A generation ago millionaires were relatively rare. These days it is fairly easy to rub shoulders with one.
According to a report by the Boston Consulting Group (BCG) there were 22 million US$ millionaires worldwide in 2018.
One driver of the rising number of millionaires is inflation. A million dollars isn’t worth what it once was. Another is rising average age. An average 65 year old is worth far more than an average 20 year old. As life goes by assets accumulate before they’re spent in retirement.
A million of today’s dollars would buy only 152,000 1970 dollars. And, the average age in Switzerland rose from 32 to 42 over the same period, closer to the age when wealth typically reaches its peak.
According to data from BCG, 7.5% of Switzerland’s population is a millionaire, the highest percentage in the world. The US, with a rate of 5.9% comes second. Canada, in third place, trails far behind the US with 1.4%. Taiwan (1.3%), Japan (1.1%), UK (0.9%), France (0.8%), Italy (0.8%), Germany (0.6%) and China (0.1%) are all well behind Switzerland.
BCG report 2019 (in English)