The biggest increase in the number of dollar millionaires - in Vietnam

The world's major economic powers, the US and China, are home to the majority of dollar millionaires in absolute terms, but there are other countries where the millionaire population, although small in number, is growing at the fastest rate.

According to the Henley Private Wealth Migration 2024 report, retrieved by visualcapitalist.com, despite the modest growth rate of 62%, the United States still has the largest number of dollar millionaires globally. China is approaching a million such people, being number two globally.

The cited report shows the growth rate of the millionaire population by country between 2013 and 2023, based on data from New World Wealth. More specifically, the report tracks high-net-worth individuals (HNWIs) who have at least one million dollars of investable liquidity.

According to the cited source, Vietnam's exceptional growth rate of 98% (to 19,400 millionaires) stands out, especially given the country's communist rule and initially low base of HNWIs. This growth reflects the country's recent economic success and suggests a continued upward trend in wealth accumulation. Thus, after Vietnam, which experienced the most important increase in the number of HNWIs in the period 2013-2023, holding the first place in the ranking, China is placed, with +92% (to 862,400 millionaires), Mauritius (+87%, to 5,100 ), India (+85%, to 326,400), United Arab Emirates (+77%, to 116,500), Malta (+74%, to 10,200), Monaco (+68%, to 15,600), Singapore (+64%, to 244,800), USA (+62% to 5,492,400), New Zealand (+48% to 56,100), Taiwan (+42% to 62,600), Switzerland (+38% to 427,700), Australia (+ 35%, to 383,300), Saudi Arabia (+35%, to 58,300), Portugal (+32%, to 67,200), Canada (+29%, to 371,200), South Korea (+28%, to 109,600), Italy (+16%, to 289,300), Germany (+15%, to 806,100), France (+14%, to 506,000), Greece (+14%, to 64,700), Spain (+6%, to 106,300).

Conversely, in Hong Kong, the number of dollar millionaires decreased by 4%, to 143,400, and in Japan - by 6%, to 754,800. The UK has seen an 8% drop in its millionaire population over the past decade, to 602,500. Factors such as Brexit and other economic uncertainties contributed to this reduction, highlighting the challenges facing consolidated economies.

African countries such as Nigeria and South Africa have also seen their millionaire populations decline, partly due to emigration and economic instability. Nigeria's struggle with currency devaluation has further affected its wealthy class, while South Africa has seen a notable 20% drop in its millionaire population. In Nigeria, the drop is 45%.

• The United Arab Emirates continues to attract the most millionaires

The United Arab Emirates (UAE) will attract the most millionaires, respectively HNWIs, in 2024, while China and the UK will lose the largest number of such people, according to Henley Private Wealth Migration.

The report mentions that the United Arab Emirates is, for the third consecutive year, the main magnet for attracting the world's wealthy.

According to the cited source, the top ten countries expected to have the largest inflows of HNWIs in 2024 are: UAE - with a net inflow of 6,700 millionaires, USA (3,800), Singapore (3,500), Canada (3,200) , Australia (2,500), Italy (2,200), Switzerland (1,500), Greece (1,200), Portugal (800) and Japan (400).

According to Henley & Partners, 20% of HNWIs are entrepreneurs, and as a result, countries that attract HNWIs from other parts of the world can have solid benefits, such as job creation and investment.