Top Ten Countries With the Highest Proportion of Millionaires
Millionaire households as a share of country's total households: 15.5%
Number of millionaire households: 170,000
2009 ranking: 1
Singapore is home to the world's greatest concentration of millionaire households. Deloitte expects that by 2015, it may surpass Switzerland in per capita wealth among millionaire households. Singapore is Asia's eighth-most-expensive location, according to ECA International.
Millionaire households as a share of country's total households: 9.9%
Number of millionaire households: 330,000
2009 ranking: 3
With nearly one in 10 households in Switzerland a millionaire household, the country is one of the world's most expensive. Residents of Geneva and Zurich pay about 20 percent more on average for products, services, and accommodation than do people in other Western European cities, according to a UBS study. Food prices in particular are high—about 45 percent above levels in the rest of Western Europe.
Millionaire households as a share of country's total households: 8.9%
Number of millionaire households: 30,000
2009 ranking: 2
Qatar is the world's fastest-growing economy, as well as one of the richest: Annual GDP growth is estimated at 19.4 percent in 2010, with per capita GDP at $145,300, according to the CIA's World Factbook. The country has the world's third-largest reserves of natural gas, with oil and gas accounting for more than half of GDP, 85 percent of export earnings, and 70 percent of government revenues.
Millionaire households as a share of country's total households: 8.6%
Number of millionaire households: 200,000
2009 ranking: 4
In the past decade, Hong Kong's manufacturing industry moved to mainland China and its service industry grew to more than 90 percent of GDP. While Hong Kong's GDP fell in 2009 as a result of the global financial crisis, recovery began in the third quarter of 2009 and in 2010 the economy grew by nearly 6.8 percent, according to the CIA's World Factbook. The housing market also continues to grow tremendously: In 2010 Q4, home prices were up 20.1 percent year-on-year, according to Knight Frank.
Millionaire households as a share of country's total households: 8.5%
Number of millionaire households: 40,000
2009 ranking: 5
Petroleum accounts for nearly half Kuwait's GDP, 95 percent of export revenues, and 95 percent of government income, according to the CIA's World Factbook. The rise in global oil prices has boosted government budget revenue and revived government consumption and economic growth.
Millionaire households as a share of country's total households: 5%
Number of millionaire households: 50,000
2009 ranking: 6
Since oil was discovered in the U.A.E. more than 30 years ago, the country has transformed itself from an impoverished region to a modern state with a high standard of living, high per capita income, and a sizable annual trade surplus, according to the CIA's World Factbook. Oil and gas output represents about 25 percent of GDP.
Millionaire households as a share of country's total households: 4.5%
Number of millionaire households: 5,220,000
2009 ranking: 7
After declining in 2008, the U.S. millionaire population grew in 2009 and continued to rebound in 2010, according to BCG. While the economy has shown only slight improvement, the U.S. still has by far the most millionaire households of any country, as well as the largest number of ultra-high-net-worth households (those with more than $100 million in assets under management).
Millionaire households as a share of country's total households: 3.6%
Number of millionaire households: 280,000
2009 ranking: 8
Taiwan has a widening wealth gap: In 2009, the top quintile of income earners made 6.34 times as much as the bottom quintile, up from 5.5 times 10 years ago, according to the Directorate General of Budget, Accounting, and Statistics. The government recently considered passing a luxury tax on: non-owner occupied homes sold within two years of purchase; automobiles, yachts, helicopters, and airplanes that cost more than TWD3 million (about $104,700); and ivory, coral, furs, and furniture worth more than TWD500,000 (about $17,400), reported the Christian Science Monitor.
Millionaire households as a share of country's total households: 3.4%
Number of millionaire households: 80,000
2009 ranking: 10
The share of millionaire households remains high in Israel, which has shown signs of economic recovery. Following growth of 4 percent in 2008, Israel's GDP slipped by 0.2 percent in 2009, then rose by 3.4 percent in 2010 as exports rebounded, according to the CIA's World Factbook. Home prices in Israel were up year-on-year during each quarter in 2010, show data from Knight Frank.
Millionaire households as a share of country's total households: 3.1%
Number of millionaire households: 140,000
2009 ranking: 9
Belgium has the greatest concentration of millionaires among EU member countries. Residents do not pay a wealth tax, but are subject to personal income tax, as well as withholding tax, social security, inheritance and gift tax, and communal taxes, according to Deloitte Touche Tohmatsu.
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