Dubai:  Bahrain has the second-highest density of millionaire residents in the world, with 123 out of every 1,000 households holding private wealth above $1 million (Dh3.6 million) as of 2014.

Switzerland remains the favourite haven of the ultra-wealthy, with 135 out of 1,000 households owning more than $1 million in private wealth, according to data released by Boston Consulting Group (BCG).

Other strong contenders are Qatar, third on the list, with 116 millionaires out of 1,000 households;  Singapore (107); Kuwait (99) and Hong Kong (94).

Looking at the density of millionaires from a regional perspective, BCG found that the United States still has the biggest number of millionaire households as of 2014 (7 million), followed by China (4 million).

Japan has the third-highest number, with 1 million millionaire households, down from previous years due to the fall of the yen against the US dollar.

People across the globe continue to accumulate more money, with private financial wealth increasing by nearly 12 per cent in 2014 to reach $164 trillion.

The UAE did not show up on the list of countries with highest concentration of millionaires, but BCG predicted that private wealth in the country will witness the strongest growth in the GCC, posting a compound annual growth rate of 10.7 per cent over the next five years.

BCG’s study covers 62 countries accounting for more than 94 per cent of global gross domestic product in 2014.