With around 400.000 millionaires in 2019, Germany ranks seventh globally in terms of the number of millionaires per country. However, when it comes to the number of people with assets of over 100 million dollars, the federal republic climbs to third place.
According to the latest Global Wealth Report by Boston Consulting Group (BCG), the number of millionaires living in Germany has doubled in the past 20 years. The report, which was released last Thursday, revealed there are around 400.000 millionaires living in Europe’s economic powerhouse, making it the country with the seventh-highest number of millionaires in the world.
Germany also ranks third in the number of people with assets totalling 100 million dollars or more, coming only behind China and the US. Last year, Germany had 2.400 people who fit into this group.
According to BCG’s study, the number of millionaires on the planet has tripled over the past two decades. The study found that there are more than 24 million people worldwide who are worth 1 million dollars (891.820 euros) at the end of 2019. Back in 1999, this number was just 8,9 million.
Over the last 20 years, all regions around the world have seen a significant increase in the number of millionaires. This is especially true for developing economies in Asia, Africa, the Middle East, Latin America and Eastern Europe, which have seen their share of personal wealth grow from a tenth to a quarter of global wealth in the last two decades.
According to the study, the world’s millionaires owned 50 percent of global wealth in 2019.