USA and China Rule the Millionaire World: Who’s Creating the Most Wealth and Why Should We Care
Did you know that over 1,000 new millionaires are created every single day in the USA? Yes, you read that right! While the world struggles with economic issues, wealth in the USA and China is exploding like never before. These two countries now hold more than half of the world’s private wealth, and their millionaire populations are growing faster than ever.
Global wealth is rising, but not for everyone
According to the latest UBS report, global wealth increased by 4.6% in the past year. But, as always, this growth is unevenly distributed. China now holds about 20% of the world’s wealth, while the USA holds a whopping 35%. Together, these two powerhouses control around 40% of the world’s millionaire population, despite making up only 4% of the global population. This means wealth is concentrated in the hands of a tiny fraction, while the rest of the world remains in the shadows.
Millionaires are on the move, wealth is migrating
The UK is seeing a massive exodus of millionaires due to tax changes and Brexit. Meanwhile, countries like Turkey and the United Arab Emirates are experiencing the highest growth rates in millionaire numbers – 8.4% and 5.8% respectively. But the absolute leaders remain the USA, with nearly 24 million millionaires, more than Western Europe and Greater China combined.
China and India – the new wealth hubs
China is gaining about 1,000 new millionaires daily, while India adds around 39 new millionaires each day. Greater China, which includes mainland China, Hong Kong, Macau, and Taiwan, is becoming an economic giant with 6.3 million millionaires and a number that keeps growing.
Millionaire density and wealth per capita
Switzerland and Luxembourg have the highest millionaire density per capita – in Luxembourg, there is one millionaire for every seven adults. Luxembourg also leads in median wealth per person.
What’s next?
UBS predicts that by 2027, another 5.34 million people will become millionaires, an increase of nearly 9% compared to 2022. The growth will be most pronounced in North America and Greater China, while Europe and Southeast Asia will see slower but steady progress. Latin America and Oceania will play a minor role.
Why does this matter?
While wealth grows in the hands of a few, the vast majority of the world remains without significant financial resources. This concentration of wealth can lead to greater social inequalities, political tensions, and economic problems. If millionaires continue to multiply faster than wealth is evenly distributed, the world could become a place where only a small number enjoy luxury, while most barely get by.
Conclusion
The world of wealth is not a fair game. While the number of millionaires in the USA and China grows by thousands daily, other parts of the world remain in the shadows. If this doesn’t bother you, maybe it’s time to think again. Because, at the end of the day, when wealth becomes too concentrated, it’s not just a problem for the rich – it’s a problem for all of us.
So, what do you think? Is this just the natural course of things or a dangerous injustice? Drop a comment, share your thoughts, or just crack a good millionaire joke – because hey, we all need a little fun while the world burns!
Source: UBS Global Wealth Report, Investitor, Blic Biznis
