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Twenty Countries With the Highest Proportion of Millionaires

  1. Millionaires by Market
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    Millionaires by Market

    These may still be tough times for most Americans, but more than 5.2 million households in the U.S. boast assets under management of at least $1 million, with more added each day. Wealth is not growing merely in the U.S. A new report by Boston Consulting Group shows that global wealth increased by 8 percent last year to reach a record $121.8 trillion. Worldwide, the number of millionaire households grew in 2010 by 12.2 percent, to 12.5 million. That adds up to 0.9 percent of the world's total households, according to BCG's study, which looked at 62 markets that include more than 98 percent of global gross domestic product. The U.S. still ranks as the country with the most millionaires per capita but lags other countries in terms of the proportion of millionaire households by market.

    The world's affluent also increased their share of total wealth: Millionaire households accounted for 39 percent of global wealth in 2010, up from 37 percent in 2009 and 36 percent in 2008, according to BCG. While governments struggle with budgets, the report states, "global wealth is expected to increase at an annual rate of nearly 6 percent over the next several years, with exceptional growth in emerging markets."

    Click here to see which countries have the highest density of millionaire households.

    Note: Millionaire households were counted based on assets under management, including cash deposits, money market funds, listed securities held directly or indirectly through managed investments, and onshore and offshore assets. It excludes wealth attributed to investors' own businesses, residences, and luxury goods.
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  2. No. 20 Country With Highest Density of Millionaires: Canada
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    No. 20 Country With Highest Density of Millionaires: Canada

    Millionaire households as a share of country's total households: 1.4%
    Number of millionaire households: 180,000
    2009 ranking: 22

    Canada comes in at No. 12 in the world for its number of millionaire households, at 180,000, according to BCG. As wealth grows, the Deloitte Center for Financial Services expects the number of millionaire households in Canada to jump a further 38 percent by 2020.

    Data source on all slides: Boston Consulting Group; data refer to 2010.
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  3. No. 19 Country With Highest Density of Millionaires: Australia
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    No. 19 Country With Highest Density of Millionaires: Australia

    Millionaire households as a share of country's total households: 1.6%
    Number of millionaire households: 130,000
    2009 ranking: 23

    With wealth in Australia on the rise, a report by real estate firm Knight Frank states that the country stands to gain from its financial link to Asia. "There are signs the geopolitical transitions in the Middle East and expansion in Asia-Pacific will spill over into the commercial property investment market in Australia," said Stephen Ellis, Knight Frank's executive chairman for Australia, in a release.
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  4. No. 18 Country With Highest Density of Millionaires: Denmark
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    No. 18 Country With Highest Density of Millionaires: Denmark

    Millionaire households as a share of country's total households: 1.7%
    Number of millionaire households: 40,000
    2009 ranking: 18

    Denmark still has a large concentration of millionaires, though per capita wealth has been declining. GDP growth has not kept up with other OECD countries, according to the country's Ministry of Economic and Business Affairs. As a result, Denmark's per capita GDP slipped to 11th place among countries surveyed by the ministry in 2008, from fifth place in 1998.
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  5. No. 17 Country With Highest Density of Millionaires: Saudi Arabia
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    No. 17 Country With Highest Density of Millionaires: Saudi Arabia

    Millionaire households as a share of country's total households: 2.0%
    Number of millionaire households: 90,000
    2009 ranking: 17

    Not only does Saudi Arabia have one of the world's highest concentrations of millionaires, it ranks third in ultra-rich households with more than $100 million in assets under management, according to BCG. About 18 of every 100,000 households in the country are classified as ultra-high-net-worth, the consultancy estimates.
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  6. No. 16 Country With Highest Density of Millionaires: Oman
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    No. 16 Country With Highest Density of Millionaires: Oman

    Millionaire households as a share of country's total households: 2.1%
    Number of millionaire households: 9,000
    2009 ranking: 16

    Wealth in Oman is driven by the oil industry, which represents a large share of the country's GDP. As oil reserves dwindle, the government is pursuing a development plan to diversify the economy so that the oil sector's share of GDP would drop to 9 percent by 2020, according to the CIA's World Factbook.
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  7. No. 15 Country With Highest Density of Millionaires: United Kingdom
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    No. 15 Country With Highest Density of Millionaires: United Kingdom

    Millionaire households as a share of country's total households: 2.2%
    Number of millionaire households: 570,000
    2009 ranking: 15

    The U.K. has 570,000 millionaire households, the fourth-highest number in Boston Consulting Group's survey, after the U.S., Japan, and China. However, as a share of total households in the country—at 2.2 percent—the U.K. ranks 15th. In a recent report, Barclays Wealth estimates that the number of millionaires in the U.K. will increase one-third by 2020.
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  8. No. 14 Country With Highest Density of Millionaires: Netherlands
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    No. 14 Country With Highest Density of Millionaires: Netherlands

    Millionaire households as a share of country's total households: 2.3%
    Number of millionaire households: 170,000
    2009 ranking: 14

    The Netherlands had 170,000 millionaire households in 2010, according to BCG, up from 152,434 a year earlier. The country had the second-highest per capita GDP in the European Union after Luxembourg, according to 2009 data from Eurostat, the statistical office of the European Union.
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  9. No. 13 Country With Highest Density of Millionaires: Ireland
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    No. 13 Country With Highest Density of Millionaires: Ireland

    Millionaire households as a share of country's total households: 2.3%
    Number of millionaire households: 30,000
    2009 ranking: 13

    Ireland's economy is struggling, yet the country still has a high concentration of wealth. In fact, a report by Merrill Lynch Global Wealth Management and Capgemini shows that the number of individuals in Ireland with more than $1 million of investable assets rose by over 10 percent in 2009, despite the drop in overall wealth values to 2005 levels, reported the Irish Times.
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  10. No. 12 Country With Highest Density of Millionaires: Bahrain
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    No. 12 Country With Highest Density of Millionaires: Bahrain

    Millionaire households as a share of country's total households: 2.6%
    Number of millionaire households: 6,000
    2009 ranking: 11

    Bahrain can be considered a wealthy country, with gross domestic product per capita of $40,400 as of 2010, according to the CIA World Factbook. Money is concentrated in the hands of the few, however, and the country has a considerable wealth gap, reported nbcconnecticut.com.
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  11. No. 11 Country With Highest Density of Millionaires: Japan
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    No. 11 Country With Highest Density of Millionaires: Japan

    Millionaire households as a share of country's total households: 3%
    Number of millionaire households: 1,530,000
    2009 ranking: 12

    Japan has 1.53 million millionaire households, second only to the U.S. Yet its share of regional wealth has been declining. Japan accounted for more than half of all wealth in the Asia-Pacific region as recently as 2008; by 2010, its share accounted for about 44 percent, according to BCG.
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  12. No. 10 Country With Highest Density of Millionaires: Belgium
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    No. 10 Country With Highest Density of Millionaires: Belgium

    Millionaire households as a share of country's total households: 3.1%
    Number of millionaire households: 140,000
    2009 ranking: 9

    Belgium has the greatest concentration of millionaires among EU member countries. Residents do not pay a wealth tax, but are subject to personal income tax, as well as withholding tax, social security, inheritance and gift tax, and communal taxes, according to Deloitte Touche Tohmatsu.
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  13. No. 9 Country With Highest Density of Millionaires: Israel
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    No. 9 Country With Highest Density of Millionaires: Israel

    Millionaire households as a share of country's total households: 3.4%
    Number of millionaire households: 80,000
    2009 ranking: 10

    The share of millionaire households remains high in Israel, which has shown signs of economic recovery. Following growth of 4 percent in 2008, Israel's GDP slipped by 0.2 percent in 2009, then rose by 3.4 percent in 2010 as exports rebounded, according to the CIA's World Factbook. Home prices in Israel were up year-on-year during each quarter in 2010, show data from Knight Frank.
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  14. No. 8 Country With Highest Density of Millionaires: Taiwan
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    No. 8 Country With Highest Density of Millionaires: Taiwan

    <strong>Millionaire households as a share of country's total households:</strong> 3.6%<br> <strong>Number of millionaire households:</strong> 280,000<br> <strong>2009 ranking:</strong> 8<br> <br> Taiwan has a widening wealth gap: In 2009, the top quintile of income earners made 6.34 times as much as the bottom quintile, up from 5.5 times 10 years ago, according to the Directorate General of Budget, Accounting, and Statistics. The government recently considered passing a luxury tax on: non-owner occupied homes sold within two years of purchase; automobiles, yachts, helicopters, and airplanes that cost more than TWD3 million (about $104,700); and ivory, coral, furs, and furniture worth more than TWD500,000 (about $17,400), <a href="http://www.csmonitor.com/World/Asia-Pacific/2011/0412/Taiwan-close-to-passing-luxury-tax-in-response-to-widening-wealth-gap"> reported the <cite>Christian Science Monitor</cite></a>.
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  15. No. 7 Country With Highest Density of Millionaires: United States
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    No. 7 Country With Highest Density of Millionaires: United States

    Millionaire households as a share of country's total households: 4.5%
    Number of millionaire households: 5,220,000
    2009 ranking: 7

    After declining in 2008, the U.S. millionaire population grew in 2009 and continued to rebound in 2010, according to BCG. While the economy has shown only slight improvement, the U.S. still has by far the most millionaire households of any country, as well as the largest number of ultra-high-net-worth households (those with more than $100 million in assets under management).
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  16. No. 6 Country With Highest Density of Millionaires: United Arab Emirates
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    No. 6 Country With Highest Density of Millionaires: United Arab Emirates

    Millionaire households as a share of country's total households: 5%
    Number of millionaire households: 50,000
    2009 ranking: 6

    Since oil was discovered in the U.A.E. more than 30 years ago, the country has transformed itself from an impoverished region to a modern state with a high standard of living, high per capita income, and a sizable annual trade surplus, according to the CIA's World Factbook. Oil and gas output represents about 25 percent of GDP.
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  17. No. 5 Country With Highest Density of Millionaires: Kuwait
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    No. 5 Country With Highest Density of Millionaires: Kuwait

    Millionaire households as a share of country's total households: 8.5%
    Number of millionaire households: 40,000
    2009 ranking: 5

    Petroleum accounts for nearly half Kuwait's GDP, 95 percent of export revenues, and 95 percent of government income, according to the CIA's World Factbook. The rise in global oil prices has boosted government budget revenue and revived government consumption and economic growth.
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  18. No. 4 Country With Highest Density of Millionaires: Hong Kong
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    No. 4 Country With Highest Density of Millionaires: Hong Kong

    Millionaire households as a share of country's total households: 8.6%
    Number of millionaire households: 200,000
    2009 ranking: 4

    In the past decade, Hong Kong's manufacturing industry moved to mainland China and its service industry grew to more than 90 percent of GDP. While Hong Kong's GDP fell in 2009 as a result of the global financial crisis, recovery began in the third quarter of 2009 and in 2010 the economy grew by nearly 6.8 percent, according to the CIA's World Factbook. The housing market also continues to grow tremendously: In 2010 Q4, home prices were up 20.1 percent year-on-year, according to Knight Frank.
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  19. No. 3 Country With Highest Density of Millionaires: Qatar
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    No. 3 Country With Highest Density of Millionaires: Qatar

    Millionaire households as a share of country's total households: 8.9%
    Number of millionaire households: 30,000
    2009 ranking: 2

    Qatar is the world's fastest-growing economy, as well as one of the richest: Annual GDP growth is estimated at 19.4 percent in 2010, with per capita GDP at $145,300, according to the CIA's World Factbook. The country has the world's third-largest reserves of natural gas, with oil and gas accounting for more than half of GDP, 85 percent of export earnings, and 70 percent of government revenues.
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  20. No. 2 Country With Highest Density of Millionaires: Switzerland
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    No. 2 Country With Highest Density of Millionaires: Switzerland

    Millionaire households as a share of country's total households: 9.9%
    Number of millionaire households: 330,000
    2009 ranking: 3

    With nearly one in 10 households in Switzerland a millionaire household, the country is one of the world's most expensive. Residents of Geneva and Zurich pay about 20 percent more on average for products, services, and accommodation than do people in other Western European cities, according to a UBS study. Food prices in particular are high—about 45 percent above levels in the rest of Western Europe.
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  21. No. 1 Country With Highest Density of Millionaires: Singapore
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    No. 1 Country With Highest Density of Millionaires: Singapore

    Millionaire households as a share of country's total households: 15.5%
    Number of millionaire households: 170,000
    2009 ranking: 1

    Singapore is home to the world's greatest concentration of millionaire households. Deloitte expects that by 2015, it may surpass Switzerland in per capita wealth among millionaire households. Singapore is Asia's eighth-most-expensive location, according to ECA International.
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