Reaping the rewards of tech revolutions, market booms, and more, the last decade has seen a remarkable increase in the global number of millionaires.
In 2022, 1.1% of all of the world’s adults were millionaires, up from 0.6% in 2012.
In today’s visualization, we dive into the world’s growing millionaire population using data from this year’s Global Wealth Report by Credit Suisse.
The Global Millionaire Population, Then and Now
In 2022, total millionaire wealth stood at $208.3 trillion, accounting for 45.8% of global wealth.
That represents a 138% increase from 2011 when millionaires held $87.5 trillion in wealth.
While the rise can be attributed to a number of factors, financial assets have accounted for most of the increase in total wealth since the 2008 Financial Crisis, according to Credit Suisse.
Here’s a look at the explosive growth in the number of millionaires from 2012 to 2022:
| Wealth range | Number of adults (2012) | Number of adults (2022) |
|---|---|---|
| $1-5M | 25.6 million | 51.5 million |
| $5-10M | 1.9 million | 5.1 million |
| >$10M | 1.0 million | 2.8 million |
At the very apex of these pyramids, the number of ultra-high-net-worth individuals (all holding $50 million or more in wealth) has nearly tripled over the last decade.
Where are the world’s millionaires mostly found?
- 42%: North America
- 27%: Europe
- 16%: Asia-Pacific (ex. China and India)
- 10%: China
- 5%: Rest of the World
In total, the world’s millionaire population amounted to 59.4 million adults in 2022.
Despite inflation, interest rates, and current market conditions hampering wealth creation for many in 2022 and 2023, Credit Suisse forecasts that the number of millionaires will still grow to 86 million by 2027, a 45% increase from 2022.
The Outlook for Wealth Inequality
Although wealth inequality fell slightly in 2022, a significant chunk of overall global wealth still belongs to the wealthiest parts of the population.
In stark contrast to millionaires, 52.5% of the world’s adults had less than $10,000 in wealth and combined for just 1.2% of global wealth.
From a big-picture perspective, however, worldwide wealth inequality has trended downward over the last two decades.
That is, before the 2020–2021 period when the wealth gap was exacerbated due to the pandemic and the subsequent boom in share and house prices.
Looking ahead to 2027, Credit Suisse forecasts that the share of adults with less than $10,000 in wealth will fall, with more adults moving into the middle and upper-income levels.
It’ll be interesting to see if global wealth inequality continues its long-term downward trajectory.
Guest Author: This article was written by the team at Visual Capitalist and was originally published here.
