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Sweden home to record number of dollar millionaires

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Sweden home to record number of dollar millionaires
Money, money, money. Photo: Fredrik Sandberg/TT
07:55 CEST+02:00
More Swedes are dollar millionaires than ever before, sending the country for the first time into a global top-25 ranking of dollar millionaires.

Dollar millionaires in Sweden, a country with just over 10 million citizens, reached a staggering 116,000 last year, according to the new edition of the World Wealth Report, an increase by 13 percent on 2015.

“The main explanation in Sweden is rising property prices. Additionally there's a stock market upturn and savings, although that is slowing down somewhat,” said Johan Bergström, head of finance at tech and outsourcing firm Capgemini Consulting, which releases the report annually.

Property prices have been rising in Sweden in recent years, but primary homes are not included in the wealth considered in the report. Properties however still play such a big role in the total wealth of Swedes because the report does count secondary homes, for example the ever-so-popular summer houses.

The report defines a dollar millionaire as a person who has more than $1 million (around 8.2 million kronor) in investible assets, which also does not include for example an art collection or consumer goods.

READ ALSO: Sweden's wealth inequality exposed by new research

Internationally, the community of dollar millionaires grew by 7.4 percent last year, mainly thanks to real estate prices and confident stock markets around the world, reaching 14.9 million millionaires.

The most fat cats can be found in the US (4.8 million to be more specific), followed by Japan with 2.9 million, Germany with 1.3 million and China with 1.1 million.

The UK (568,000 dollar millionaires) found itself overtaken by France (579,000).

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