How Many Millionaires in the World 2020

How Many Millionaires in the World 2020 – Everyone wants to know how many millionaires there are in the world. For example, does the United States have more millionaires than China? What about America vs. Germany? Around the world there are always changes happening, so it is important to stay on top of new information. This article will show you some great statistics that cover both countries and individual states. You can also learn more about these stats about how many millionaires in world 2021 if you want to extend your knowledge even further.

The world has become a huge place for businesses and individuals to make money. But how many millionaires in the world? How many millionaires in the world 2020? I am going to give you a glimpse about the number of millionaires in the world right now. So that you have a realistic idea about becoming a millionaire.

The world now has more than 20 million millionaires

Regardless of a chaotic 2020, the number of millionaires around the world has risen to 20 million people. It has not been the case that new fortunes have been made everywhere, however, with the UK one of only three countries to see its high net worth individual population shrink last year.

The number of high net worth individuals (HNWI) is growing around the world. According to one recent study, for example, the number of households with income of more than $100,000 is likely to grow 45% by 2025, with the world hosting 663,483 HNWI populations by then. While the number of wealthy people is growing though, it is also concentrating in a number of areas. North America will host around one-third of the world’s HNWIs in 2025, twice as many as in Asia Pacific, despite its much smaller population. 

A new study from Capgemini has further supported this hypothesis, with the finding that while the number of millionaires has exploded in the last year, they generally reside in the same old places. Defining a HNWI as someone with assets of $1 million or more, the consultancy found the UHNWI population grew 6.3% in 2020, surpassing the 20-million mark, while HNWI wealth grew 7.6% in 2020, nearly reaching $80 trillion. The biggest beneficiary of this growth was the world’s largest economy, though. Boosted by rising equity markets and government stimulus, North America surpassed Asia-Pacific, to become the 2020 leader in both HNWI population and wealth. 

At the same time, North America also has a disproportionately large amount of wealth horded among its HNWIs. As of 2016, the region hosted 579 million people – 7 million of whom are now millionaires, and have a combined worth of $24.3 trillion, according to the report. However, Africa, which had a growing population of more than 1.2 billion in 2016 now hosts around 200,000 millionaire – a figure which has scarcely changed since 2014 – while their collective net worth is around $1.7 trillion.

While the saying goes that a rising tide lifts all boats, meanwhile, the opposite currently seems to be the case in terms of global wealth. While there are more people who are HNWIs now, the growth of people in extreme poverty has grown much faster. According to the biennial Poverty and Shared Prosperity Report, extreme poverty (people living on less than $1.90 a day) was likely to affect as much as 9.4% of the world’s population in 2020, a regression from the estimated rate of 9.2% in 2017. Even in countries where extreme poverty is rare, the share of wealth is still getting more extreme.

The US, Japan, Germany and China host 62% of the world’s HNWI population, up from 58% in 2012, suggesting that wealth is rapidly consolidating in certain points around the world, while the US remains the largest HNWI population, with 6.5 million millionaires. This represents growth of several-hundred-thousand over the last year, but in the same period nearly 8 million US residents fell into poverty over the summer of 2020, according to a study from the University of Notre Dame, assessing the effects of the coronavirus pandemic on the number of people living under the poverty line. This represents the largest jump in a single year stretching back 60 years to when the government first began tracking poverty.

The UK meanwhile seems to be one of the biggest losers from this process. It saw its number of HNWIs fall by 18 from 2019 to 2020, thanks to the perfect storm of Brexit’s culmination and the outbreak of Covid-19 resulting in the country’s worst recession since 1709, during which GDP tumbled by 9.9%. This made the UK one of only three nations considered by Capgemini to forfeit HNWIs, alongside Kuwait and Brazil.

In spite of this, London is still ranked highest for HNWIs, in terms of the lifestyle the diverse and innovative metropolis provides. It shared top spot with New York in terms of the city’s policies toward UHNWIs, though it ranked third in terms of its investment potential, beneath both New York and Tokyo, according to a recent poll by Knight Frank.

The drop in millionaires in the UK is the least of the nation’s worries though. Almost 700,000 people in the UK, including 120,000 children, fell into poverty as a result of the Covid-19 economic crisis, according to the Legatum Institute. Overall, the pandemic saw the total number of people in the UK living in poverty to more than 15 million, or 23% of the population.

For the first time in history, more than 1% of global adults are millionaires—that’s 56.1 million millionaires. But unless you live in a small handful of places, you’re unlikely to bump into one. According to the newest Credit Suisse Global Wealth report, just three countries contain just over 50% of the world’s millionaires—🇺🇸 the US, 🇨🇳 China, and 🇯🇵 Japan.

Stepping back to look at regions, however, Europe as a whole overtakes Asia. North America remains in the top spot with 42.1% of all millionaires, while Europe moves into second place with 17.2%.

Millionaires as a portion of country population

When we consider millionaires as a portion of a country’s population, both China and Japan drop out of the top spots and Switzerland rises to the lead. China has such a large population that despite the fact the nation has 9.4% of the globe’s wealthy, they remain relatively rare in the country.

Millionaires increased during global lockdowns

The number of global millionaires actually increased in 2020, during the coronavirus pandemic and one of the most unstable economic times in recent history. “Wealth creation in 2020 appears to have been completely detached from the economic woes resulting from Covid-19,” write the authors of the Credit Suisse report.

In the second half of 2020, share prices reached record levels, and house prices also rose. These increases in asset prices meant significant gains in household wealth for some. In addition, many countries pumped stimulus money into their economies and bottomed out interest rates. While this helped significant portions of the population stay afloat, it also meant that those with means contained to accrue wealth, and the cost of doing so dropped along with interest rates.

Conclusion:

After we know the amount of millionaires in the world and millionaires per country, we know that China and India has a very high people amounts of high net-worth individuals like millionaires and billionaires. Currently, the combined total of millionaires in those two countries have already exceeded the total amount of millionaires in USA for this year.

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