How Many People Have a Million Dollars?

Understanding the number of individuals with a net worth of one million dollars or more provides insight into global wealth distribution and economic trends. This information helps gauge economic performance and shifts in financial prosperity. This analysis explores who is considered a millionaire, their global presence, distribution by country, and recent trends affecting their numbers.

Defining a Millionaire

The term “millionaire” generally refers to an individual whose net worth totals one million U.S. dollars or more. Net worth is calculated by summing the value of all assets and then subtracting all liabilities. Assets can include a wide range of holdings such as real estate, investment portfolios (stocks, bonds, mutual funds), cash savings, and business equity. Liabilities encompass debts like mortgages, personal loans, and credit card balances.

While this definition is widely accepted, variations exist across financial reports. Some definitions of “high-net-worth individuals” (HNWIs) focus on liquid investable assets, excluding a primary residence or illiquid assets. However, comprehensive wealth reports often include all financial and real assets, including a primary residence, for general millionaire counts. These methodological differences can lead to variations in reported numbers, but the core concept remains an individual’s total financial standing after accounting for what they owe.

Global Millionaire Population

The global millionaire population has grown significantly in recent years, reflecting economic expansion and asset appreciation. As of 2023, the world had approximately 58 million U.S. dollar millionaires. This number represents about 1.5 percent of the total global adult population, indicating millionaires remain a relatively small segment of the world’s inhabitants.

Another perspective from reports focusing on investable assets indicates a global high-net-worth individual (HNWI) population of around 22.8 million in 2023, which rebounded from a slight decline in the previous year. This group collectively holds an estimated $86.8 trillion in wealth. The overall trend points to a recovery in wealth creation, with a notable increase in the number of individuals achieving millionaire status.

Millionaires by Country

The distribution of millionaires is not uniform across the globe, with certain countries hosting a disproportionately high number of wealthy individuals. The United States consistently leads in this regard, being home to the largest contingent of millionaires worldwide. In 2023, the U.S. had approximately 21.95 million millionaires, accounting for a significant portion of the global total. This figure highlights the substantial wealth concentration within the country.

Following the United States, China ranks second with approximately 6.01 million millionaires in 2023. Other countries with large millionaire populations include the United Kingdom (3.06 million), France (2.87 million), and Japan (2.83 million). Germany, Canada, and Australia also feature prominently among the nations with the highest number of millionaires. These top countries often have robust economies, diversified industries, and well-developed financial markets that facilitate wealth accumulation.

Wealth Tiers Within the Millionaire Population

The term “millionaire” encompasses a wide spectrum of wealth. Financial institutions categorize individuals into specific tiers based on net worth for a more nuanced understanding of wealth distribution. High-Net-Worth Individuals (HNWIs) are typically defined as those with $1 million or more in liquid investable assets, a category that can extend up to $5 million.

A more exclusive group comprises Very-High-Net-Worth Individuals (VHNWIs), generally holding between $5 million and $30 million in investable assets. At the pinnacle are Ultra-High-Net-Worth Individuals (UHNWIs), defined as those with a net worth of $30 million or more. As of 2023, the global UHNWI population was estimated to be around 626,600 individuals. This small but influential group holds a substantial portion of the world’s total wealth.

Recent Trends in Millionaire Numbers

The number of millionaires globally rebounded in 2023, recovering from a decline in the previous year. Global HNWI wealth and population increased by 4.7% and 5.1% respectively in 2023, reaching record levels. This growth was driven by a recovery in financial markets, particularly strong stock market performance in North America. For instance, the U.S. alone added 562,000 millionaires in 2024, a 7.6% increase, fueled by advances in the American stock market and optimism surrounding artificial intelligence.

Despite overall growth, trends varied regionally. North America led the recovery in HNWI population, while Europe, Latin America, and the Middle East saw declines in their millionaire numbers due to macroeconomic challenges. For example, the United Kingdom, France, and Germany experienced decreases in their millionaire populations in 2024. Conversely, the ultra-high-net-worth segment showed robust recovery, with their wealth increasing significantly. This indicates a concentration of wealth growth at the highest tiers, influenced by factors such as resilient economic conditions and favorable investment returns.