Kerching! 400,000 new dollar millionaires created in 2018

More than 400,000 new dollar millionaires were created last year as the fortunes of the already-well off ticked over into six-zeros despite the decline in global stock markets. It takes the number of millionaires across the world to 22.6 million.

The global population of high-net-worth individuals (HNWIs), classed as those with between $1m and $30m (£775,000-£23.3m) in liquid assets, grew by 1.9% to 22.4 million in 2018, according to research firm Wealth-X. On top of this there are a further 255,810 ultra-high-net-worth individuals with fortunes of more than $30m.

The most millionaires are in the US, with 8.7 million, followed by China (1.9 million), Japan (1.6 million), Germany (1 million) and the UK (900,000). The UK’s HNWI population grew by 1.5%, with a combined wealth of $2.4bn, up $36m on the previous.

The UK’s richest person is Sir Jim Ratcliffe, the founder and chief executive of the petrochemicals firm Ineos and a high-profile Brexiter, with an estimated fortune of £21bn and two superyachts.

Wealth is growing fastest in Africa, according to the report. It predicts the number of dollar millionaires in oil-rich Nigeria will increase by 16% over the next five years. Egypt is expected to be the second-fastest growing at 12.5%.

In Asia, it predicts the number in Bangladesh will grow by 11.4%. This is despite 1 in 4 Bangladeshis living in poverty, according to World Bank figures.