Where Most World’s Millionaire Live

Gulf countries have one of the highest percentages of millionaire households, a new study finds.

Millionaires do not live only in Hollywood. They reside all over the world, especially in the Gulf region. According to Boston Consulting Group’s Global Wealth report for 2013, an impressive amount of all millionaire households in the world reside in GCC countries, including the UAE. The rates of saving and private wealth in the Middle East and Africa were found to have increased with 9.1% over the last one year, reaching $4.8 trillion. One of the main factors that influenced this rise is believed to be the reviving of the world equity markets.

On a more general level, over the past twelve months, the global household wealth jumped with 7.8% to more than $135 trillion. In contrast, this figure was equal to only 3.6% back in 2011.

Most impressive was the growth in countries from the Asia Pacific (13.8%) and Latin America (10.5%). In North America and Western Europe things the rise was smaller – 7.8% and 5.2%, respectively.

Here is the top ten list of the countries with the highest percentage of millionaire households in 2013:

Qatar (14.3%) – This Gulf country is known to have the highest income per capita, not only in the Middle East, but also in the entire world. Currently, the number of millionaire households there amounts to 50,000 with a population of only 2 million.

Switzerland (11.6%) – This country was greatly affected by the European crisis. In addition, the pressures from Europe and the US to change its laws for banking security further weakened it. However, Switzerland remains a home to many millionaires.

Kuwait (11.5%) – Around 7% of all the oil reserves in the world are in Kuwait. Nevertheless, over the last three years, the country is attempting to diversify its economy. As a result, today 63,000 of its 2.7 million population are millionaires.

Hong Kong (9.4%) – The economic growth in Hong Kong registered a slight slowdown and a rise in inflation in 2012. Despite that, its percentage of millionaire households is estimated at 9.4%.

Singapore (8.2%) – Singapore is one of the biggest offshore banking hubs in the world. In addition, it invests a lot in its high technology market. The result – 98,000 millionaire households.

United States (4.9%) – In 2012, the US registered a record number of household millionaires – 5.87 million. Unfortunately, its massive population of 316 million pushed the country down the list.

Bahrain (4.9%) – In the last couple of years, Bahrain experienced some financial and economic difficulties. However, now everything seems to be getting back to its previous levels since about 11,000 millionaires live in the country now.

Taiwan (4%) – Thanks to the strong global technology market, Taiwan quickly recovered from the economic crisis. The country is one of the largest manufacturers of machinery and electronics in the world.

United Arab Emirates (4%) – Although, Dubai was nearly gulped down by the global economic turmoil only four years ago, the UAE is already back on its feet. Moreover, it is even financially progressing. The United Arab Emirates has a population of 5.47 million out of which 60,000 households are millionaires.

Israel (3.8%) – Israel’s economy is really diverse and strong. The country is specializing in the technology sector. Also, it has natural gas reserves and it exports agricultural products and diamonds. The amount of household millionaires in Israel is 84,000.