The Countries with the Most Millionaires: An Updated Rundown in 2025

The question of where do most millionaires live has taken on a new urgency in 2025, as the global economy bounces back from recent upheavals. The top countries by millionaire population aren’t just creating new millionaires through tech innovation and property booms; they’re also drawing high-net-worth individuals from abroad seeking investments and stable lifestyles. Although there was a notable dip in global millionaires in 2022—sparked by falling asset values—the rebound since then has been robust, particularly in places with booming real estate markets and strong equity performance.

Below, we explore the countries with the most millionaires, using the latest data and estimates for 2025. Each of these nations has carved its own path to fostering wealth: some lean on financial markets, others on manufacturing might, and still others on resource-based industries. Regardless of the approach, their growing millionaire ranks point to dynamic economies that offer fertile ground for wealth creation. If you’re wondering which countries have the richest people, this list provides key insights and numbers for the current era.

United States – 21.95 Million Millionaires (2023 Estimate, Projected Growth to 2025)

The United States remains the epicenter when it comes to how many millionaires in the US 2025. As of 2023, approximately 21.95 million adults in the U.S. boasted net worths of $1 million or more—equating to about 38% of all millionaires globally. Despite a brief setback in 2022, the country saw rapid recovery, fueled by surging tech valuations, a reinvigorated housing market, and robust consumer spending. Many analysts predict that by 2025, that figure could easily surpass 23 million millionaires, underlining America’s capacity for wealth generation across diverse industries.

One reason for this dominance is the vastness of the U.S. economy, encompassing Silicon Valley tech giants, Wall Street finance, and entrepreneurial ecosystems from coast to coast. Countries with the most millionaires often rely on strong capital markets, and the U.S. serves as a prime example—startup culture, IPOs, and private equity deals have consistently minted new millionaires. This remains a magnet for skilled immigrants and domestic innovators alike, cementing the nation’s top status in any ranking of top countries by millionaire population.

China – Around 6 Million Millionaires

China trails the U.S. in terms of number of millionaires by country 2025, but it nonetheless stands firmly in second place with roughly 6 million. Over the past decade, the nation’s rapid economic development propelled remarkable wealth accumulation. Coastal megacities like Shanghai and Shenzhen are hotbeds of entrepreneurial activity, technology startups, and real estate investment—each contributing to the climbing millionaire count. Although China’s economy faced headwinds from trade tensions and pandemic disruptions, by 2023–24 it rebounded sufficiently to keep millionaire growth robust.

A key driver is China’s massive domestic market for consumer goods and services, which fosters unicorns and public offerings at an accelerated rate. Real estate in prime urban districts has also consistently climbed in price, turning homeowners into millionaires almost overnight. As for where do most millionaires live within China, major metropolitan hubs hold the bulk, but secondary cities, buoyed by new infrastructure, are also churning out wealthy elites. That said, wealth disparity remains an ongoing concern, and the government has tried balancing wealth creation with policies aimed at reducing inequality.

Japan – Approximately 3.36 Million Millionaires

Japan claims a spot among the top countries by millionaire population, hosting about 3.36 million individuals in the millionaire bracket. Known for steady innovation, electronics, and a robust automotive sector, Japan has historically generated high savings and asset growth. Despite an aging population and multi-decade challenges like deflation, it remains a powerhouse in global finance and manufacturing. As a result, affluent tech entrepreneurs and long-established family businesses both contribute to the pool of millionaires.

Interestingly, many Japanese millionaires maintain conservative investment habits—heavy savings in cash or bonds—yet the country’s large equity market (the Tokyo Stock Exchange) and leading global brands (like Toyota, Sony, and SoftBank) still nurture many newly minted millionaires each year. Japan’s emphasis on cutting-edge R&D, from robotics to green tech, also helps sustain future wealth creation. Although overshadowed by the U.S. and China in scale, Japan’s economic stability and high standard of living support one of the world’s most significant concentrations of millionaires.

Germany – Close to 2.8 Million Millionaires

Germany holds a prominent place in Europe’s economy, which translates to roughly 2.8 million millionaires—a figure that places it among the countries with the most millionaires in the world. Renowned for high-value automotive manufacturing (think BMW, Mercedes-Benz, and Porsche) and advanced engineering sectors, the nation consistently creates wealth through export-driven strategies. Family-owned mid-sized firms, known as the Mittelstand, are equally vital, often passing down successful enterprises through generations.

One reason Germany is on the list of top countries by millionaire population is its robust social and financial systems. Although taxes can be high and cost of living has risen, the country invests heavily in vocational training, research, and infrastructure, ensuring stable business environments. Moreover, affluent clusters around Munich, Hamburg, and Frankfurt—a major financial hub—provide a magnet for skilled labor and global capital. Even with challenges like energy policy shifts, Germany’s millionaires remain confident in local industry’s potential and the country’s engineering pedigree.

United Kingdom – Approximately 3.0+ Million Millionaires

The UK harbors around 3 million millionaires, ranking high among which countries have the richest people. Traditionally, London has served as a global financial nucleus, drawing foreign investment and spawning opportunities in banking, asset management, and real estate. Despite the upheavals of Brexit, the pandemic, and subsequent economic fluctuations, the UK’s capacity to cultivate millionaires remains intact, primarily through high-value services and a vibrant startup culture.

Another factor fueling the number of millionaires by country 2025 is the UK’s magnetism for wealthy expats seeking stable governance and a prominent art or culture scene. London-based tech unicorns, hedge funds, and real estate investments all play a part in this sustained rise. If anything, the property market in upscale neighborhoods—Kensington or Mayfair, for instance—continues to escalate, turning homeowners into millionaires. Critics fear cost-of-living spikes, yet the constant flow of global capital ensures that Britain remains a top contender for wealth accumulation in Europe.

France – Around 2.86 Million Millionaires

France boasts about 2.86 million millionaires, making it another European powerhouse on this list of countries with the most millionaires. Its iconic luxury sectors—fashion houses, cosmetics giants, and top-tier wines—anchor a uniquely broad-based economy. Paris’s role as a financial center also fosters a community of high-net-worth individuals, complemented by thriving business in the tech and tourism realms.

Moreover, family dynasties in luxury conglomerates—like LVMH—have propelled France’s global brand. These massive corporations often lift local supply chains and ancillary industries, inadvertently creating more millionaires. Although France is renowned for higher social taxes and strong labor regulations, it still finds ample room for entrepreneurial projects and wealth-building in property, luxury services, and innovative tech. In particular, renewed emphasis on startup clusters within Paris has added to the country’s millionaires.

Italy – Approaching 1.3–1.4 Million Millionaires

Italy, long celebrated for its fashion, automotive, and gastronomic exports, is another major player where most millionaires live. Despite periods of economic stagnation and ongoing fiscal debates, the nation’s cluster of high-end manufacturing firms continues to nurture a respectable millionaire pool of around 1.3 to 1.4 million. Family enterprises—Ferrari, Armani, or smaller artisanal brands—often pass down wealth, reinforcing local prosperity.

This robust sense of craftsmanship—whether in luxury cars, premium leather goods, or renowned wines—drives consistent foreign demand. While bureaucratic hurdles can be steep, local entrepreneurs willing to navigate them can see significant profits. Real estate in prime areas—think Milan, Lake Como, or parts of Tuscany—has soared in value, leading numerous Italians to cross the million-dollar net worth threshold. Italy’s presence in the top countries by millionaire population thus underscores how cultural heritage and high-end production can blend to create wealth for multiple generations.

Canada – Around 1.9 Million Millionaires

Canada, with about 1.9 million millionaires, exemplifies how a resource-rich economy plus stable governance can yield a continuously rising count of high-net-worth individuals. Homeownership in major cities like Toronto or Vancouver often catapults ordinary families into the millionaire ranks, courtesy of skyrocketing housing prices. Beyond real estate, Canada thrives in finance, tech, and diverse natural resource exports, all of which bolster the number of millionaires by country 2025 on a steady incline. If you want to know who in Canada is amongst the wealthiest, read our list.

Migration also plays a major role: Canada welcomes high-skilled, high-investment immigrants who bring capital and launch new ventures. This influx of entrepreneurial talent means more expansions, IPOs, and property acquisitions—each spurring local wealth creation. As a result, the country remains an attractive choice for global investors looking for a stable political climate. For those wondering which countries have the richest people, Canada’s balanced mix of opportunities, progressive policies, and well-developed capital markets keep it solidly in the top 10.

Australia – Approximately 1.94–2.0 Million Millionaires

Rounding out the list is Australia, with close to 1.94–2.0 million millionaires. Known for robust mining, finance, real estate, and a booming tourism sector, the “Lucky Country” has seen property values in Sydney and Melbourne skyrocket over the past decade. This upward trend places a significant segment of Australians in the millionaire bracket—particularly those who own multiple properties or have capitalized on resource exports and growing tech industries.

Australia’s appeal also hinges on lifestyle: many global entrepreneurs move here seeking high living standards and relative political stability. In turn, they contribute fresh capital to local businesses or real estate deals. While the cost of living can be high, wages and investment returns often keep pace. The result is a rising tide of millionaires who help solidify Australia’s reputation among the top countries by millionaire population. As the resource-driven economy matures, new startups in biotech, clean energy, and fintech are likewise fueling incremental wealth formation.

Mapping the Future of Global Wealth

These ten nations illustrate how millionaires are distributed around the globe, answering the perennial question of where do most millionaires live in a rapidly transforming world. From the tech-driven forces in the United States and China to the family enterprises of Italy and Japan, or the resource-based engines of Canada and Australia, wealth arises in myriad ways. Rapid property value hikes, entrepreneurial ecosystems, multinational corporations, and stable political frameworks all shape the number of millionaires by country 2025.

The consistent rise of millionaires in these hubs also indicates that socio-economic challenges—like inflation or pandemic aftershocks—haven’t derailed the capacity for wealth accumulation. Unsurprisingly, which countries have the richest people remains closely tied to those that foster investment, innovation, and global ties. Whether you’re tracking how many millionaires in the US 2025 or marveling at China’s unstoppable climb, the lesson is that global wealth is dynamic. Each of these countries will likely remain major players in high-net-worth circles, fueled by a mix of tradition and continuous adaptation to new economic realities.