The number of millionaires in the world is growing at a rapid pace. In fact, the global wealth has hit a new high of $360 trillion in 2019. Millionaires are not the only people who are able to enjoy life’s luxury, but the numbers are increasing at an alarming rate. In the past, to be considered wealthy, an individual needed to have net worth of $1 million. But now, household wealth must be at least $6.47 million to be counted among the richest 1% of the world.
The world’s millionaires live in a small number of countries. The United States has the highest concentration of millionaires per capita, followed by Germany, China, and the United Kingdom. The majority of millionaires are self-made, and earned their money by hard work and entrepreneurship. Meanwhile, the largest reduction in millionaires in 2020 will be found in Russia, China, and India.
The list was drawn up by the World Wealth Report, which has been published every 25 years. The findings are consistent with other lists of the world’s richest people. Among the regions with the highest percentage of ultra-high-net-worth individuals, North America overtook the Asia-Pacific region.
In China, there are one millionaire for every 200 people. In Switzerland, there is one millionaire for every 20,000 people. The highest percentage of millionaires are university graduates, with eighty percent of the wealthy having at least a bachelor’s degree. About 30% of the world’s millionaires hold master’s and PhD degrees.
In the United States, New York and California are the top two richest states in terms of the number of millionaires per capita. The largest number of millionaires reside in New York, while California is home to the second-highest concentration. In both states, seventy-seven percent of millionaires are self-made. Only three percent of their wealth came from inheritance.
The fastest growing country in terms of millionaires is China, while India is expected to rebound after suffering from a pandemic. Other top-tier countries include Denmark, Poland, and Canada. There are also a number of young billionaires. The average age of a new millionaire is now 37 years old.
According to Forbes, the youngest billionaire is Kevin David Lehmann, who inherited his father’s 50% share in German drugstore chain DM. There are seven young billionaires with combined net worth of $25 billion. The wealthiest young billionaire is Gary Wang. If you’re looking to become a millionaire in the next decade, you should invest in one of these companies.
While a millionaire can make you rich overnight, there are many other ways to make yourself rich. One of the best ways to become a millionaire is to build a successful career and save money. Becoming famous or an expert in your field can help you build a massive income.