Forget the oil rich nations of the Middle East if you want to make a million, you are far more likely to do so in countries with a more developed economy or emerging markets, according to new research.
Although the rich in places like Saudi Arabia and the United Arab Emirates are likely to be very rich billionaires, neither country figures in the Top 10 list of countries with the most millionaires.
In fact, the UAE is ranked 14th with 59,000 and Saudi Arabia 15th with 50,000.
But the entire number of millionaires in the entire Middle East and North Africa is dwarfed by each of the top six countries.
The research by Swiss Bank Credit Suisse reckons the MENA region has 330,000 millionaires out of 33.7 million worldwide.
This number is predicted to surge by 42% over the five years to 49.3 million by 2020.
So which countries have the most millionaires?
Top 10 Countries With The Most Millionaires
- United States of America –15.65 million millionaires rising by 32% to 20.61 million by 2020, says the bank
- United Kingdom – 2.36 million rising 62% to 3.82 million by 2020
- Japan – 2.12 million rising 69% to 3.59 million by 2020
- France – 1.79 million rising 60% to 2.86 million by 2020
- Germany – 1.52 million rising 55% to 2.36 million
- Taiwan – 414,000 rising 80% to 744,000 by 2020
- Brazil – 168,000 rising 37% to 229,000 by 2020
- Singapore – 142,000 rising 50% to 212,000 by 2020
- Mexico – 122,000 rising 68% to 206,000 by 2020
- China – 107,000 rising 54% to 165,000 by 2020
Source: Credit Suisse
More millionaires by 2020
The bank’s report also looks at net wealth across the world and estimates almost 130,000 individuals have personal fortunes of more than $50 million.
The USA leads the way again – home to almost 60,000 of them compared to second in the table China, which has just less than 10,000.
“The global wealth report focuses on how the middle class have developed around the world since the turn of the century,” said a spokesman for the bank.
“The statistics show wealth creation has slowed since the global financial crisis and has mainly grown due to the strength of the US dollar rather than for any other reason.”
The bank expects the wealthier to get richer – and for more people to become millionaires – but for the balance of wealth to shift from developed economies to emerging markets.
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