The world’s economic powerhouses, like the U.S. or China, hold the majority of millionaires in absolute terms. But which countries are growing their millionaire populations at the fastest rate?

This chart, via Visual Capitalist’s Jeff Desjardins, shows the growth of millionaire populations by country between 2013 and 2023, using data from New World Wealth, as detailed in the Henley Private Wealth Migration Report 2024.

Specifically, the report tracks high-net-worth individuals (HNWIs) who possess liquid investable wealth of $1 million USD or more. The figures are rounded to the nearest hundred and represent residents of each country as of December 2023.

Emerging Markets Like Vietnam Top the Ranking

While the United States remains the leader with over 5.4 million millionaires, emerging economies such as Vietnam, China, and India are seeing the fastest growth rates.

Vietnam’s millionaire population, in particular, has surged by 98% over the last decade, reflecting the country’s rapid economic development. Meanwhile, China and India have created hundreds of thousands of new millionaires, solidifying their positions as major players in the global wealth landscape.

Despite its modest growth rate of 62%, the United States still boasts the largest number of millionaires globally. China is nearing one million millionaires, becoming only the second country to approach this milestone after the United States.

Vietnam’s exceptional 98% growth rate stands out, particularly given its communist governance and initially low base of millionaires. This growth reflects the country’s recent economic success and suggests a continuing upward trend in wealth accumulation.

In contrast, the United Kingdom experienced a slight decline in its millionaire population over the past decade. Factors such as Brexit and other economic uncertainties have contributed to this reduction, highlighting the challenges faced by established economies.

African countries like Nigeria and South Africa have seen their millionaire populations decrease, partly due to emigration and economic instability. Nigeria’s struggle with currency devaluation has further impacted its wealthy class, while South Africa saw a notable 20% decline in its millionaire population.