Have you ever wondered how many millionaires there are in Japan? How many millionaires in Singapore? Or how many millionaires in China? Have you ever wondered how many millionaires there are in the world? If so, then this article is for you.
It’s not surprise that the United States is the home of most millionaires in the world. But, how many millionaires are there in Japan? And how about China? Those two countries actually combined trump the United States.
About 953,000 households, or 1.8% of Japan’s total, can be classified as affluent—with savings, property and other assets valued at ¥100–500 million. In addition, some 54,000 households worth more than ¥500 million account for the rarefied 0.1% super-affluent sector of society. Their lifestyles and spending patterns, in sharp contrast with those of the hoi polloi, are eagerly studied by marketers seeking to meet their demands.
So reports the tabloid Nikkan Gendai—which ran a five-part series on wealth in Japan during the week commencing 10 October—have been eagerly studied. The Nomura Research Institute has calculated that, as of 2013, the average household comprised 2.49 individuals, meaning that roughly 2.5mn people in Japan have financial assets of at least ¥100 million.
“Those who are born into affluence are quite different from the nouveau riche and have little interest in items such as Chanel or Hermès brand goods”, said journalist Yuta Nakamori. “Their lifestyles are rather modest and they may reside in a rented condominium. They accumulate savings and don’t really perceive themselves as being wealthy”.
Hiroshi Mikitani, the Rakuten Ichiba shopping portal founder, whose wealth is estimated at over ¥1 trillion, has been ranked the world’s 19th richest person. Mikitani drives a Mercedes-Maybach valued at ¥40 million.
“Mikitani bought a golf course in Gunma Prefecture through a holding company and built an expansive home next to the 18th hole”, according to a source in the financial industry. “Susumu Fujita, founder and president of Cyber Agent, Inc. owns a place nearby. Tadashi Yanai of Fast Retailing (holding firm of Uniqlo) is also said to considering purchasing a course in Hawaii. The affluent are never far from the golf scene, it seems”.
Not surprisingly, the affluent also enjoy the privileges of top-quality medical care. For a joining fee of ¥2.34 million, and an annual charge of ¥540,000, they can become members of the Grand Himedic Club, which has ties to the University of Tokyo Hospital and other top-rated medical facilities.
In the final instalment, Nikkan Gendai noticed that one of the easiest ways to move up into the moneyed class is through marriage to a member thereof. Noting that, over the past half century, the number of women attending medical school has roughly doubled in Japan, the tabloid observed that female physicians court the sons of the wealthy at organised matchmaking parties.
Germany ranks third in the number of millionaires in US dollars, behind only the United States and Japan. The top four countries with the largest number of millionaires account for 63% of the global total.
New data released by consulting company Capgemini on Tuesday indicates the number of millionaires in the world has surpassed 20 million, despite the coronavirus pandemic.
Together, the world’s millionaires hold $80 trillion (€67 trillion) in wealth. This amount grew by 7.6% in just the last year alone.
Japan
No. of millionaires- 2,720,000
Japan has the biggest millionaire population growth on the entire list. Part of the reason, the World Wealth Report says, is that the Japanese government has been very good about setting up regulations and tax codes that encourage domestic investment. Japan has more millionaires per capita than any other country in the world.
The List
Global millionaires: The figures in detail
In 2020, the number of people with a net worth of $1 million grew by 6.3%. The countries with the most millionaires are, in rank order, the United States, Japan, Germany and China.
Germany’s 1,535,000 millionaires saw their wealth grow by 4.7% over the course of the pandemic. This is compared to America’s 6,575,000 millionaires, who watched their wealth increase by 12.3%.
The disparity can be chalked up to Europe’s exposure to industries more severely impacted by the pandemic, such as fashion, tourism and retail. By contrast, the biggest gains were in technology and market valuation, favoring North America’s wealthy.
The super-rich or high net worth individuals, worth at least $30 million, saw their wealth grow by 9% over the last year.
After five years of Asia’s dominance, pandemic gains in stocks and technology put the US firmly back on top.
How the World Wealth Report was compiled
Capgemini monitors share prices, bonds owned, alternative investments, cash and property to make its valuations.
In addition to surveying wealth and wealth managers, the consulting company also relies on data from international organizations like the World Bank.
This was the 25th year of the World Wealth Report; the findings are in line with similar rankings of the world’s wealthy.
Conclusion:
Billionaires make the news, but there are actually more millionaires. In fact, there are 9.2 million millionaire households in America! With that many people, you’d think that there would be a lot of millionaires in Forbes as well right? Well, not quite. In reality there are only 585 billionaires on the Forbes 400 list which makes up roughly 20% of total billionaires worldwide.