In this article, we will discuss the top 20 countries wealthy people choose to live in and also analyze global trends in the distribution of wealth.
What Places do Wealthy People Choose to Live In?
Wealthy people typically settle in more developed countries such as Canada, Switzerland, Germany, the United States, and the United Kingdom. These are some of the wealthiest countries by per capita net worth. In 2022, Canada, Germany, Switzerland, and the UK had a per capita net worth of around $369,577, $256,179, $685,226, and $302,783, respectively. The US, one of the largest economies in the world, had a per capita net worth of almost $551,347 in 2022. Overall, these countries have offered better wealth growth opportunities, personal security, and low crime rates over the years. Canada and Switzerland are among the countries with the lowest crime rates. According to Insider Monkey’s crime index score, Canada has a crime rate score of 2.49 and Switzerland has a crime rate score of 2.57.
Wealthy people, especially billionaires and ultra-high-net-worth individuals (UHNWIs), have renewed interest in some of the world’s fastest-growing markets. For instance, billionaires and UHNWIs in China and India are increasing every year. As of 2024, 814 billionaires reside in China, the highest among any country, while India has the third most billionaires with a total of 271. India recorded the second highest increase in total billionaires from 2023, up by 84 in 2024. The US added 109 billionaires to the list in 2024, according to the Hurun Global Rich Report 2024. In addition, the total UHNWIs in China and India were 98,551 and 13,263 in 2023, as per the Wealth Report 2024 by Frank Knight. The UHNWIs in China and India are expected to grow to 144,897 and 19,908 by 2028, respectively.
Is the Asian Economy Attracting Wealthy People?
The increase in wealth in Asian countries has been driven by economic improvement across developing countries. According to the IMF’s regional outlook, Asia-Pacific is projected to have a growth rate of 4.5% in 2024, compared to the global growth outlook of 3.2%. Moreover, Mumbai is becoming a top location for billionaires in Asia. Mumbai has emerged as the third-largest city with the most billionaires in 2024 at 92, surpassing Beijing with 91 billionaires. New York continues to be the leading residential city for global billionaires with 119 residents in 2024. Asian cities including Shanghai, Shenzhen, Hong Kong, and New Delhi are among the leading cities with the most number of billionaires in 2024. Shanghai has 87, Shenzhen has 84, Hong Kong has 65, and New Delhi has 57 billionaires. In the next decade, trillions of dollars are estimated to shift to the next generation in Asia, as per the Frank Knight Wealth Report. Almost 70,000 HNWIs from Asia are expected to pass on approximately $2.5 trillion in the next 10 years.
Wealthy People and the Green Agenda
The wealthy people are taking the green agenda seriously. Around 40% of UHNWIs are switching to EVs as part of the green agenda. Tesla Inc. (NASDAQ:TSLA) and Li Auto Inc. (NASDAQ:LI) are two of the largest EV producers in the world. Xiaomi Corporation (HKG:1810), the leading Chinese electronics manufacturer, has emerged as another large company in the EV space after the launch of its first model, the SU7 sedan. On May 15, Reuters reported that Xiaomi Corporation (HKG:1810) had sold over 7,000 units of its first model since its launch on March 28, 2024. Xiaomi Corporation (HKG:1810) expects to sell over 100,000 units in 2024.
Wealthy people are investing in the green agenda as two-thirds of UHNWIs are aiming to reduce their carbon footprint. Moreover, wealthy individuals globally are expected to rise by 28.1% during the five years from 2023 to 2028. With this context, let’s take a look at the top 20 countries wealthy people choose to live in.
Our Methodology
To compile or list the top 20 countries wealthy people choose to live in, we analyzed data from Hurun Global Rich List 2024. We shortlisted the top countries with the highest number of billionaires. We then collected the data of Ultra-High-Net-Worth Individuals (UHNWIs) for the shortlisted countries. The data for UHNWIs, as of 2023, was taken from the Wealth Report 2024 by Frank Knight. We have considered UHNWIs as wealthy individuals as they have a net worth equal to or more than $30 million. For the UHNWIs whose data was not available on Frank Knight’s wealth report, we took it from Credit Suisse’s Global Wealth Report 2023.
The list of top 20 countries wealthy people choose to live in is ranked in ascending order of the total number of wealthy people (total number of billionaires + total number of UHNWIs).
Note: We have excluded Israel from our list due to the ongoing conflicts in the region.
Top 20 Countries Wealthy People Choose to Live In
20. Thailand
Total Number of UHNWIs (2023): 889
Total Number of Billionaires (2024): 49
Total Number of Wealthy People: 938
Thailand has 49 billionaires, all living in the capital, Bangkok. Thailand had 889 UHNWIs in 2023 and ranks among the top 20 countries wealthy people choose to live in.
19. Brazil
Total Number of UHNWIs (2022): 1,238
Total Number of Billionaires (2024): 64
Total Number of Wealthy People: 1,302
Brazil’s wealth has improved over the years and the number of billionaires increased from 51 in 2023 to 64 in 2024. Brazil is one of the leading countries wealthy people choose to live in.
18. Indonesia
Total Number of UHNWIs (2023): 1,479
Total Number of Billionaires (2024): 47
Total Number of Wealthy People: 1,526
Indonesia is one of the most established economies in Asia and has 47 billionaire residents, 37 of whom live in the capital city, Jakarta.
17. Turkiye
Total Number of UHNWIs (2023): 1,932
Total Number of Billionaires (2024): 25
Total Number of Wealthy People: 1,957
Turkiye is one of the top places where wealthy people live. Turkiye has 25 billionaires and 22 of them live in Istanbul. Turkiye had 1,932 UHNWIs in 2023.
16. Russia
Total Number of UHNWIs (2022): 2,134
Total Number of Billionaires (2024): 76
Total Number of Wealthy People: 2,210
Russia has the seventh most billionaires and Moscow is the prime location in the country with 59 billionaire residents.
15. Sweden
Total Number of UHNWIs (2023): 4,125
Total Number of Billionaires (2024): 25
Total Number of Wealthy People: 4,150
Sweden is one of the most established economies in Europe and had almost 4,125 UHNWIs in 2023. Sweden has 25 billionaires in 2024 and 19 billionaires live in Stockholm. Sweden ranks 15th among the countries wealthy people choose to live in.
14. Singapore
Total Number of UHNWIs (2023): 4,783
Total Number of Billionaires (2024): 42
Total Number of Wealthy People: 4,825
Singapore has 42 billionaires, as of 2024, and ranks among the top 20 countries wealthy people choose to live in. In 2023, Singapore had 4,783 UHNWIs.
13. South Korea
Total Number of UHNWIs (2023): 7,310
Total Number of Billionaires (2024): 37
Total Number of Wealthy People: 7,347
South Korea has 37 billionaires, as of 2024, and 31 of them live in the capital, Seoul. South Korea had almost 7,310 UHNWIs in 2023.
12. Spain
Total Number of UHNWIs (2023): 10,149
Total Number of Billionaires (2024): 27
Total Number of Wealthy People: 10,176
Spain is one of the largest economies in Europe with UHNWIs of around 10,149, as of 2023. Spain is one of the top European countries where wealthy people live.
11. India
Total Number of UHNWIs (2023): 13,263
Total Number of Billionaires (2024): 271
Total Number of Wealthy People: 13,534
India’s economy is improving and so is the wealth of the top 1% in the country. The number of billionaires increased from 187 in 2023 to 271 in 2024. In 2023, India had 13,263 UHNWIs and ranks 11th among the countries wealthy people choose to live in.
10. Switzerland
Total Number of UHNWIs (2023): 14,734
Total Number of Billionaires (2024): 106
Total Number of Wealthy People: 14,840
Switzerland is one of the favorite spots for wealthy people. The country has 106 billionaires and had 14,734 UHNWIs in 2023. Switzerland ranks among the top 20 countries wealthy people choose to live in.
9. Australia
Total Number of UHNWIs (2023): 15,347
Total Number of Billionaires (2024): 45
Total Number of Wealthy People: 15,392
Australia is one of the fastest-growing economies. Nearly 15,347 UHNWIs lived there in 2023. With a total of 45 billionaires, Australia ranks 9th among the countries wealthy people choose to live in.
8. Italy
Total Number of UHNWIs (2023): 15,952
Total Number of Billionaires (2024): 69
Total Number of Wealthy People: 16,021
Italy is another top location wealthy people choose to live in. Italy has 69 billionaires and 28 of them live in Milan. In 2023, Italy had around 15,952 UHNWIs.
7. Japan
Total Number of UHNWIs (2023): 21,710
Total Number of Billionaires (2024): 44
Total Number of Wealthy People: 21,754
Japan has a total of 44 billionaires and 30 of them live in the capital of the country, Tokyo. Japan had 21,710 UHNWIs in 2023 and ranks seventh among the places where wealthy people live.
6. United Kingdom
Total Number of UHNWIs (2023): 23,072
Total Number of Billionaires (2024): 146
Total Number of Wealthy People: 23,218
The United Kingdom had 23,072 UHNWIs in 2023 compared to 22,379 in 2022. The United Kingdom has 146 billionaire residents and 97 of them live in London, making it the second-largest city with the highest number of billionaires.
5. France
Total Number of UHNWIs (2023): 24,941
Total Number of Billionaires (2024): 68
Total Number of Wealthy People: 25,009
France has 68 billionaire residents and is one of the top locations for wealthy people. Out of the 68 individuals, 44 of them live in Paris. France had 24,941 UHNWIs in 2023.
