Are there more millionaires in China or the USA?

Are There More Millionaires in China or the USA?

When we think about wealth and global financial power, two countries dominate the conversation more than any others: the United States and China. Both are economic giants. One is the world’s largest economy by nominal GDP, the other is right behind and quickly catching up. But when it comes to the number of millionaires, the conversation shifts slightly. Suddenly, it’s not just about big corporations or national output—it’s about individual wealth. Ordinary (or not-so-ordinary) people crossing that symbolic line into millionaire territory. So, the question is simple but fascinating: are there more millionaires in China or the United States?

To answer that, we need to first be clear about what we mean by "millionaire." In this context, we're talking about individuals whose net worth—that’s assets minus liabilities—is at least one million US dollars. Not just income, not just earnings from a job, but total wealth including homes, savings, investments, businesses, and any other assets. It’s a significant milestone, one that has different implications depending on where you live. A million dollars in New York doesn’t stretch as far as a million in rural China, but globally, it’s still the gold standard for personal wealth.

Now, onto the numbers. According to reports from Credit Suisse, UBS, and various global wealth rankings, the United States has consistently led the world in the number of millionaires. In fact, the U.S. not only has the largest number of millionaires in absolute terms, it also holds the highest concentration of ultra-high-net-worth individuals—people with more than $30 million, or even hundreds of millions or more.

As of the most recent data, the United States is home to over 22 million millionaires. That's a staggering figure. Just think about that for a moment. One out of every ten adults in the U.S. is a millionaire, especially when you consider that wealth includes assets like rising real estate values, 401(k) retirement accounts, stock portfolios, and businesses. Thanks to decades of stable economic growth, favorable investment conditions, and an entrepreneurial culture, the U.S. has created and sustained this wealthy class across multiple generations.

So where does China stand? The answer is both impressive and telling. China has experienced an explosion in wealth creation over the last two decades. From a largely agrarian society with minimal private wealth in the 1980s, China has transformed into an economic juggernaut. Today, it’s estimated that China has around 6 to 7 million millionaires. That number varies depending on the report and the timeframe, but all sources agree: it’s growing fast.

What’s interesting is the rate of millionaire growth in China. While the U.S. has a more mature economy, China’s rise has been nothing short of meteoric. As more Chinese citizens invest in real estate, grow businesses, and benefit from booming sectors like tech and manufacturing, the number of high-net-worth individuals continues to climb. Entire cities like Shenzhen have emerged as hotbeds of entrepreneurship and wealth, giving rise to a new class of self-made millionaires—many of whom are still in their 30s and 40s.

Still, the U.S. maintains a considerable lead. Even if China’s economy overtakes the U.S. in total GDP in the coming years, the gap in personal wealth, especially at the high end, remains significant. It’s not just about the number of millionaires; it’s about the scale of wealth. The U.S. has more centi-millionaires (people with $100 million+) and billionaires than any other country. Silicon Valley, Wall Street, Hollywood—these institutions have produced levels of personal wealth that are still unmatched globally.

There’s also the matter of transparency. In the U.S., wealth data is more easily tracked, and property rights are clearer. In China, wealth reporting can be more opaque, and it’s often difficult to get accurate numbers due to state ownership structures, informal businesses, and cautious disclosure by the wealthy. Some analysts believe the real number of Chinese millionaires could be higher than reported, but even with optimistic estimates, it’s hard to close the gap entirely.

Another factor is currency. Wealth in China is measured in renminbi, and although the yuan is relatively strong, exchange rates still affect net worth when converted into U.S. dollars. That’s especially true for real estate, which is one of the largest components of personal wealth in China but is subject to regional price limits and state intervention.

Let’s not forget the generational aspect. In the United States, you have families who’ve been accumulating wealth for over a century. In China, private wealth accumulation is relatively new, dating back only to the economic reforms of the late 1970s and 1980s. That means Chinese millionaires are often first-generation, self-made individuals, whereas in the U.S., there's a mix of new wealth and old money.

And while China is catching up fast, there’s still a huge wealth gap between urban and rural populations. Cities like Beijing, Shanghai, and Guangzhou have millionaire densities rivaling those of European capitals, but much of the country still remains outside the scope of high individual net worth.

To summarize: the United States still has far more millionaires than China, both in raw numbers and in the upper echelons of wealth. But China is closing in, and perhaps more importantly, it’s doing so in a way that’s reshaping global wealth patterns. The rise of Chinese millionaires is not just a numbers game—it’s a reflection of shifting power, innovation, and global influence. What’s more, China’s rich are younger, hungrier, and more tech-savvy than ever before. That’s a trend worth watching.

In the end, wealth is just one metric. But it tells a story about opportunity, growth, and ambition. Right now, the U.S. still wears the crown. But if current trends continue, China’s wealth class may eventually rival, or even surpass, America’s in sheer volume. That day hasn’t come yet—but it’s closer than many might think.