10 Nations That Lost the Most Millionaires Last Year

Last year was a rough one for investors.

During 2022, the returns for both stocks and bonds generally took a nosedive. That means a lot of people who were millionaires in January no longer held that lofty status by December.

Worldwide, 3,508,000 people had slipped from the ranks of millionaires by the end of 2022, according to the latest annual global wealth report from Credit Suisse and UBS.

Investors in some nations really took it on the chin. Here is a list of the nations that lost the most millionaires in 2022.

10. New Zealand

The number of adult residents of this country with a wealth of more than $1 million USD in 2022: 255,000 (which reflects a loss of 75,000 from the prior year)

The population of New Zealand is just 4.5 million. However, around 2 million people visit the island nation every year, making tourism the top industry in the country.

9. Taiwan

The number of adult residents of this country with a wealth of more than $1 million USD in 2022: 765,000 (which reflects a loss of 83,000 from the prior year)

Taiwan is known for being a titan in the realm of computer microchip manufacturing. Although socioeconomic inequality has been a problem, minimum wages are on the increase.

8. Sweden

The number of adult residents of this country with a wealth of more than $1 million USD in 2022: 467,000 (which reflects a loss of 120,000 from the prior year)

Sweden has a strong reputation as an exporter of goods and services. Chief exports include electronics, cars and paper.

7. Italy

The number of adult residents of this country with a wealth of more than $1 million USD in 2022: 1,335,000 (which reflects a loss of 121,000 from the prior year)

Italy‘s economy ranks as No. 3 in the world and No. 3 in the European Union. But Russia’s invasion of Ukraine has triggered rising energy costs in Italy that have hampered economic growth recently.

6. Germany

The number of adult residents of this country with a wealth of more than $1 million USD in 2022: 2,627,000 (which reflects a loss of 253,000 from the prior year)

Germany has the largest economy in Europe, and its population is second only to Russia. The labor force in Germany is highly educated and skilled, according to the U.S. Central Intelligence Agency.

5. Canada

The number of adult residents of this country with a wealth of more than $1 million USD in 2022: 2,032,000 (which reflects a loss of 299,000 from the prior year)

Canada is a large country that is rich in natural resources. With one of the world’s largest economies, Canada is America’s largest trading partner. It excels in the timber, oil and gas industries.

4. Australia

The number of adult residents of this country with a wealth of more than $1 million USD in 2022: 1,840,000 (which reflects a loss of 363,000 from the prior year)

Australia is a global economic power with a robust financial sector. However, the workforce Down Under is aging.

3. United Kingdom

The number of adult residents of this country with a wealth of more than $1 million USD in 2022: 2,556,000 (which reflects a loss of 439,000 from the prior year)

The United Kingdom has the world’s fifth-largest economy. The investment relationship between the U.S. and the U.K. is the largest in the world.

2. Japan

The number of adult residents of this country with a wealth of more than $1 million USD in 2022: 2,757,000 (which reflects a loss of 466,000 from the prior year)

Japan has the fourth-largest economy in the world, but the nation is highly indebted. Its debt amounted to 216% of its gross domestic product (GDP) as of 2020.

1. United States

The number of adult residents of this country with a wealth of more than $1 million USD in 2022: 22,710,000 (which reflects a loss of 1,770,000 from the prior year)

No country has more rich folks than the United States, so it’s only natural that the nation with the world’s biggest economy saw the largest number of millionaires topple from their perch in 2022.