The US has the most multi-millionaires in the world
The United States remains the country with the most multi-millionaires in the world — more than China, Japan, Germany, Canada and France combined, according to a new report published by Wealth-X.
The “World Ultra Wealth Report 2019” found the U.S. has 81,340 people with at least $30 million of net worth living in the country, a 2.2% increase compared to last year.
People monitor the markets at a brokerage house in Beijing. (AP Photo/Andy Wong)
The United States has 31% of the global ultra-wealthy population. China, which is ranked second, had a fraction of the number of multi-millionaires with 24,965 living in the country.
“Throughout the year there were signs of slowing growth momentum, tied to the lagged effect of previous deleveraging efforts and to the escalating trade war with the U.S.,” the report found. “Wealth portfolios were weighed down by a stock-market slump and downward currency pressure against the dollar.”
New York City is home to 9,000 ultra-wealthy individuals, which helped it regain control of its title as the city with the most multi-millionaires. The Big Apple ousted Hong Kong from the top spot. Hong Kong’s ultra-wealthy population slipped almost 11%, largely because of softening demand in the Chinese economy, which has been embroiled in a more than year-long trade war with the U.S.
Japan followed in third place, with 17,855 individuals in its 2018 population, a slight dip from the prior year. Germany, meanwhile, in fourth place, had about 15,685 multi-millionaires in 2018, a 4% increase from a year ago, despite facing a number of economic struggles.
In fifth was Canada, with a modest 10,395 ultra-wealthy citizens, a 4% drop from 2017. France, in sixth, was largely unchanged from the previous year with 10,145.
One interesting development was the increase in the ultra-rich in the United Kingdom, which jumped above Hong Kong, despite fears about a potential calamitous fallout from Britain’s impending departure from the European Union.
The top 10 countries, overall, accounted for a staggering 72% of the global ultra-wealthy population.
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