There Are 52,135 Filipino Dollar Millionaires, Says Credit Suisse
In the 2019 Credit Suisse Global Wealth Report and Databook, the international investment banking company reported that there are currently 52,153 Filipino dollar millionaires, or Filipino individuals each with a net worth exceeding $1 million.
According to Credit Suisse, there are over 40,000 Filipinos each with a net worth in the range of $1 million to $5 million or P51.14 million to P255.7 million. This is the wealth range with the most individuals. Meanwhile, there are only 43 Filipinos with a net worth exceeding $500 million or P25.57 billion.
Despite being categorized as a lower middle-income group, Credit Suisse has defined the Philippines as an emerging market. Compares to selected countries in Credit Suisse’s report, the Philippines experienced the fifth highest change in market capitalization, third highest change in USD exchange rate, third highest change in total household wealth, and third highest change in wealth per adult.
The country’s wealth is estimated to be worth $764 billion, which amounts of 0.2 percent of the world’s total wealth.
However, it was also recorded that, among selected countries, the Philippines has the ninth highest level of income inequality based on the Gini coefficient, a method of measuring wealth distribution. Despite the country's growing amount of millionaires, the gap between the rich and poor has seen little improvement.
There are currently 47 million millionaires worldwide in 2019, with the United States, China, Japan, United Kingdom, and Germany taking the lead. However, China has overtaken the U.S. by having more rich citizens, although the U.S. still holds the title of having the most millionaires than any other country.
The global wealth is recorded to be $361 trillion in 2019, with predictions that global wealth will hit $459 trillion in 2024.