The Washington Post

The U.S. is growing millionaires faster than every country in the world. Except China.

The United States minted about 1,250,000 new millionaire households last year, according to the Boston Consulting Group's 2014 Global Wealth report. In total, the world added 16 million new millionaire households, with private wealth growing 14.6 percent. If you're one of those households, congratulations! (Included in that group: half of Congress and the Democratic front-runner for the presidency. But not us.)

Looking at the last few Boston Consulting reports (for 2013 and 2012) we can see the trend over time.


Every other country in the top 15 of millionaires for 2013 is scrunched in under Switzerland. But that's a neat little uptick there for the United States. And: China.

In fact, only China saw larger growth in its millionaire population between 2012 and 2013 than the United States.


Japan's decline and China's surge means that the ostensibly socialist country is now home to the second-most millionaires in the world. On a per-capita basis, of course, it drops off the radar. The country with the most millionaires compared to its population is Qatar, followed by Switzerland. The United States is seventh.

Boston Global also tracks the number of ultra-high-net-worth households -- those with more than $100 million in private wealth. The U.S. leads that, too, with 4,754 — up from 2,989 in 2010. China has 983 households with that much wealth, but that's up 83 percent from 2010.

Socialism is surprisingly good at capitalism, it seems.

Philip Bump writes about politics for The Fix. He is based in New York City.

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