Why Switzerland is home to more millionaires per capita than anywhere else
Switzerland has been ranked first in the world by the share of millionaires in its population, according to 2025 data published by the World Population Review, Kazinform News Agency correspondent reports.
The study shows that about 16.45% of Switzerland’s adult population hold net assets exceeding one million U.S. dollars, giving the country the highest concentration of millionaires globally. Luxembourg and Hong Kong also rank among the top economies with a high share of wealthy residents.
In absolute terms, the United States continues to lead with the largest total number of millionaires, amounting to more than 22 million individuals. China ranks second, followed by Japan, France, and Germany. Although these nations have far larger populations, their per capita share of millionaires remains lower compared to smaller financial centers such as Switzerland and Luxembourg.
According to the same data, Kazakhstan is among the countries with a relatively modest millionaire density. The share of individuals with net assets above one million U.S. dollars remains below 1%, reflecting an economy where wealth is concentrated within a limited segment of the population.
At the other end of the list are several low-income and developing nations where the proportion of millionaires per capita is minimal. Countries in Sub-Saharan Africa, South Asia, and parts of Central America record the lowest ratios, often close to 0%.
Experts note that factors such as exchange rates, cost of living, and domestic asset valuation play an important role in these comparisons, as wealth figures are calculated in U.S. dollars. The report highlights the continuing global disparity in wealth distribution, with most individual wealth concentrated in advanced economies.
World Population Review updates its statistics annually using publicly available wealth and demographic data compiled from international financial institutions and national statistical agencies.
Earlier reports indicated that the combined wealth of the world’s billionaires reached a record $13.4 trillion in 2024, up 10% from the previous year.
