The number of millionaires may be the highest in the United States (8.68 million), China (1.88 million), and Japan (1.62 million), but that is not where they are growing the fastest.
According to Global research firm Wealth-X, Nigeria, Egypt, and Bangladesh are set to produce more new millionaires than China and India in the five years.
The report found Nigeria to be the front runner, set to see its high-net-worth (HNW) population balloon by a compound annual rate of 16.3% between now and 2023. Nigeria was followed by Egypt at 12.5% and Bangladesh at 11.4%.
The population of high net worth individuals – defined as those with a net worth of $1 million to $30 million — those worth more than $30 million are classified as ultra-high-net-worth (UHNW) and are not represented in this data set.
Which countries will have the most millionaires by 2023?
- Nigeria: 16.3%
- Egypt: 12.5%
- Bangladesh: 11.4%
- Vietnam: 10.1%
- Poland: 10%
- China: 9.8%
- Kenya: 9.8%
- India: 9.7%
- Philippines: 9.4%
- Ukraine: 9.2%
Here’s the full list of the 10 fastest growing high net worth countries:
Nigeria is the front-runner, with its high-net-worth (HNW) population going up at the rate of 16.3% by 2023.
On second place is Egypt, where the millionaire population could record growth of up to 12.5% by 2023.
The millionaire population in Bangladesh is expected to grow at 11.4%, putting it in the third place.
The report suggest that Vietnam is expected to witness a 10.1% rise in the number of millionaires.
The report suggest that Poland would witness a 10% rise in its millionaire population in over the next five years.
Sharing the 5th spot with Kenya, China is the world’s second-largest economy, which is home to a large proportion of the world’s wealthy. It is expected to record a 9.8% increase in its millionaire population in over the next five years.
Kenya is a surprise entry on the list, and its millionaire population is expected to record a 9.8% growth.
With an expected 9.7% growth in the number of millionaires, India would witness a surge in its wealthy population.
In the next 5 years, the number of millionaires in Philippines is supposed to grow at 9.4 percent.
The number of millionaires in Ukraine is expected to grow at 9.2 percent in over the next five years.