Charted: Millionaire Growth by Global Region

The New Diplomat
Writer

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During the same period, the HNWI population increased by 5.1% to 22.8 million globally.

North America and the Middle East Lead in Growth

In the methodology used by the report, a millionaire is defined as a person with liquid investable wealth of $1 million (USD) or more.

North America and the Middle East have both experienced the largest percentage increase in the number of millionaires since 2016, at +52% and +50% respectively.

According to Capgemini, factors like solid economic resilience, cooling inflationary pressures, and strong performance in the U.S. equity market contributed to North America’s growth.

Region 2016 (total millionaires) 2023 % Change
North America 5.2M 7.9M 52%
Asia-Pacific 5.5M 7.4M 35%
Europe 4.5M 5.8M 29%
Middle East 600K 900K 50%
Latin America 600K 600K 0%
Africa 200K 200K 0%

North America also leads in absolute numbers, having added 2.7 million millionaires over the past seven years.

Meanwhile, Latin America and Africa have seen no change in the number of millionaires.

Ultra-high-net-worth individuals (those with $30 million or more) hold over 34% of total HNWI wealth, despite making up just over 1% of the total HNWI population.
Source: Visual Capitalist

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