Millionaires Account For More Than 10% Of All Households In These Countries

Tyler Durden's picture

When one thinks of millionaires and billionaires, the countries USA, China and UK usually come to mind. And while in terms of absolute numbers of millionaires and ultra high net worth individuals (those with more than $100 million in assets) this would be correct (and since these countries also have the greatest number of poor people too, it merely confirms the record gap between the rich and poor), a very different view emerges when observing the world's uber wealthy not on an absolute but relative basis. In that case, when ranked by millionaires as a proportion of the population, the top three nations are Qatar, Switzerland and Singapore where millionaires account for more than 10% of all households, while a ranking of the most UHNW individuals per 100,000 households gives Hong Kong, Switzerland and Austria in the top three spots.

From Boston Consulting Group

As the debate over the global polarization of wealth rages on, one thing is certain: more people are becoming wealthy. The total number of millionaire households (in U.S. dollar terms) reached 16.3 million in 2013, up strongly from 13.7 million in 2012 and representing 1.1 percent of all households globally. The U.S. had the highest number of millionaire households (7.1 million), as well as the highest number of new millionaires (1.1 million). Robust wealth creation in China was reflected by its rise in millionaire households from 1.5 million in 2012 to 2.4 million in 2013, surpassing Japan. Indeed, the number of millionaire households in Japan fell from 1.5 million to 1.2 million, driven by the 15 percent fall in the yen against the dollar.


The highest density of millionaire households was in Qatar (175 out of every 1,000 house-holds), followed by Switzerland (127) and Singapore (100). The U.S. had the largest number of billionaires, but the highest density of billionaire households was in Hong Kong (15.3 per million), followed by Switzerland (8.5 per million).


Wealth held by all segments above $1 million is projected to grow by at least 7.7 percent per year through 2018, compared with an average of 3.7 percent per year in segments below $1 million. Ultra-high-net-worth (UHNW) households, those with $100 million or more, held $8.4 trillion in wealth in 2013 (5.5 percent of the global total), an increase of 19.7 percent over 2012. At an expected CAGR of 9.1 percent over the next five years, UHNW households are projected to hold $13.0 trillion in wealth (6.5 percent of the total) by the end of 2018.

And the full breakdown:

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Flakmeister's picture

R > G, Bitchez....

CrazyCooter's picture

When Obama was talking about "tax the rich" a while back, this is what he meant. People are so gullible.

I bet the serfs can't wait until they are in the top tax brackets, as W2, making all those bennie-bucks...



maskone909's picture

cant wait till i make my first million.  of course, that will be minimum wage by then.  were so fucked. 

DoChenRollingBearing's picture

Um, where is Peru?  Ah, sorry, misread the chart!


zaphod's picture

A million dollars isn't very much anymore.

Properly invested is a broad array of assets (some gold, some land, some stocks with some for growth and some for income, some bonds, etc), you'll at best net $25K-30K per year in inflation protected income with that million. That's less than benefits in California.

DoChenRollingBearing's picture

Yes, but even $250,000 invested more-or-less like the above puts such an American WAY ahead of a California moocher.  I do not want government services, I suspect, amigo zaphod, that you do not either.

.gov bennies will die before long.

zaphod's picture

Agreed, those that rely on benefits will have no understanding on how to survive after the .gov benefits dry up (which they will). The problem is the majority will go after those who saved and prepared for this eventuality, with the argument that redistribution is "fair".

That is why assets outside of the system are so attractive, gold and bitcoin can be protected to an extent. Land, stocks, bond only as long as the rule of law prevails. 

DoChenRollingBearing's picture

+ $55,000

But, which will get there first, Au or BTC?

Hmm..., "Diversification" (my middle name) would suggest having some of each!

Pb and delivery devices would help with that lack of "rule of law" stuff if it comes to that...

Boris Alatovkrap's picture

Prime objective of Federal Reserve is making majority of citizenry millionaire... while make elite 1% googleplex quadrillionaire.

quintago's picture

Does this include primary residence or exclude? Would be interesting to see it without the overinflated asset factored in.

thisisjustarandomusernameicreatedforzerohedge's picture

the Japanese number is incredibly misleading because it's so volatile


between summer '12 and summer '13, Japan lost about 1,300,000 millionaires, which would be a 50% drop if the above number is correct or roughly 100x more than any other country in the same period. that is despite that period have a Nikkei stable for half and very bullish for the other half. that's because similar to China (but not as much) most rich Japanese invest little or nothing in the stock market. it's mostly all government bonds or hardest assets. so between Japanese debt affecting bonds and the weakening FX rate of the yen, whether it's the above Japanese number that ZH mentioned or the Credit Suisee report I am refering, the Japanese number of millionaires TODAY is likely very different than both


oh, and I guarantee the Chinese number is very underreported. most government millionaires keep a lot of cash and also assets spread out between different households, and most business owners do the same but using various business entities while keeping their capital in 'goods' that are not liquid such as inventory (as much as possible) so that they can flood the import/export docks as much as possible to 'game' the trade system even more -- they'll use every ounce of liqudity for that.

lastly, a further significant amount will not show up because it's all with their satellite princelings and princesses in Canada, Austrialia, USA, UK ... that in itself will be millions. you go to most any big university in Vancouver, Sydney, California, etc, there will be 100s and 100s of millionionaires (technically, based on the 100k or 200k in their savings, their ferrari or porsche, and likely at least a 50% down payment on a house) -- all that cash and assets will also not show up in the data. at the very least, there will be 1000s of students that likely have at least 100-200k USD in assets (if not quite a million)


point is, japanese number is probably even lower now, and the chinese number much higher... and if the yuan ever gets to 4/1 usd and vancouver/sydney/london/siliconvalley real estate increase another 10-30%, then much much much higher



7.62x54r's picture

Exactly, pods.

If you converted their million into gold, and then back into pre-1932 dollars, these people would have been called thousandaires.

That doesn't have quite the same ring to it.

Mr Pink's picture

What percentage of Zerohedgers would be millionaires if the criminals would stop suppressing the price of precious metals?

Pool Shark's picture



1 out of every 17 households in the USA are Millionaires???!!!

I call BS!!!

How do you define "millionaire'? Does that mean having over $1 million in debt?


CrazyCooter's picture

I had the exact same thought and just assumed they meant "one million in assets" without netting out liabilities/etc.



7.62x54r's picture

The minimum wage in 1964 was $1.25.

That would be over $19/hr today. It wouldn't just be ZH commenters.

Stuck on Zero's picture

The table is worthless.  Japan has more billionaires and the richest families on the planet.  Their culture doesn't admire ostentatious displays of wealth unlike ours but their industrialists and real estate moguls are beyond rich. 


PT's picture

Of course, a million bucks ain't what it used to be.  In 1990 it was ten good houses.  Now it is only one or, if you're lucky, two.

duo's picture

In 1900 a million bucks was almost 50,000 ounces of gold.  Not so much today.

PT's picture

Cue Dr Evil and "ONE ... MILLION ... DOLLARS!!!!"

It's way past my bed time so please, can someone else put the link up?  You know you want to!

Sudden Debt's picture

actually, the numbers above are non assets related. millionaires by liquid assets.

firstdivision's picture

 Workers at Boston Consulting Group  are IBD's rejects.

kaiserhoff's picture

Yes. This is pure bull shit.  Assets but not liabilities or some such idiocy.

Why post this crap?

Ratscam's picture

its impossible that there are only 388 UHNWI households in Switzerland with a net worth of 100mm plus. Look at the luxury housing prices, jets, yachts, art, etc. It is impossible that I know 10% of them, there must be way over a 1'000 of them, bringing down the ratio to a reasonable 2-3%. I guess that,s the case in any country.

goldhedge's picture

That table needs "thinning down".

Rainman's picture

Everybody on the list eventually goes into the hole with zero assets amd zero liabilities.

Just in case you're keeping score.

SmackDaddy's picture

I'll tell my poor friends to use that on the probate judge when their parents croak...

SmittyinLA's picture

if you're keeping score ......he who enters the most holes wins  

Goldilocks's picture

...witch / which  millionaires / billionaires were responsible for this... (just following orders, eh?)

Canadian Eskimo Dog
From Wikipedia, the free encyclopedia

The Canadian Eskimo Dog is an Arctic breed of working dog (Canis lupus familiaris), which is often considered to be one of North America's oldest and rarest remaining purebred indigenous domestic canines.[2] Other names include qimmiq[3] or qimmit[4] (Inuit language word for "dog"). The breed is currently threatened with extinction, with a 2008 estimate of only 300 purebred dogs.[5] Although once used as the preferred method of transportation by Inuit in the Canadian Arctic, by the 1960s traditional working dog teams became increasingly rare in the North. Contributing factors to the breed's decline include the increasing popularity of snowmobiles for transportation and the spread of infectious canine diseases.[4][6]

Controversy surrounds the intentional destruction of a debated number of Inuit sled dogs between 1950 and 1970 by The Royal Canadian Mounted Police as well as recent efforts to increase the breed's population.


RCMP dog killings

Between 1950 and 1970, The Royal Canadian Mounted Police intentionally destroyed Inuit sled dogs. Estimates of the number of dogs killed range from 1,200 to 20,000. Some tribal elders have alleged that this destruction was conducted in order to intimidate Intuits and to intentionally disrupt their way of life.[24] In response to these allegations, in 2005 the RCMP conducted an internal investigation on the killings. Its report concluded that dogs were indeed killed, but for public health purposes - to remove sick, dangerous, and suffering animals. However, the report also concluded that the RCMP rarely followed ordinances that required dogs to first be captured and owners to be notified before killings, that owners had no recourse against unreasonable killings, and that the justification for killings were not always explained to the Intuit. The report denies that any dogs were killed as part of a plot against the Inuit. The Qikiqtani Inuit Association denounced the report as “biased, flawed and incomplete.”[4][25][26]

Shizzmoney's picture

Notice all of the top countries have central banks who espouse to the CTRL-P philosophy.  

What a fucking joke.  

SmittyinLA's picture

I also notice all the bottom countries hold the "Control P" even harder

NOTaREALmerican's picture

WTF, millioniare?    Does that include the trash at 1 million together with the obviously superior humans at (say) 100+ million?

What a crock.

Handful of Dust's picture

If you don't count all my debt, liabilities, my alimony payments, my child support payments, credit card balances, and so on, I look pretty good .. on paper.

SmackDaddy's picture

if you think child support is expensive, try raising 'em!

SandiaMan's picture

Belgium  pops up again.

NOTaREALmerican's picture

These guys own so many US bonds they use them to wrap sandwiches. 

MasterOfTheMultiverse's picture

Belgium, especially Brussels, is a proxy for the EU. It's becoming the Washington DC of Europe, i.e. a lot of "representatives"(=looters) from the rest of the EU who come in for a few hours, sign in for parliamentary meetings and cash in a generous allowance for attending or even without attending and just staying overnight in a hotel nearby (expenses paid).

CheapBastard's picture

Belgium is soooo backward; they have not even discovered ketchup for their fries yet! And their most famous statue is some kid pissing on people who stand too close on a windy day.


yogibear's picture

So, in Zimbabwe there are many trillionaires(ZWD) .

The US Federal Reserve's icon for printing. Evan's and Dudley's wet dream.

Pool Shark's picture



You too can become a Zimbabwe Multi-Trillionaire...

for a mere $16.95 (US)!!!


sfisher's picture

Data looks off with 3.9% US at greater than $100 million and 5.9% US greater than $1 million.


NOTaREALmerican's picture

Or it's just showing there's a big gap between the obvious trash at the bottom of the "millionaire" pile vs the 3.9% who are the superior humans at the top.

random999's picture

Ehm ehm... I assume the list creator has forgotten about monaco?

When an average studio comes at the price of around 2m USD I do assume that they should at least pass Canada and their 2.9%.

logicalman's picture

Can't really call Monaco a country.

Nice place to visit, if you can afford the prices.

random999's picture

Well its defenitly more of a contry than Hong Kong is.

Number 156's picture

Theres nothing wrong with being a millionaire.
I work for millionaires.
I wont have a job if it wasnt for millionaires.

But if you are a dishonest millionaire or billionaire, then there's a problem.
Guys like Mozilo, Madoff, even a Geithner, they are the problem.

Imagine a world where all rich crooks are prosecuted. Now shed a tear, youre not living in it.


NOTaREALmerican's picture

Well,  "dishonest" is a subjective term.   Are people who push debt on lower-intelligent humans "dishonest"?   I would say screwing dumbasses is the most honorable thing one can do in life.   How else would we know who the most-fit are?