Sweden drops in the list of dollar millionaires

Low growth and rising housing costs mean that Sweden continues to fall behind on the list of the world’s dollar millionaires, according to a new report. We are especially losing ground to a neighboring country that is increasingly pulling away.

In 2024, the number of Swedish dollar millionaires fell by almost 3 percent to 149,500, according to consulting giant Capgemini, which is conducting its World Wealth Report for the 29th consecutive year.

In total, Swedish dollar millionaires have a fortune of approximately 372 billion dollars, a decrease of 0.6 percent compared to 2023.

It is the second year in a row that the number of Swedish dollar millionaires has decreased.

Capgemini notes that several of the leading European markets have “stagnant” over the past year.

“At the same time, low GDP growth and uncertainty in the fixed income market, with resulting increased housing costs, have eroded purchasing power and wealth development,” says Johan Bergström, head of the financial sector at Capgemini Invent, in the report.

Our Nordic neighbors fared better. Especially Norway, which gained 5,000 new dollar millionaires in 2024.

Norway, whose population is just over half that of Sweden, has around 50 percent more dollar millionaires than Sweden.

The number of dollar millionaires also continues to increase globally after a brief dip in connection with the pandemic.

USA tops the list

The report shows that 23.4 million dollar millionaires globally amass a fortune of just over 90,000 billion dollars (or 90.4 trillion kronor), an increase of 2.6 percent compared to 2023.

For comparison, Sweden’s GDP last year was 6,400 billion kronor.

The global development, writes Capgemini, is driven by a “favorable” interest rate trend and strong US stock markets.

The report also shows that wealth has become increasingly concentrated – the number of people with assets over $30 million has increased by 6.2 percent.

The most dollar millionaires are in the United States – 7.9 million, which is an increase of just over half a million in one year.

In Asia, India and Japan dominate, both seeing an increase of 5.6 percent, which resulted in 20,000 and 210,000 new dollar millionaires respectively. China is down 1 percent.

At the same time, the lower oil price has led to a decrease in the number of dollar millionaires in the Middle East by just over 2 percent.

In Latin America, currency depreciation and economic instability led to an 8.5 percent decline in the number of dollar millionaires.

The World Wealth Report 2025 covers 71 markets that account for more than 98 percent of global gross national income and 99 percent of global market capitalization. Capgemini’s 2025 Global HNW Insights Survey surveyed 6,472 HNWs from North America/Latin America, the Middle East, Europe and Asia-Pacific.

Graphics: SvD