Technology has made the world smaller and created a truly global world economy. This means there are more opportunities than ever for enterprising people around the world to create wealth.
This trend is reflected in the increasing number of billionaires around the world. Many are focused on the United States, but Europe and Asia are also home to millions of wealthy people.
United States
Number of Billionaires: 24,500,000
The United States is home to by far the most billionaires of any country. In fact, nearly 9% of adults in the United States are now millionaires. This is not surprising since the United States has the largest domestic economy in the world.
The United States has a more generous tax system than many competing countries. This makes it easier for people to build wealth within the country.
China
Number of billionaires: 6.2 million
China has the second largest domestic economy with a gross domestic product of approximately $18 trillion. The number of billionaires in this country is much lower than in the United States, but almost twice as many as in other countries. Many of China’s billionaires are founders or senior employees of the country’s growing technology companies.
Japan
Number of millionaires: 3.4 million
Following the United States and China, the distribution of millionaires is becoming more even. Japan is in second place with 3.4 million people. GDP is also the third largest in the world. This suggests that there is at least some connection between countries with high GDP and their number of billionaires, as the US and China were his number one and his number two.
United Kingdom (tied)
Number of millionaires: 2.8 million
The United Kingdom shares fourth place with France. There are 2.8 million millionaires in each country. The GDPs of both countries are also very similar, ranking 6th and 7th overall respectively.
France (tied)
Number of billionaires: 2.8 million
France is not only the country with the fourth largest number of billionaires. It is also home to some of the world’s richest people, including Bernard Arnault, the world’s richest man.
Germany
Number of billionaires: 2.7 million
Germany is also a large European country with many billionaires. The country has Europe’s largest economy, based on key sectors such as automotive, mechanical engineering, chemistry and electrical engineering.
Canada
Number of millionaires: 2.3 million
Canada has a prosperous and diverse economy, so it’s no wonder it has many millionaires. The country is rich in natural resources, including oil sands, and is one of the largest oil producers. Rich natural gas, mineral and timber deposits are also found here.
Australia
Number of billionaires: 2.2 million
Australia is very similar to Canada in terms of number of billionaires, and her GDP ranks 12th. The country’s economy is dominated by the service sector, accounting for over 60% of GDP. Other important sectors include energy, infrastructure and agribusiness.
Italy
Number of billionaires: 1.4 million
Italy ranks 9th on the list with 1.4 million billionaires. Major industries include fashion, agriculture, manufacturing, and construction. The popular vacation destination is her 10th largest economy in the world.
South Korea
Number of millionaires: 1.3 million
South Korea comes in at number 10 on the list. The richest person in this country is Jay Y. Lee, president of Samsung Electronics. South Korea’s major industries include electronics, automobile manufacturing, and steel.
Switzerland
Number of billionaires: 1.2 million
The Swiss economy is dominated by the services sector. Almost 75% of Switzerland’s GDP comes from Switzerland. The country plays an important role in the mechanical engineering and metal industries, as well as in the production of chemicals and pharmaceuticals.
Netherlands (tied)
Number of millionaires: 1.1 million
The Netherlands and Spain jointly rank 12th on this list. The richest person in the Netherlands is Charlene de Carvalho-Heineken, heir to a large stake in beer giant Heineken. The country generates much of its wealth through industries such as IT, technology and electronics.
Spain (tied)
Number of billionaires: 1.1 million
Spain has the 12th highest GDP in the world. The country generates some of its wealth through a thriving tourism industry, but it is also active in the life sciences, automotive manufacturing, and energy sectors.
Taiwan
Number of millionaires: 870,000
Taiwan might be one of her most surprising countries on this list. The population is approximately 24 million people, with a total population of 57 people. This makes him one of the highest billionaire-to-billionaire ratios on the planet.
India
Number of billionaires: 800,000
India has replaced China as the most populous country. Its 1.4 billion people earn their wealth in industries ranging from electricity and steel production to information technology and pharmaceuticals.
Key Takeaways
What can you learn from a list like this? It turns out a few things.
First, there appears to be a strong relationship between a country’s GDP and the number of billionaires. Generally speaking, the larger a country’s economy, the greater the number of billionaires it tends to have.
However, there are some exceptions to this rule. For example, India is the fifth largest economy, but only has the 15th largest number of billionaires.
You might also want to draw conclusions about the industries that produce the most billionaires. But there doesn’t seem to be anything in common. Each country produces billionaires in a wide range of fields, from energy and technology to real estate and fashion.
