France ranks ahead of Germany in the new global millionaire ranking by UBS – primarily due to strong real estate values and the luxury industry. However, Germany still remains in the top 5.
How many millionaires are there currently according to the report – and why is France pulling ahead? A closer examination of individual countries shows that the USA has by far the largest number of dollar millionaires in the world. Almost 24 million people there have a wealth of at least one million US dollars – which corresponds to 39.7% of the total global wealth. This means that there are more than four times as many millionaires in the USA as in the second-placed China, and even more than in France, the United Kingdom, Germany, Canada, Japan, and Australia combined.
According to the current Global Wealth Report (via ubs.com), France had about 2.9 million people in 2024 whose wealth is 1 million US dollars or more. This places our neighboring country in third place worldwide – just behind the USA and China, but ahead of Germany, which ranks fifth with around 2.6 million millionaires (via UBS).
The leap of our neighboring country forward is no coincidence: In France, especially high real estate prices – particularly in Paris and along the Côte d’Azur – have pushed many people over the million threshold.
In addition, the dominance of large luxury corporations such as LVMH or Hermès, whose stock prices have been booming for years and have made numerous shareholders wealthy (via JVTech)
How has the rate developed in Germany? Between 2023 and 2024, the number of USD millionaires in Germany slightly decreased – by about 0.5%. This corresponds to an absolute decline of approximately 13,000 individuals.
The report cites several general causes for the decline in millionaire numbers in individual countries:
- Strong inflation: It reduces real wealth, especially at the lower end of the millionaire scale.
- Weak financial markets (compared to the USA): The increases in wealth, predominantly via capital investments, are not as pronounced.
- General decline in average wealth growth in Western Europe.
In comparison to countries like the USA, where the number of millionaires has increased by over 379,000, or Switzerland, which shows stable growth rates, Germany is facing stagnation with a slight downward trend (via UBS).
The Distribution Issue
How fair is the wealth distribution in Germany? In addition to assessing the density of millionaires per nation, the current Global Wealth Report also captures overall wealth distribution. The data shows that wealth is relatively poorly distributed in Germany, and in this respect, it is actually far ahead of France – despite having a lower density of millionaires.
According to the report, there has been a significant median wealth increase among the German population, while wealth distribution is highly unequal. According to UBS, Germany ranks among the most unequal countries in Europe (Gini 0.68), which has also been criticized by voices like the DIW as early as 2021, particularly regarding the inadequate capture of large fortunes and the low taxation of high assets (via DIW).
The international millionaire comparison makes it clear: Wealth is not only a question of economic power, but also of dynamics in real estate, stocks, currency, consumption, and distribution. However, the next big leap in wealth could also come from a completely different direction. According to renowned investor Mark Cuban, the first billionaire will not emerge from real estate or luxury goods: Billionaire says AI is just the beginning – and it could create a billionaire working in the basement
