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In 2019, There Were 52,135 Dollar Millionaires in the Philippines

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Key Points

  • There are currently 52,153 Filipino dollar millionaires or Filipino individuals each with a net worth of at least $1 million.
  • Credit Suisse has classified the Philippines as an emerging market, despite being categorized as a lower-middle-income group.
  • It is estimated that the country’s wealth is worth $764 billion, which amounts to 0.2 percent of the total world wealth.
  • Visit The Financial Today’s homepage for more stories.

In the 2019 Credit Suisse Global Wealth Report and Databook, the international investment bank published that there are currently 52,153 Filipino dollar millionaires or Filipino individuals each with a net worth of at least $1 million.

There are over 40,000 Filipinos each with a net worth in the range of $1 million to $ 5 million, according to Credit Suisse. This is the wealth range with the most number of individuals. Meanwhile, only 43 Filipinos have a net worth over $500 million.

Credit Suisse has classified the Philippines as an emerging market, despite being categorized as a lower-middle-income group. Compared to selected countries in Credit Suisse’s study, the Philippines experienced the fifth-highest market capitalization change, third-highest USD exchange rate change, third-highest total household wealth change, and third-highest wealth change per person.

It is estimated that the country’s wealth is worth $764 billion, which amounts to 0.2 percent of the total world wealth.

On the other hand, it was also reported that the Philippines has the ninth highest level of income inequality based on the Gini coefficient, a metric for measuring the distribution of wealth among selected countries. Despite the rising number of millionaires, the country has seen little change in the difference between rich and poor.

In 2019, there are currently 47 millionaires worldwide, with the United States, China, Japan, the United Kingdom, and Germany taking the lead. But China has outstripped the U.S. by having more wealthy citizens, while the U.S. still holds the title of having more millionaires than any other country.

Global wealth in 2019 has been estimated at $361 trillion, with projections that global wealth will reach $459 trillion in 2024.

2 Comments

    • Alfred Cardenas Alfred Cardenas Post author | July 30, 2020

      Yes, it’s surprising and encouraging at the same time. On the other hand, we also have one of the highest level of income inequality.

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