Country-wise Fastest Growing Millionaire Population Revealed; U.S. Has 62% More In 10 Years But Isn't Even Close To The Top

The Visual Capitalist website recently published a new infographic depicting the fastest-growing millionaire populations from 2013 to 2023. While the United States has seen a 62% increase in its millionaire population, it's not even close to the top of the list.

Don't Miss:

• Are you richer than most people you know? Here’s the net worth you need at every age to be above average.
• Can you guess how many retire with a $5,000,000 nest egg? – How does it compare to the average?

Topping the charts is Vietnam, where the number of millionaires has skyrocketed by an astonishing 98%. However, according to Visual Capitalist, the number of millionaires there is still under 20,000 — 19,400, to be exact. Following closely behind is China, with a 92% increase, and Mauritius, a small island nation in the Indian Ocean, saw an 87% rise.

Although the U.S. didn't grow as fast percentage-wise, it still boasts the largest number of millionaires in the world. In 2023, the U.S. had over 5.4 million millionaires. China is trying to catch up with 862,400 millionaires, becoming the second country to approach this milestone.

Emerging economies are making big progress. India's millionaire population grew by 85%, reaching 326,400 (4th on the list). The United Arab Emirates (UAE) saw a 77% increase, hitting 116,500 millionaires (5th). These countries benefit from strong economic policies, more foreign investments, and a growing middle class.

Trending: Don’t miss out on the next Nvidia – you can invest in the future of AI for only $10.

Smaller countries are also seeing impressive growth. Malta's millionaire count jumped by 74%, and Monaco's increased by 68%. Singapore is trailing behind them in 8th place with 244,800 millionaires in 2023 — a rise of 64% in 10 years. These nations have become attractive to wealthy individuals mainly because of their favorable tax policies and luxurious living conditions.

However, it hasn’t been a net positive for every nation. The United Kingdom saw an 8% drop in millionaires, likely because of economic uncertainties like Brexit. Japan’s number of millionaires fell by 6%, and Hong Kong’s decreased by 4% due to political and economic challenges in the region.

See Also: This billion-dollar fund has invested in the next big real estate boom, here's how you can join for $10.

What's Driving The Growth?

Vietnam's remarkable rise in millionaires is fueled by its rapid economic reforms and integration into the global economy. Key drivers are trade agreements, foreign investments, and a booming manufacturing sector. 

According to Fortune, Vietnam's economy grew by 5.7% in the first quarter of 2024 compared to the previous year. This was faster than the 3.4% growth in the previous quarter but still below the government’s target of 6.0% to 6.5% for the year.

Despite a tough year for Vietnam, Jens Lottner, CEO of Techcombank, is optimistic about the country’s future, saying, "Sixty to seventy percent of Vietnamese people are very optimistic. They think the future will be better than today. It's a huge number." 

Lottner believes they have good reason to be optimistic: if Vietnam keeps growing at this rate, in about 10 years, its GDP per person will be similar to China’s current level.

Read Next:

• Will the surge continue or decline on real estate prices? People are finding out about risk-free real estate investing that lets you cash out whenever you want.
• When today’s AI startups go public, most of the rapid growth will be behind them — here’s how not to get left out.