How Many Millionaires Are There in the World?

Millionaires are all around us.

Honestly, it might not seem like it, but in today’s world, you either are one or are surrounded by them.

In fact, their actual number might surprise you.

The vast network of wealth stretches across continents as millions of millionaires build their own success stories.

From the bustling streets of Dublin to the serene beaches of Sydney and all the way over to China and India, millionaires are shaping economies with their investments, insights and influence. 

And, according to recent data, they are not just maintaining their wealth – they’re expanding it. In today’s world, the rich are richer than ever.

But what drives these individuals?

Is it the pursuit of financial freedom, the allure of legacy or the thrill of global investment opportunities? 

Our comprehensive guide offers insight into the world’s millionaires, how they built their wealth, and where they call home.

Along the way, it also uncovers a few of the secrets behind their enduring prosperity.

How Many Millionaires Are There in 2024?

According to the 2024 Global Wealth Report, the global millionaire count has soared, reaching approximately 58 million.

Yes. Really. 58 million millionaires, making up 1.5% of the adult population analysed in 2023. 

The United States is home to the highest number of millionaires, nearly 22 million, to be exact – 38% of the world’s total. Mainland China follows with over six million, double that of the UK, which ranks third.

These figures illustrate a robust growth pattern, with millionaires increasingly shaping global economic landscapes.

A rise in millionaire numbers across 52 of 56 markets is projected to occur by 2028, with Taiwan potentially experiencing a remarkable 50% increase. 

The distribution of wealth showcases the US leading in numbers and as a percentage of the global millionaire population. Western Europe holds 28%, while Mainland China accounts for 10%. 

This distribution reflects significant concentrations in regions known for their economic prowess.

Notably, despite its size, the Netherlands boasts over 1.2 million millionaires, which is comparable to Italy and Spain and nearly twice that of Hong Kong.

The main takeaway from this ‘millionaire growth industry’? Global dynamics are shifting and there are still plenty of opportunities to create wealth.

How Most Millionaires Accumulate Wealth

Previously, the rich built their fortunes in diverse industries, with technology, finance, real estate and healthcare often leading the way. 

These sectors have traditionally offered robust growth opportunities, allowing savvy investors and entrepreneurs to amass significant wealth quite quickly. 

The tech industry, in particular, has produced numerous self-made millionaires (billionaires, actually) like Mark Zuckerberg, Elon Musk and Bill Gates.

However, the route to becoming a millionaire has changed drastically over the past few years, with the path being increasingly paved by the booming creator economy. 

Platforms like YouTube, Facebook, Instagram and Amazon have revolutionised wealth accumulation, offering lucrative avenues for digital creators.

The creator economy, valued at US$250 billion in 2022, is projected to nearly double by 2027. 

This surge is largely driven by Millennials and Gen Z, who embrace these platforms to monetise content and secure sponsorships.

Meta’s Facebook and Instagram serve as launchpads for creators to build networks and secure deals, while Amazon’s vast e-commerce space empowers sellers to achieve million-dollar sales milestones.

While not all new millionaires are creators, these platforms have democratised income opportunities and exemplify how modern technology has empowered individuals to transform passions into financial success.

Where in the World Do Most Millionaires Live?

In 2024, the United States is the leading nation for millionaires, with nearly 22 million individuals holding substantial wealth – 38% of the global total. 

This dominance is due to the country’s economy, diverse investment opportunities and somewhat favourable tax environment (favourable, that is, as long as you know how to maximise tax breaks). 

Major cities such as New York, the Bay Area and Los Angeles attract high-net-worth individuals with vibrant business environments and exceptional quality of life.

But you’ll find millions of millionaires outside the United States in places like China, the United Kingdom and Switzerland.

Surprisingly, Qatar and Kazakhstan are also seeing the fastest growth in millionaires outside of China, which may indicate a migration of millionaires to ‘non-traditional’ countries, likely driven by tax incentives and lower living costs.

Mainland China

Mainland China is second after the United States, home to over six million millionaires.

This reflects the country’s rapid economic growth and increasing global influence over the past few decades, during which it’s experienced a 15% growth in the number of millionaires from 2000 to 2023, second only to Qatar’s growth.

As the country modernises and deepens its integration into global markets, the change presents significant business opportunities and a growing consumer base, making it a magnet for investors and entrepreneurs.

The United Kingdom

Britain ranks third, highlighting its status as a global financial hub centred around London. 

Despite the turmoil of Brexit and recent economic challenges, the UK remains an attractive destination due to its strategic position in Western Europe and robust legal and financial systems.

Other Notable Millionaire Destinations

Switzerland boasts the highest concentration of millionaires, with 12 out of every 100 adults possessing wealth over US$1 million.

That figure is attributed to its stable economy, high quality of life and favourable tax policies (yes, taxes in Switzerland can actually be pretty low). 

Similarly, Hong Kong, Australia and the Netherlands offer unique benefits, from strategic geographical locations to thriving local economies.

Overall, Western Europe accounts for 28% of the world’s millionaire population. 

Famous Millionaires and Where They Have Citizenship

The United States might be home to the most millionaires in the world, but that doesn’t mean those millionaires have US citizenship.

Or, if they do, they likely to also have a second, or more, citizenships elsewhere.

The concept of the various citizenships of the richest people in the world has gained popularity as many famous millionaires seek to optimise their wealth and lifestyle through second citizenships.

This strategy offers financial benefits like tax breaks and incentives and provides enhanced mobility, security and a higher quality of life.

Below are some well-known millionaires who have strategically acquired second citizenships to illustrate what we’re talking about (and why you might consider doing the same).

Evan Spiegel – France

Evan Spiegel, the co-founder and CEO of Snap Inc., is a notable (and somewhat controversial) example of a millionaire obtaining citizenship outside his native country. 

Spiegel, originally from the United States, became a French citizen in 2018 under a special scheme designed to reward foreigners who ‘contribute to France’s influence’.

While we aren’t clear how this might impact his tax obligations, by obtaining French citizenship, Spiegel has not only enhanced his personal and professional ties to Europe but also gained access to the European Union’s vast market and favourable tax treaties. 

He has since invested in local French businesses, including pumping over €300 million into Paris-based startup Zenli, and owns a home in Australia, where his wife and children have citizenship.

Peter Thiel – New Zealand

Peter Thiel, the co-founder of PayPal and an influential venture capitalist, chose New Zealand as his second home and caused quite a flurry of backlash in doing so: the government had to release a 145-page dossier detailing the reasons why.

Despite not meeting traditional requirements to obtain a Kiwi passport, Thiel obtained citizenship after the New Zealand Internal Affairs officials claimed it would be ‘in the public interest’ for him to become a citizen Down Under.

This is largely how golden passport schemes work (although Thiel’s path to citizenship was not through an official program) – wealthy individuals pay a certain amount or invest in the local economy in a variety of ways in exchange for a passport. 

They’re essentially buying citizenship.

Like many others around the world whom we’ve helped (and millions we haven’t yet worked with), that seems to be what Peter Thiel did.

Eric Schmidt – Cyprus

Eric Schmidt, former CEO of Google, opted for citizenship in Cyprus, a popular destination among the wealthy for its favourable tax policies. 

Why get second citizenship in Cyprus? 

We aren’t sure exactly why Eric Schmidt chose it, but the Cyprus Citizenship-by-Investment program was quite popular for years (before it was suspended in 2020) mostly due to the nation’s low corporate tax rate and unique Special Defence Contribution (SDC) law.

Regarding quality of life, Cyprus offers a gateway to the European Union, providing business and travel benefits across member countries. 

Regardless of the reasons why he chose to invest in Cyprus, Schmidt’s decision highlights the island nation’s appeal to high-net-worth individuals seeking to optimise their wealth management and, mostly, secure a strategic base within Europe.

Harlan Crow – St Kitts and Nevis

Prominent real estate developer and investor, Harlan Crow, acquired citizenship in St Kitts and Nevis, one of the most popular places for those interested in Caribbean citizenship-by-investment programs.

What makes the St Kitts and Nevis citizenship-by-investment program so popular?

Logistically, it’s appealing to busy entrepreneurs, as there are no physical stay requirements (you don’t even have to visit the island to apply for your citizenship). 

It’s also one of the cheapest CBI programs, with a minimum donation value of just US$250,000.

In addition, there are other significant tax advantages and visa-free travel to numerous countries, so it’s easy to see why Crow chose this as his second passport.

This citizenship likely not only diversifies his personal (and passport) portfolio but also provides a luxurious getaway and a secure financial environment.

Because, come on, who doesn’t want to be able to jet off to paradise whenever they want?

How to Maximise Your Wealth Like a Millionaire

Maximising wealth, like most millionaires, requires strategic foresight and a keen understanding of global financial opportunities. 

Sure, part of that means accumulating assets, but most millionaires are where they are because they have learned how to ensure they retain more of the hard-earned money they generate. 

So, to protect and grow your wealth in the long term, you need to learn how to build a robust strategy that includes diversifying income streams, optimising tax obligations and safeguarding your assets, which is crucial.

Where do you start? Right here at Nomad Capitalist.

With expertise in global citizenship and wealth optimisation, our experts can guide you through the intricacies of international finance and second citizenship to help you unlock new avenues for growth.

Whether obtaining a second citizenship for better tax benefits or repositioning your assets globally, our tailored strategies are designed to meet your unique needs.

Ready to take the next step? Partner with Nomad Capitalist and let us help you achieve your goals.