Economy

The Countries with the Most Multimillionaires

10. Brazil
> Ultra-high net worth population: 4,015
> 1-yr. change: -13.5%
> 2012 GDP per capita: $11,875
> 2012 population: 201 million
> 2012 GDP: $2.4 trillion

Brazil has more than 4,000 ultra-high net worth individuals, the most of any country in Latin America. However this number is down 13.5% from the year before, when there were more than 4,600. Brazil was also home to the single largest loss of personal wealth in the past year: Eike Batista, owner of the fast-failing holding company EBX, lost more than $20 billion. The country has suffered from currency depreciation in recent months, which has made imports more expensive and heightened concerns about inflation. In the past year, the real has fallen by roughly 11% versus the dollar. In addition to a record trade deficit and low GDP growth, Brazil has also experienced a recent wave of anti-government protests.

Also Read: The Best Economies in the World

9. France
> Ultra-high net worth population: 4,490
> 1-yr. change: 9.5%
> 2012 GDP per capita: $35,548
> 2012 population: 66 million
> 2012 GDP: $2.3 trillion

France’s ultra-high net worth population jumped from 4,100 in 2012 to just under 4,500 this year. Meanwhile, the combined wealth of this group climbed from $475 billion to $525 billion. According to Wealth-X, Paris had 3,200 ultra-high net worth residents, more than any city in Europe except London. President Francois Hollande has been a proponent of high income taxes for the extremely wealthy. He previously proposed a 75% tax rate on personal income for the extremely wealthy, which would be by far the highest such rate in Europe. But after this tax was rejected by business leaders and in court, Hollande instead proposed taxing the companies paying such salaries.

8. Canada
> Ultra-high net worth population: 4,980
> 1-yr. change: -0.7%
> 2012 GDP per capita: $42,734
> 2012 population: 35 million
> 2012 GDP: $1.5 trillion

Canada’s ultra-high net worth population declined slightly in 2013, falling below 5,000. Women were extremely underrepresented in this group, accounting for just 5%. But wealth in Canada was not solely concentrated among the ultra-wealthy; the nation had a per capita GDP of $42,734 in 2012, 10th highest in the world. This was still well behind the U.S.’s $49,922 per capita. Canada has 37 billionaires, including the prominent Thomson family. According to Canadian Business, the family’s holdings include massive stakes in Thomson-Reuters, the National Hockey League’s Winnipeg Jets, and The Globe and Mail — a Toronto-based newspaper.

7. Switzerland
> Ultra-high net worth population: 6,330
> 1-yr. change: 13.1%
> 2012 GDP per capita: $45,418
> 2012 population: 8 million
> 2012 GDP: $369 billion

Despite being a fairly small country, Switzerland has an estimated 6,330 ultra-high net worth individuals — up roughly 13% from the year before. According to Wealth-X, this works out to 7.9 of every 10,000 Swiss residents. Switzerland’s economy remains fairly strong considering the eurozone crisis. The country, one of the world’s major financial hubs, also has been forced to alter banking laws to prevent tax evasion. Currently, 14 institutions are under investigation for purportedly helping Americans evade taxes via Swiss bank accounts.

6. India
> Ultra-high net worth population: 7,850
> 1-yr. change: 1.6%
> 2012 GDP per capita: $3,830
> 2012 population: 1.2 billion
> 2012 GDP: $4.8 trillion

The number of high net worth individuals in India rose slightly between 2012 and 2013, from 7,730 to 7,850. However the Indian economy has struggled over the past year with rising food prices and the declining value of the rupee, which has fallen almost 13% relative to the dollar in the past 12 months. The nation also has experienced slowing growth. However, Wealth-X praised the country’s leadership for being more-welcoming of foreign investment and also cutting red-tape for businesses.