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Charted: Millionaire Growth by Global Region
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Global high net worth individuals (HNWI) wealth expanded by 4.7% in 2023, reaching $86.8 trillion.
During the same period, the HNWI population increased by 5.1% to 22.8 million globally.
This graphic illustrates the growth in the total number of millionaires per region from 2016 to 2023, with data sourced from Capgemini.
North America and the Middle East Lead in Growth
In the methodology used by the report, a millionaire is defined as a person with liquid investable wealth of $1 million (USD) or more.
North America and the Middle East have both experienced the largest percentage increase in the number of millionaires since 2016, at +52% and +50% respectively.
According to Capgemini, factors like solid economic resilience, cooling inflationary pressures, and strong performance in the U.S. equity market contributed to North America’s growth.
| Region | 2016 (total millionaires) | 2023 | % Change |
|---|---|---|---|
| North America | 5.2M | 7.9M | 52% |
| Asia-Pacific | 5.5M | 7.4M | 35% |
| Europe | 4.5M | 5.8M | 29% |
| Middle East | 600K | 900K | 50% |
| Latin America | 600K | 600K | 0% |
| Africa | 200K | 200K | 0% |
North America also leads in absolute numbers, having added 2.7 million millionaires over the past seven years.
Meanwhile, Latin America and Africa have seen no change in the number of millionaires.
Ultra-high-net-worth individuals (those with $30 million or more) hold over 34% of total HNWI wealth, despite making up just over 1% of the total HNWI population.
Learn More on the Voronoi App
To learn more about this topic, check out this graphic that lists the 10 countries with the most millionaires, as well as the equivalent country population to match their millionaire counts.
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