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RANKED: The 19 countries with the most millionaireshttps://www.businessinsider.in/ranked-the-19-countries-with-the-most-millionaires/19-hong-kong-142000-we-begin-with-hong-kong-which-has-an-extremely-high-concentration-of-millionaires-given-its-population-of-under-8-million-it-is-seen-by-many-as-an-entry-point-to-the-south-east-asian-market-and-its-global-business-hub-status-has-made-many-of-its-citizens-rich-/slidelist/53281526.cms2021-07-26T12:44:16+05:30

RANKED: The 19 countries with the most millionaires

Jul 26, 2021, 12:44 IST

19. Hong Kong — 142,000. We begin with Hong Kong, which has an extremely high concentration of millionaires given its population of under 8 million. It is seen by many as an entry point to the South East Asian market and its global business hub status has made many of its citizens rich.

18. Kuwait — 146,000. Being oil-rich is still a great way to ensure your country has a lot of millionaires, but Kuwait also has no income tax — which means whatever Kuwaiti people earn, they keep.

17. Brazil — 149,000. Brazil makes the top 20 again, but its economy has taken a tumble in the last few months and so has its population of millionaires, with its HNWI population falling 7.8% since the last report. But it still accounts for 56% of all the millionaires in South America.

16. Russia — 152,000. Another major economy that actually lost millionaires since the last count, Russia's wealth is still extremely concentrated — but thanks to country's natural resources, those who are rich are really rich.

15. Saudi Arabia — 167,000. Like Kuwait, oil drives Saudi Arabia's incredible wealth, though much of the money is in the hands of only a few thanks to the powerful royal family. The World Wealth Report is clearly optimistic about future oil prices, and says it expects Saudi Arabia to fuel HNWI growth in the coming years.

14. Spain — 192,000. Spain had the biggest growth of millionaires in all of Europe at 8.4%, which suggests that although unemployment remains a big issue its economy may be getting back on track. Having two of the biggest football teams in the world in Real Madrid (pictured) and Barcelona does not hurt the millionaire count either.

13. South Korea — 193,000. South Korea's tech explosion shows no sign of abating, nor does its rise in millionaires. Its richest citizen is, perhaps unsurprisingly, Samsung chairman Lee Kun-Hee, worth almost $13 billion.

12. India — 200,000. The World Wealth Report calls India an "engine of growth," though its number of millionaires is still growing a lot slower than its economy —perhaps because many workers still live in relative poverty. Its richest man is Mukesh Ambani of Reliance Industries, who lives in a 27-storey tower above the slums of Mumbai?.

11. Netherlands — 204,000. The Netherlands had a very strong HNWI growth of 7.5%, second only to Spain's jump. Much of this wealth comes down to shipping: Rotterdam is one of the busiest ports in the world and a gateway to continental Europe for most exports.

10. Italy — 229,000. Its banking sector may have had a volatile 2016 but Italy is still one of the largest economies in the Eurozone, and its number of millionaires grew by 4% since this time in 2015.

9. Austrailia — 234,000. Australia had a big growth in millionaires of 4% according to the World Wealth Report. Many of whom got rich from the country's vast mining operations, which account for over 7% of the country's GDP and is a massive part of economic growth.

8. Canada — 321,000. It may be a great country to live in, but Canada actually lost millionaires over the last year, with a HNWI population drop of 3%. The World Wealth Report partly blames this on poorly performing equity markets, which may have resulted in a minor exodus from the country.

7. Switzerland — 358,000. Switzerland is the favourite place to bank for HNWIs, so perhaps it is not surprising the country has a huge amount of millionaires too. Unlike some on the list, the wealth of Switzerland is not concentrated: it has one of the per capita income levels in the world too.

6. France — 523,000. The millionaire population in France jumped a big 6% since last year. Even direct taxes on those who earn more than €1.3 million is not enough to scare too many millionaires away, and with Paris now directly competing for London's banking could mean the influx gets even bigger in 2017.

5. United Kingdom — 553,000. Speaking of London, the UK still has a lot of millionaires thanks to having one of the biggest finance sectors in the world. How much that will change after Brexit is anyone's guess.

4. China — 1,034,000. The world's biggest population, coupled with an economy that is in a continual growth spurt, equals a lot of millionaires. But the World Wealth Report warns that with China's economy slowing, so too might the growth of the HNWI population — resulting in a "middle-income" trap.

3. Germany — 1,199,000 The eurozone's largest economy also has the most millionaires in Europe. In 2014 it was the world's biggest capital exporter, with a trade surplus of $285 billion.

2. Japan — 2,720,000. Japan had the biggest millionaire population growth on the entire list, at a staggering 11%. Part of the reason, the World Wealth Report says, is that the Japanese government has been very good about setting up regulations and tax codes that encourage domestic investment.

1. United States — 4.458,000. When you're the world's largest economy, you're probably going to have the most millionaires. While its position as the foremost superpower may be challenged by China in the near future, nowhere encourages and rewards innovation as much as the US. The US remains the leader of almost every sector imaginable. Almost double of the world's millionaires live here compared to the next more populated country, and that is unlikely to change anytime soon.

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