Executive Education

Which Countries Will Have The Most Millionaires By 2023?

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?

  1. Nigeria: 16.3%
  2. Egypt: 12.5%
  3. Bangladesh: 11.4%
  4. Vietnam: 10.1%
  5. Poland: 10%
  6. China: 9.8%
  7. Kenya: 9.8%
  8. India: 9.7%
  9. Philippines: 9.4%
  10. Ukraine: 9.2%

Here’s the full list of the 10 fastest growing high net worth countries:

  1. Nigeria
    Nigeria is the front-runner, with its high-net-worth (HNW) population going up at the rate of 16.3% by 2023.
  2. Egypt
    On second place is Egypt, where the millionaire population could record growth of up to 12.5% by 2023.
  3. Bangladesh
    The millionaire population in Bangladesh is expected to grow at 11.4%, putting it in the third place.
  4. Vietnam
    The report suggest that Vietnam is expected to witness a 10.1% rise in the number of millionaires.
  5. Poland
    The report suggest that Poland would witness a 10% rise in its millionaire population in over the next five years.

  6. China:
    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.
  7. Kenya
    Kenya is a surprise entry on the list, and its millionaire population is expected to record a 9.8% growth.

  8. India:
    With an expected 9.7% growth in the number of millionaires, India would witness a surge in its wealthy population.
  9. Philippines
    In the next 5 years, the number of millionaires in Philippines is supposed to grow at 9.4 percent.

  10. Ukraine:
    The number of millionaires in Ukraine is expected to grow at 9.2 percent in over the next five years.
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Prof. Dr. Amarendra Bhushan Dhiraj
Prof. Dr. Amarendra Bhushan Dhiraj is chief executive and editorial director of The CEOWORLD magazine, overseeing the organization’s news and features departments.

Under Dr. Amarendra's leadership, The CEOWORLD magazine has become the world's most iconic news organization, whose rigorous reporting and unsurpassed storytelling connect with millions of business leaders every day.

Dr. Amarendra holds a Ph.D. in Finance and Banking from the European Global School in France; a Doctoral Degree in Chartered Accountancy from the European International University Paris; and a Doctorate in Business Administration from Kyiv National University of Technologies and Design (KNUTD), Ukraine.

He earned his Master of Business Administration degree in Finance and his Master's Degree In Chartered Accountancy (CA) from European Global School Paris. Dr. Amarendra also holds a Master of Business Administration degree in International Relations and Affairs from the American University of Athens, Alabama, United States. Prof. Dr. Amarendra Bhushan Dhiraj is a macro-economist and visiting professor at Kyiv National University of Technologies and Design (KNUTD), Ukraine.

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