Wealth around the world isn’t shared equally. Some countries have lots of rich people, while others are still struggling to get by. This big difference in how wealth is spread comes from things like how developed a country is, the resources available, and how easy it is for people to get financial help. Let’s take a closer look at how wealth is distributed in different parts of the world, based on the latest data from UBS Global Wealth Report 2024.
The Four Wealth Groups
The UBS report looks at adults in four different wealth groups (in USD):
- Under $10K: People with less than $10,000 in wealth.
- $10K to $100K: People who have between $10,000 and $100,000.
- $100K to $1M: People who have between $100,000 and $1 million.
- Over $1M: The millionaires, or people with more than $1 million.
The report breaks down where people in each of these groups live around the world, giving us a clearer picture of global wealth distribution.
The Wealthiest Region: The Americas
When we look at the group with the highest wealth—those with over $1 million—the Americas lead by a wide margin. This region includes both North and South America, and it holds a massive 42.7% of the world’s millionaires. That means nearly half of the world’s millionaires live in the Americas!
The United States alone is home to a huge number of these millionaires, with nearly 22 million people having a fortune that exceeds $1 million. In fact, the U.S. hosts around 38% of all the millionaires in the world. To put it simply, if you’re looking for the biggest concentration of millionaires, it’s right here in the Americas.
Asia-Pacific: Struggling with Wealth
Now, let’s look at the other end of the spectrum. In the Asia-Pacific (APAC) region, the majority of people fall into the “Under $10K” wealth category. Almost 70% of the adults in this region are struggling with less than $10,000 in wealth. This highlights a big gap between the richest and the poorest in this region, where economic development and access to resources are still catching up to more developed areas.
Europe, Middle East, and Africa (EMEA): A Mixed Bag
In the EMEA region (Europe, Middle East, and Africa), wealth is more spread out. While there are plenty of millionaires in places like Europe and parts of the Middle East, the region as a whole still has a lot of people who fall into the lower wealth categories. The wealth distribution here is not as extreme as in the Americas, but the gap is still noticeable.
Surprising Millionaire Hotspots: China and the U.K.
Interestingly, China is home to over 6 million millionaires, making it the second-richest country when it comes to the number of high-net-worth individuals. While it’s far behind the United States, China is a major player in the global wealth game. It’s almost double the number of millionaires in the United Kingdom, which ranks third.
What Does This All Mean?
These numbers show us just how unevenly wealth is spread across the world. While countries like the United States and China are home to millions of millionaires, many other countries, especially in the Asia-Pacific region, still have large numbers of people struggling with low wealth. This divide between the rich and the poor isn’t just about money—it’s about opportunities, resources, and access to financial systems that can help people build wealth.
The UBS Global Wealth Report 2024 is a stark reminder of the wealth gap that exists across the globe. While some regions are booming with millionaires, others are still fighting to climb out of poverty. It’s clear that the world’s wealth distribution is highly unequal, and understanding these trends is key to seeing how economic opportunities might evolve in the future.
