Money makes the world go around, and there's a lot of money around the world. But who has it?
Global wealth is on the rise, and projected to increase by 27% over the next five years, reaching $459 trillion by 2024. That's the prediction of Credit Suisse Research Institute's Global Wealth Report, which examines household wealth across countries and wealth inequalities in those countries.
There are almost 47 million people who are millionaires (in U.S. dollars) in the world. The U.S. accounts for 40% of the millionaires worldwide and for 40% of those in the top 1% of global wealth distribution, according to the report. China's progress has led it to second place and to replace Japan as the country with the second-largest number of millionaires in the world, the report says. Other emerging markets, especially India, are adding new millionaires at a fast clip.
That 1%, those ultra-high-net-worth individuals, are worth more than $50 million. The U.S. also leads the pack for having the most of these UHNW individuals, with 80,000, followed by China which has 18,130, Germany (6,800) the United Kingdom (4,640) and India (4,460).
Credit Suisse estimates the number of global millionaires could exceed 62 million by 2024, a rise of almost 16 million from today, and 49 million from the beginning of the century. While millionaire numbers in lower-income countries are still far below the levels in the U.S. or Europe, they are expected to increase rapidly in the next five years.
Based on the Global Wealth Report by the Credit Suisse Research Institute, here are the countries which are predicted to have the most millionaires by 2024.