10.51 AM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

Most (un)equal nations for millionaires

Published
By Staff

As part of its W10 wealth report, New World Wealth examines the level of wealth inequality in major countries globally.

The global wealth intelligence and market research company did this by looking at the proportion of wealth controlled by millionaires – the higher the proportion, the more unequal the country is.

For instance, if millionaires control over 50 per cent of a country’s wealth, then there is very little space for a meaningful middle class.

Russia is the most unequal country in the world based on this measure. Millionaires control over 62 per cent of total wealth there.

India is the second most unequal. Millionaires control 54 per cent of total wealth there.

On the other hand of the spectrum, Japan is considered to be the most equal country on earth. Millionaires control only 22 per cent of total wealth there.

Australia is also very equal – millionaires control only 28 per cent of total wealth there.

The United States is also surprisingly equal – millionaires control around 32 per cent of total wealth there. This is surprising low considering all the negative press that the US gets in terms of income inequality.

The United Kingdom is slightly less equal than the US – millionaires control around 35 per cent of total wealth there.

Another interesting measure is the proportion of a country’s wealth held by billionaires.

Russia again tops this list with 26 per cent of total Russian wealth held by billionaires. Japan again is the most equal with billionaires only controlling 3 per cent of total wealth there.