The Countries With The Most Millionaires In 2025

If the world’s millionaire population were 10 people, four would live in America, one in China, and the rest around the world.

This article was written by Dorothy Neufeld and originally published by Visual Capitalist.

Altogether, this group holds $226 trillion in wealth across 60 million individuals. While wealth has grown meaningfully in emerging markets supported by strong economic growth, America continues to maintain its grip on global wealth.

This graphic shows the countries with the most millionaires in 2025, based on data from the UBS Global Wealth Report 2025.

The Top 25 Countries by Millionaires

In the table below, we show the number of U.S. dollar millionaires by country:

In 2025, approximately one in 10 American adults are millionaires, reaching an estimated 23.8 million in total.

Overall, New York City, Los Angeles, and the San Francisco Bay area stand as the nation’s wealthiest cities, followed by Chicago and Houston. Interestingly, a separate analysis finds that Scottsdale, Arizona has seen the fastest millionaire growth in the country over the past decade.

With 6.1 million adults in this echelon, China follows in second. Since 2014, millionaire growth has ballooned 124% in Shenzhen, where major tech players like Tencent and Huawei are headquartered.

France follows in third, with about half the number of millionaires as in China. It also is home to the highest number of billionaires in Europe, including one of the world’s richest people, Bernard Arnault.

Meanwhile, Switzerland and Luxembourg have the highest concentration of millionaires, each with one per seven adults. Hong Kong SAR, Australia, and the Netherlands also have a high density of millionaires, where the ratio sits at one in 10 adults.