seven figure net worth individuals, in proportion to it’s population it ranks in sixth place, with just 9.5%-9.7% of it’s population being millionaires. It is revealed that unsurprisingly, the tax haven that is Switzerland, is home to the highest number of millionaires per capita at 16.4%, closely followed by Luxembourg with 16.2% per capita.
Whilst becoming a millionaire seems much more attainable in today’s day and age, we have revealed some rather troubling statistics which point out that this may not be the case for all demographic groups. A recent study found that as little as 2% of American millionaires are African American, whilst 16% are White. Similarly, females are a minority in the millionaire pool, with just 1 in every 10 millionaires being female. These figures suggest that there is still much more to be done as a society in order to create equal chances for attaining wealth.
