Well, Monaco and Liechtenstein have population far less than 200000 so there really cannot be enough millionaires. In UAE and Bahrain wealth is probably in hands of relative small amount of people. And in Luxembourg, while rich country, not everyone is millionaire. Even if third of the citizens are millionaires, it wont make to this list.
This is by total. For those countries to be on this list, 760% of Monaco's population would need to be millionaires, 580% of Liechtenstein's, 37% of Luxembourg's, 15% of Bahrain's, and 2.3% of UAE's.
And given that only about 20% of the UAE's population are citizens, who happen to control all the money, that percentage should be pushed to 11.5%. Also, within the rich citizen group, most wealth is distributed among the family rather than being in the hands of individuals.
Millionaire sounds like a lot, but when you look at property values, we're not talking about rich people, just upper middle class . . . maybe even less. For instance, I know people in Calfiornia who own homes they bought for under $50K that are worth well over $1M today.
Rent in Switzerland is not any higher than in any major European city. I've lived in a few European countries and currently keep a home in Switzerland. And no, I'm not a millionaire. Far from it.
I wouldn't be surprised if a few Youtube "kids" were millionaires. Or the Kardashian/Jenner kids. Kylie is 20 and is expected to be the youngest self-made billionaire soon.
With nobody living there to park cars or wait tables because it would be too expensive. It would actually be too expensive for the least wealthy millionaires. That's just how scarcity works.
I suppose having a lot of millionaires puts a country somewhere in the middle of wealth distribution levels. If everyone had the same amount of money there would be no millionaires and if one person had all the wealth there would be one millionaire, to give logical extremes. I can see that the USA has disproportionately many millionaires for its population and wealth in most other aspects. But I'm not sure what this means economically.
United States' large economy generally supports this country when it comes to a number of millionaires. For example - I can buy a really big house in my country for an equivalent of 100k dollars. But I would have to spend a few times more (maybe even a million) if I wanted to buy exactly the same house in some places in the USA. And note that this country is one of the most populous, which also helps a lot. Wealth is not evenly distributed there, because it has homelessness rate higher than many other developed countries.
According to Wikipedia, in 2019 the US rate of homeless per 10,000 was 17, which was lower than Canada, Australia, New Zealand, the UK, Netherlands, Luxembourg, France, Germany, Sweden, Bosnia, China, Czech Republic, Greece, Ireland, Israel, and South Africa. Jordan and Liechtenstein reported 0 homeless, while Grenada had the most at 5644. Egypt, Honduras, Nigeria, and Haiti all had over 1000. Information is compiled differently among countries so direct comparisons are difficult. https://en.wikipedia.org/wiki/List_of_countries_by_homeless_population
That ain't that many people at all. I guess it also counts property ownership, then it would make much more sense.
But don't forget that the individual debt is huge in Switzerland, about 103% of the GPD, so maybe you habe a 1M$ house but you have an enormous loan...
I would suppose that's simply due to the fact of everything being extremely expensive in Switzerland.
For example, it is not uncommon at all having to pay 1 million and more to buy a property (probably also the reason why property ownership in Switzerland is amongst the lowest in Europe).
If one does decide to take up such a huge loan and pays it off after like 40 years (wages in Switzerland are also higher) then that would technically make them millionaire on paper, but these are still middle class people and probably all in their 60s and 70s.
@ChaosLord Agreed. Not to mention the economic momentum of an empire built on land expropriation and enslavement (aka free land/resources + free labour force). Not surprising.
My God! Forgot Austria again! I would say 90% of the time doing these quizzes I forget about the existence of Austria which is annoying since I've been there.
what is considered a millionaire? Someone who buys a house worth a million with a loan and spends their life paying the mortgage? No other way I can really explain that 1/30 americans is a millionaire, seems very high.
Italy appears twice, with 1.5 million then again with 759k. I checked your data source and it says Italy 1.5 million, India 759k. Please can you check and correct?
:o. Those are some crazy numbers! I have to admit, for a split second I doubted if it was the combined amount of money of millionaires. Obviously not, but at first glance my mind thought the numbers were to high to be individual millionaires. 18 million millionaires wow
The American economy hasn't had a recession in over a decade. The median doctor in the U.S. makes nearly 300,000 a year. Senior software developers at FAANG companies have similar wages. You can easily pull down 100,000 a year as a construction worker in Seattle. Anyone who is willing to work can easily find a job. In fact, there has never been an easier time and place to get rich in the history of the world. Not that you'd ever know it listening to the news.
Seriously, if you are young and smart, come to America. Work for a decade at a tech company, and go back to where you came with enough money to do whatever you really want to do.
I look at the salaries for jobs in London and it's really pathetic compared to what you can make in San Francisco or Seattle.
QM is right but most people underestimate the costs of living in the SF Bay Area and, to only a slightly lesser degree, Seattle. For example, an Income of $117,400 is considered "low Income" by San Francisco, San Mateo and Marin counties, so that $100,000 job in construction doesn't do much. The median price of a home in SF is $1.3 million (that includes studio and 1 BR condos, the median for houses is $1.7). If one hopes to maintain a marginal middle class lifestyle at $250K a year, don't plan on home ownership or having a lot of that cash left after a decade. On the other hand, despite terrible problems like homelessness and traffic, it's a wonderful place to live with a great climate, cultural opportunities, sports and entertainment and fascinating (if sometimes nutty) people. A worthwhile experience.,
Also no first world country in which it's easier to become destitute and left behind. When the USA is the most unequal country in the OECD, and the 38th most unequal in the world, 18 million millionaires is not something of which to be proud, buddy.
I live in a rural area where cost of living is low, and I know telephone line workers and registered nurses who knock down six figures a year. Their secret is being willing to work overtime to earn time-and-a-half. RN's can work three 12-hour shifts per week in the ICU, for example, and either pick up another shift for overtime, or take a weekend option at a city hospital and often earn double pay or more at hospitals desperate to staff on weekends. Two of our friends were telephone linemen and both earned over six figures working lots of overtime, but the downside is they both had knee surgeries in their 50s, and RNs often get varicose veins. They aren't all easy jobs, but the potential for earning is there for people willing to work hard, and living in more rural areas allow people to keep more of their pay.
Even Brazilians are poor by comparison. Joseph Safra, Lebanese naturalized Brazilian and owner of Banco Safra, accumulates a fortune of US $ 25.2 billion (R $ 95.3 billion), dispute with Jorge Paulo Lemann, owner of 3G Capital: US $ 22.8 billion (R $ 86.2 billion), as the richest man in Brazil. The social inequality is so big around here, that some cannot get money to have food at home, living in a DEPLORABLE way.
Detail: Joseph Safra is Lebanese naturalized Brazilian, and João Paulo Lemann is Swiss naturalized Brazilian. In other words, I would never imagine Brazil on the list.
Social inequality isn't the problem here, but poverty is. The major factor in poverty in Brazil is the bureaucracy of the state. and the "Brazil Cost". https://en.wikipedia.org/wiki/Brazil_cost
I guess I'm a millionaire here in the Philippines. In pesos. I've never been a millionaire in US dollars or even close to it.
thank you
But don't forget that the individual debt is huge in Switzerland, about 103% of the GPD, so maybe you habe a 1M$ house but you have an enormous loan...
For example, it is not uncommon at all having to pay 1 million and more to buy a property (probably also the reason why property ownership in Switzerland is amongst the lowest in Europe).
If one does decide to take up such a huge loan and pays it off after like 40 years (wages in Switzerland are also higher) then that would technically make them millionaire on paper, but these are still middle class people and probably all in their 60s and 70s.
I look at the salaries for jobs in London and it's really pathetic compared to what you can make in San Francisco or Seattle.
Detail: Joseph Safra is Lebanese naturalized Brazilian, and João Paulo Lemann is Swiss naturalized Brazilian. In other words, I would never imagine Brazil on the list.
now... a system that allows for there to be so many billionaires.... that's a little more of a concern. But it's not the same thing as capitalism.