Now, there is another classification called ultra-high net worth individuals who have at least $30 million and above in total assets.
Where do ultra-high net worth multimillionaires come from? It turns out that they didn’t just fall out from the skies. A research was commissioned to find out which countries do most multimillionaires come from based on analyzing net worth and population.
Most of these nations have large populations and equally large economies. Identified as the top 10 countries with the most multimillionaires are the following.
10. Brazil: Ultra-high net worth population of 4,015
From its 201 million population, some 4,000 individuals are considered ultra-high net worth. Not bad for a country who suffered a few setbacks last year including inflation, trade deficit and low GDP growth as well as frequent anti-government protests. The number is only down 13.5% considering the said situations and even when one ultra-high net worth Brazilian multimillionaire Eike Batista lost more than $20 billion, holding a non-official record of being the single largest loss of personal wealth for 2012. Still, Brazil holds the record of being the leading country in Latin America with the most number of ultra-high net worth individuals.
9. France: Ultra-high net worth population of 4,490
From 4,100 last year, the number of ultra-high net worth individuals in France rose to 4,490 this year showing a 9.5% growth. Paris is home to 3,200 of these extremely wealthy individuals. These ultra-high net worth individual’s combined wealth is pegged at $525 billion. France also used to have the highest tax rate for the extremely wealthy citizens at 75%, the highest rate in Europe but was scrapped because it drove the rich citizens away.
8. Canada: Ultra-high net worth population of 4,980
This very exclusive group declined slightly less than one percent but generally things are looking up in Canada with its 2012 GDP per capita at $42,734 which means its citizens may not all be ultra-high net worth rich but still rich. Aside from the little below 5,000 ultra-high net worth individuals, Canada is home to some 37 billionaires.
7. Switzerland: Ultra-high net worth population of 6,330
Even with the Euro crisis, standing still strong and rich is Switzerland with 6,33o ultra high-net worth rich individuals. Since it has a small population, this means there are 7.9 of ultra-high net worth for every 10,000 Swiss. A big factor for the country’s continued and very stable growth is its being one of the world’s biggest financial hubs.
6. India: Ultra-high net worth population of 7,850
Rising up in the rankings is India, another emerging market with a growing new rich population and ultra high-net worth population totaling to 7,850. With the entrance of more foreign investments and cutting down of government bureaucracy, India is on its way to bigger and better things.
5. China: Ultra-high net worth population of 10,675
China’s recent slow growth which is projected to continue may have contributed to the decrease of 5% of the ultra-rich Chinese bringing down the number to 10,675. Under a new president now who vowed to turn around the economic situation, an increase of the number of multimillionaires can be expected. It has been noted though that most of the wealthiest Chinese are connected to the past leaders of the communist party.
4. United Kingdom: Ultra-high net worth population of 10,910
Holding the record for the most number of multimillionaires in all European cities is London which contributed 6,360 to the total of 10,910 in all of the United Kingdom. Out of this number, 135 have been identified as billionaires. Major drivers for the growth is the government program to offer loans to home buyers that further made the rich, richer with the increase of the prices of their. The wealthiest are also finding it more convenient to settle in the United Kingdom, most notably in London, as it is a financial hub and the quality of life is high. The United Kingdom’s stock index is enjoying an all-time high as well, contributing to the growth.
3. Japan: Ultra-high net worth population of 14,270
Things are looking up in Japan after the hit of a long recession. The multimillionaire list increased by 11.2% bringing to number of ultra-wealthy Japanese to 14,270. Most of the richest multimillionaires come from Tokyo, making it second to London with the most number of ultra-high net worth individuals.
2. Germany: Ultra-high net worth population of 17,820
One of the strongest countries to avoid going into recession when the rest of Europe did in 2012, Germany even added about 2,000 multimillionaires to its pool of ultra-high net worth individuals. In the list of top 10 cities with the most number of wealthy residents, four of these cities are in Germany. Germany enjoys a GDP of $3.3 trillion. Also worth noting is that more women multimillionaires live in Germany. In fact, making it to the Forbes billionaires list is Germany’s richest woman, Susanne Klatten who is worth $14.3 billion.
1. United States: Ultra-high net worth population of 65,505
The world’s biggest economy also has the most number of multimillionaires than anywhere else in the world. The United States lives up to its name as the land of milk and honey as it is still the home of the wealthiest. The combined wealth of the 65,505 ultra-high net worth individuals is around $9 trillion. This number is bigger than the ultra-high net worth of India, China, Japan, Germany and the United Kingdom combined. New York City remains the city of the richest in the world with 8,000 multimillionaires living there. Not too far behind is Los Angeles and San Francisco with some 5,000 ultra-rich residents.
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