#GlobalWealth #Millionaires #EconomicInequality #WealthReport #UBS #USMillionaires #GlobalPoverty #WealthDistribution
According to the latest annual report by Swiss banking giant UBS, the number of global millionaires continues to surge, painting a complex picture of wealth inequality around the world. This study, which draws data from 56 countries, indicates an uptrend in millionaire counts projected to persist into 2028 in 52 of these nations. Exceptions like the Netherlands and the United Kingdom predict a different trajectory; the UK anticipates a reduction of about 500,000 millionaires by 2028, marking a 17 percent decrease from its current figures.
Statista’s analysis highlights the dramatic growth in the number of millionaires since the turn of the century, particularly in the United States. In 2000, the count of millionaires in the surveyed countries was 14.7 million, which ballooned to 58 million by 2023—a striking 300 percent increase over two decades. This exponential growth contrasts sharply with the fight against extreme poverty. While the number of individuals living on less than $2.15 a day—a benchmark for extreme poverty—has dropped from 1.7 billion to about 700 million since 2000, showcasing a 60 percent reduction, it pales in comparison to the pace at which wealth is accruing among the richest.
The United States boasts the highest number of millionaires, with 22 million people classified in this wealth bracket in 2023, constituting 6.6 percent of its population. China, with 6 million millionaires (or 0.4 percent of its population), and France, with 2.9 million (4.2 percent), follow suit. Notably, China has experienced a rapid increase in its millionaire population since the beginning of the 21st century. The disparity in wealth accumulation, when juxtaposed with the global struggles against poverty, underscores the widening gap of economic inequality on a global scale. This phenomenon suggests a dual pathway of economic development, where wealth creation at the top tiers outpaces efforts to uplift those at the bottom, pointing to an increasingly polarized global economic landscape.
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