There are expected to be 7.7 million more millionaires in the world by 2023, according to a report by wealth data business, Wealth-X.
Wealth-X surveyed the demographics and profiles of high-net-worth-individuals (HNWIs) in a report titled High Net Worth Handbook 2019, which examined the number and dispersion of people with net assets between $1 million and $30 million.
The report asserts that by 2023, with the world’s population expected to pass 8 billion, the number of HNWIs is forecast to exceed 30.1 million, a growth of 7.7 million against 2018.
The wealth of this population is projected to total $82.2 trillion, equating to $20.9 trillion of newly created wealth in the next five years.
The greatest number of new millionaires are expected to be in the Asia-Pacific region with the compound annual growth rate (CAGR) for 2018 – 2023 forecast to be 7.6 per cent. This compares to the Americas at 5.9 per cent and Europe, the Middle East and Africa (EMEA) at 5 per cent.
The United States remains on top in terms of number of HNWIs and collective wealth, in both cases outstripping the combined figures of the other nine countries in the top 10.
According to the report, Nigeria saw the biggest growth in its HNW population in 2018, with a growth of 16.3 per cent. Egypt, Bangladesh, Vietnam, Poland, China, Kenya, India, Philippines, and Ukraine rounded out the top 10.