Korean media: Number of millionaires worldwide exceeds 60 million for the first time, with 23.8 million in the US, what about China?
On October 3, Korean media "Herald Economy" published an article stating that the number of millionaires worldwide (calculated in dollars) has exceeded 60 million for the first time. According to a recent report by UBS, more than 680,000 new millionaires joined this group in 2024 alone. This indicates that even during a period of global economic downturn, wealth growth continues.
Turkey has particularly attracted attention, with a year-on-year increase in wealth of 8%, the highest among the surveyed countries, followed by the UAE, which increased by 5.8%. UBS believes that North America and Greater China will be the key axes driving global wealth growth over the next five years.
The growth rate of millionaires has accelerated since the 21st century. In 2000, the number of millionaires was only 14.7 million, but by 2024, this number has tripled to about 60 million. At the same time, the number of extremely poor people (those living on less than $3 per day) decreased from 1.7 billion to 800 million, a reduction of only 52%. Despite the explosive growth of wealth, progress in poverty alleviation has not met expectations.
From a country perspective, the United States is dominant. In 2024, it had 23.8 million millionaires, or 7% of the total population. China ranks second, with 6.3 million millionaires (0.4% of the total population), followed by France, with 2.9 million millionaires (4.2% of the total population). Especially in China, its growth rate of millionaires has been among the highest in the world since 2000.
UBS predicts that the number of millionaires in most of the surveyed countries will increase by 2028. However, the Netherlands and the UK are exceptions. It is expected that the number of millionaires in the UK will decrease by 3.1% compared to 2024, about 81,500 fewer people. Some analysts attribute this decline to the uncertainty of the financial environment after Brexit, as well as the impact of high inflation and high interest rates.
Although global wealth is growing, the benefits have not been equally shared. In 26 out of the 56 countries surveyed by UBS, equality has improved, while inequality has worsened in 29 countries. One country remained unchanged. Although the era of 60 million millionaires has arrived, the challenges of poverty and inequality remain serious.
Original: www.toutiao.com/article/1844961542895818/
Statement: The article represents the views of the author.