As a country becomes more developed, the number of household millionaires also increases proportionately. With the number of developing countries today, we have seen a tight competition between nations. The United States, for example, has been described as a giant when it comes to economic progress, but would you believe that Singapore has surpassed the U.S. in terms of density of household millionaires? This is manifested in the report released by the Boston Consulting Group called “Battle to Regain Strength”.
Here is a list of the top 15 countries with the highest density of millionaire households.
15. Ireland – 2.2% millionaire households
Residing at the Northwest of continental Europe is the 4.48 million Irish population. Ireland, known as the Emerald Isle because of the plentiful foliage that it contains, is also known as one the wealthiest countries with 2.2% millionaire households. Ireland also houses the five Irish billionaires who are included in the Forbes list of wealthiest. Leading the line is a construction tycoon, Pallonji Mistry, with a $9.7 billion net worth.
14. Oman – 2.5% millionaire households
The Hermit of the East, Oman, is undeniably soaring high when it comes to economic progress. With a total population of 2.8 million, Oman has 2.5% millionaire households. The continuous growth of their economy can be attributed to its leading industries like oil exploration and tourism.
13. The Netherlands – 2.6% millionaire households
Known for its etymological meaning “Low Country”, it does not literally mean that the nation doesn’t earn the right to be one of the richest countries in the world. The Netherlands is comprised of 16.6 million people, with 152 millionaire households. Leading the roaster of millionaires is the heir to a beer empire, Charlene de Carvalho-Heineken, with an overwhelming $7.5 billion net worth.
12. Belgium – 2.9% millionaire households
Apart from the Netherlands, Belgium shares the same prestige of being considered as one of the most developed countries in the world because of its leading industries such as engineering, motor vehicle assembly, transportation equipment, and many more. It has a total population of 10.88 million and 2.9% of the households here have a net worth of at least $1 million. According to the report released by Boston Consulting Group, Belgium has a net worth $100 million or more for every 100,000 households in the country.
11. Japan – 2.9% millionaire households
Popularly known as the land of the rising sun, Japan is indeed rising from its previous economic downfall. With its rich and diverse culture as well as its leadership in terms of technological advancements, it’s no wonder that out of the 127.5 million Japanese population, 2.9% are millionaire households.
10. Bahrain – 3.2% millionaire households
This country with a monarch government is among the fastest growing financial centers in the world. Bahrain has a total population of 1.26 million and 3.2% of their households are millionaires. It’s also the country where the wealthiest citizens come from the headship of King Hamad bin Isa al khalifa.
9. Taiwan – 3.2% millionaire households
Known to be one of the most high-tech countries in Asia, Taiwan has a total population of 23.2 million and 3.2% are millionaire households. According to Boston Consulting Group, 5 out of every 100,000 households have a net worth of $100 million or more.
8. Israel – 3.6% millionaire households
Israel is the home of 7.6 million Israelis where 3.6% of the population is comprised of households with a net worth of over $1 million. Among the most notable in their list of wealthiest is the heir of the shipping giant and Forbe’s richest Israeli, Idan Ofer.
7. United States – 4.3% millionaire households
United States, one of the the centers of political power and the home of the Hollywood stars, still belongs to the list of the wealthiest countries in the world with 4.3% millionaire households. The U.S. has a total population of 311.6 million and the country still remains to be the melting pot of various cultures. However, BCG said that there had been a 0.9% decline ($38 trillion) in the private wealth of the country.
6. United Arab Emirates – 5% millionaire households
Despite the recession, the UAE still managed to produce a high proportion of household millionaires. Five percent of the households in this country are millionaires. In a survey done by Forbes, Abdul Azis al Guhrair, the president of leading national banks with an estimated $2.9 billion worth, is known to be the wealthiest person in the country.
5. Hong Kong – 8.8% millionaire households
Popularly known as the offshore center of wealth, Hongkong has listed a total of 8.8% millionaire households out of its 7 million population. According to the BCG report, the country has the most number of billionaires than any other country in the world.
4. Switzerland – 9.5% millionaire households
This small but prominent country in Europe has a total population of only 7.8 million. However, it boasts of housing wealthy citizens, with 9.5% of its total households acquiring a net worth of more than $1 million. The wealthiest Swiss in the country is Ernesto Bertarelli, who is worth $10 billion dollars. Despite its size, Switzerland has the highest number of households that have a net worth of $100 million or more.
3. Kuwait – 11.8% millionaire households
Kuwait, known for its vast oil reserves, has a total population of 2.74 million. It boasts of having 11.8% millionaire households. In addition, six out of every 100,000 households are worth $100 million or more.
2. Qatar – 14.3% millionaire households
Qatar is a small country in the Middle East region with a total population of 1.76 million. However, being known as a country with a vast oil reserve, it is not surprising that 14.3% of households are millionaires. Attesting to the country’s wealth is the most expensive piece of artwork that they have, which is worth $250 million.
1. Singapore – 17.1 % millionaire households
Known as the home of the millionaires, Singapore has shown impressive economic progress over the past years. Now, this place thrives with 5 million people, where 17.1% of households are considered millionaires. According to BCG, Singapore also houses the most number of multi-millionaires. Ten out of every 100,000 households in the country have a net worth of $100 million or more. Eduardo Saverin, co-founder of Facebook and one of the country’s leading millionaires, has decided to become a citizen of Singapore after renouncing his U.S. citizenship.