The United States Had the World's Largest Population of Millionaires in 2020

A Credit Suisse report shows that the United States (US) is home to the world's millionaires. At least 22 million people were classified as millionaires with assets exceeding US$1 million in 2020. This represents 39.1% of the total global millionaire population, the largest in the world.

The number of US millionaires increased by 1.7 million compared to 2019. However, this increase in the number of high-net-worth individuals did not offset the decrease in the number of millionaires impacted by the Covid-19 pandemic.

China is in second place with 5.3 million millionaires. 9.4% of global millionaires reside in the country. 257,000 people joined the ranks of the wealthy in 2020 compared to 2019.

Globally, the world's millionaire population increased by 10.2% between 2019 and 2020, rising from 50.9 million in 2019 to 56.1 million the following year.

The "Global Wealth Report 2021" states that the increase in the number of global millionaires was unaffected by the improvement in household finances and assets alongside the economic disruption caused by the Covid-19 pandemic. The report defines millionaires as individuals with assets exceeding US$1 million or Rp 14.5 billion (at an exchange rate of Rp 14,500/US$).