For the first time, the number of millionaires in France has overtaken those in the UK. But the US is still the land of the rich by a long way. Olivia Palamountain reports

A new global wealth report by Swiss bank UBS has revealed where in the world to find the most millionaires.

For the first time, France (with 2.82 million millionaires) has surpassed the UK as the country with the third-highest number of millionaires, trailing only the US (22.7 million millionaires) and China (6.2 million millionaires).

That gives France 4.7 per cent of the world’s total millionaires, ahead of Japan’s 4.6 per cent and the UK’s 4.3 per cent share. The UK saw its millionaire cohort fall from 2.99 million to 2.56 million.

France also leads the UK in individuals worth between US$10-50 million, with 51,403 compared to 47,420. However, it has 82 with at least US$500 million, whereas the UK has 108.

Asia-Pacific, with countries such as China and India, is witnessing a surge in its super-rich population, already outnumbering Europe’s 40,000 with a count of over 66,000.

By 2027, UBS foresees this number doubling to nearly 123,000, with a staggering 56 per cent stemming from China alone. This would place China’s super-rich populace at 68,000, surpassing Europe’s predicted 57,000.

As per the report, the global millionaire tally is set to skyrocket past 85 million by 2027. In the ultra-high net worth bracket (those with assets over US$50 million), the number is predicted to touch 372,000 – a rise of 129,000.

In comparison, Latin America’s ultra-rich numbers remain modest. While it houses 8 per cent of the global adult populace, only 2 per cent of the ultra-rich call it home.

However, by 2027, the millionaire count in Latin America is projected to jump by 89 per cent, reaching 2.2 million. Africa’s millionaire growth is even more optimistic at 113 per cent, totalling 768,000 by 2027.

How much money do individuals hold in 2023? Well, it’s gone down since the 2008 glocal financial crisis. Measured in current nominal USD, total net private wealth fell by US$11.3 trillion (-2.4%) to US$454.4 trillion at the end of 2022.

The largest wealth increases were recorded for Russia, Mexico, India and Brazil.

If the wealth was spread evenly across everyone in the world, how much would each person have? US$84,718 per adult.

The number of USD millionaires worldwide fell by 3.5 million during 2022 to 59.4 million. This figure does not, however, take into account 4.4 million “inflation millionaires” who would no longer qualify if the millionaire threshold were adjusted for inflation in 2022.

However, global wealth is expected to rise by 38 per cent over the next five years, reaching US$629 trillion by 2027.