Editor’s note: This article was first published in June 2012. It is based on the Boston Consulting Group wealth report published in 2012 (2011 data); the rankings, populations, household counts and the “serious recession” in the US reflect that year, as does Eduardo Saverin’s age (30).
Based on the report by Boston Consulting Group, we have put together a list of the countries with the highest density of millionaires per inhabitant. Households with more than 1 million dollars, whether in cash or in assets, count as millionaires. Asia was the region where the number of millionaires grew the most, while Western Europe and North America saw their number fall. Still, it’s worth noting that the “real” millionaires (those whose money is counted not in single millions but in hundreds of millions) increased by an average of around 7%. On to the list:
10. Bahrain
Population: 1,300,000. Millionaire households: 8,000
Bahrain is a small island kingdom in the Persian Gulf that became known in the Western world because of the Arab Spring. The region is rich in oil and is booming in finance, aluminium and construction. The richest household in the country is the royal family’s, headed by King Hamad bin Isa Al Khalifa.
9. Taiwan
Population: 23,200,000. Millionaire households: 246,000
Its economy is based mainly on exports of electronics, machinery and petrochemical products. It is an example of a country that managed to recover quickly from the recession it was in, with GDP growing 5.2% in 2011.
8. Israel
Population: 7,800,000. Millionaire households: 83,000
The technology business is booming in Israel. In fact, it is becoming an excellent opportunity for startup entrepreneurs. Diamonds and agricultural products make up the other important part of its growing economy.
7. United States
Population: 322,400,000. Millionaire households: 5,130,000
This country needs no introduction: it is the world’s largest economy and certainly the cradle of millionaires. More than 5 million millionaires is no small thing for a country going through a serious recession. The US also accounts for a high percentage of the names on the Forbes rich list.
6. United Arab Emirates
Population: 7,110,000. Millionaire households: 65,000
A country where around 80% of the population was not born in the Emirates. Most of the fortunes belong to millionaires from other countries, above all from Dubai and the Middle East.
5. Hong Kong
Population: 7,200,000. Millionaire households: 212,000
Finance, trade, real estate, transport and exports are Hong Kong’s economic weapons, although its GDP shrank in 2011 because of a slowdown in construction. Even so, it is one of the countries with the highest density of millionaires.
4. Switzerland
Population: 7,700,000. Millionaire households: 322,000
Switzerland not only has 322,000 millionaires; it is also one of the countries where the economic well-being of the population as a whole far exceeds that of the rest. One in every 10,000 inhabitants has more than 100,000 dollars in their current account, and 3 in every 1,000 have more than 50,000. It is probably the country with the lowest poverty rate in the world.
3. Kuwait
Population: 3,600,000. Millionaire households: 63,000
Kuwait holds 7% of the world’s oil reserves. The country’s government announced that it would invest more than 130 billion dollars in Europe and the United States as a way of diversifying. In Spain specifically, Kuwait is interested in solar energy, so it could become an economic ally in the short term and, in the long term, a threat to Spain’s “alternative energy” economy.
2. Qatar
Population: 1,900,000. Millionaire households: 47,000
With a third of the world’s natural gas reserves and an economy that gets 50% of its GDP from oil and natural gas exports, this small country — barely a dot on the map — is becoming a major emerging economy, providing work for construction companies from all over the world. Qatar has positioned itself strategically in Spain, buying into key companies in several Spanish sectors, both in tourism and in energy.
1. Singapore
Population: 4,800,000. Millionaire households: 188,000
A strategic financial services hub for Asia and one of the largest offshore banking centres. Singapore’s richest resident is 30 years old and his name is Eduardo Saverin — some of you will know him as the co-founder of Facebook. This country is the winner when it comes to millionaire density.
Further reading
Featured image: Chris Hoare, CC BY 2.0, via Flickr.
