Despite soaring inflation, the number of millionaires in Germany has risen in the past year to around 1,6 million. That means that around one in 52 people in Germany is now classed as a millionaire. 

Number of millionaires in Germany has increased by 7,4 percent

According to an annual report published by the consultancy firm Capgemini, the number of people in Germany who own assets with a value equivalent to 1 million dollars or more (not including owner-occupied real estate, collections and consumables) increased by 6,4 percent in the past year, and the number of millionaires in the country has risen by over 7 percent. 

The company’s “World Wealth Report” found that while the number of millionaires in Germany continues to grow, China is likely to catch up and overtake Germany in the coming years. Currently, the number of millionaires in China is reported to be around 1,5 million. 

Most millionaires live in the United States

Unsurprisingly, most millionaires in the world can be found residing in the United States. Currently, there are around 7,9 million millionaires in the US, and the country also saw the sharpest increase in the number of millionaires in the past year, with figures jumping by around 13,2 percent. 

Some of the reasons Capgemini gives for Germany’s strong growth in wealth despite the COVID-19 pandemic is down to the fact that German GDP continued to rise, despite the federal epidemic control restrictions, as well as booming property prices in many German cities. A number of Germans were also able to save a lot more money during the pandemic, by not spending disposable income on holidays, trips and expensive events and festivals, pushing more people into the millionaire category.