Scandinavia Is Home to Most of Europe's Millionaires

Swedish currency
Swedish currency | © jeaneeem/Flickr
Judi Lembke

Scandinavia – and Sweden in particular – has been at the forefront of the tech boom in Europe and the result is that the three Scandinavian countries are minting more of Europe’s millionaires than any place else.

Loved by over 40s

According to the new edition of the World Wealth Report, wealth in Europe has grown enormously in the past decade, and in Sweden dollar millionaires have increased by 13% to 116,000 – which is pretty astounding when you consider there are just 10 million people in the country. In fact, Sweden is the only country to climb up the charts in the report, entering the top 25 for the first time ever.

Swedish and Danish currency

Norway, a country of just over five million people, also experienced 13% growth, while both Denmark and Sweden were placed in the top 20 by the Global Wealth Databook.

So where are all these millionaires coming from and why is Scandinavia outpacing the rest of Europe when it comes to wealth? Johan Bergström, Head of Financing at tech and outsourcing firm Capgemini Consulting, says that in Sweden the main explanation is rising property prices, as well as an upturn in the stock market (5.5%) and in savings, and a strong economy that experienced growth of 3.3%.

Saving money helps the economy

Property prices have of course been on the upswing for a number of years, and, while a person’s primary residence is not included in the report’s wealth considerations, property does play a role because Swedes love their stugas – those beloved country cottages every other person seems to own.
Norway, of course, has oil, and it doesn’t appear it will stop flowing any time soon. Combine that with strong growth in tech and innovation and you’ve got the magical mix that creates wealth. Norwegians also love their country homes, although unlike the Swedes, who tend to have summer cottages in the countryside, Norwegians are enamoured by their mountain lodges.

Scandinavians love their holiday homes

Strong economies, along with investment, savings, and a strong entrepreneurial spirit are the drivers of the economy in Scandinavia, and while the commitment to equality means higher taxes, the solid social safety nets give citizens the security they need to take chances, as they’re not worrying about medical costs or falling through the net.

culture trip left arrow
 culture trip brand logo

Volcanic Iceland Epic Trip

meet our Local Insider


women sitting on iceberg


2 years.


It's the personal contact, the personal experiences. I love meeting people from all over the world... I really like getting to know everyone and feeling like I'm traveling with a group of friends.


I have so many places on my list, but I would really lobe to go to Africa. I consider myself an “adventure girl” and Africa feels like the ULTIMATE adventure!

culture trip logo letter c
group posing for picture on iceberg
group posing for picture on iceberg

Every CULTURE TRIP Small-group adventure is led by a Local Insider just like Hanna.

map of volcanic iceland trip destination points
culture trip brand logo
culture trip right arrow
landscape with balloons floating in the air


Connect with like-minded people on our premium trips curated by local insiders and with care for the world

Since you are here, we would like to share our vision for the future of travel - and the direction Culture Trip is moving in.

Culture Trip launched in 2011 with a simple yet passionate mission: to inspire people to go beyond their boundaries and experience what makes a place, its people and its culture special and meaningful — and this is still in our DNA today. We are proud that, for more than a decade, millions like you have trusted our award-winning recommendations by people who deeply understand what makes certain places and communities so special.

Increasingly we believe the world needs more meaningful, real-life connections between curious travellers keen to explore the world in a more responsible way. That is why we have intensively curated a collection of premium small-group trips as an invitation to meet and connect with new, like-minded people for once-in-a-lifetime experiences in three categories: Culture Trips, Rail Trips and Private Trips. Our Trips are suitable for both solo travelers, couples and friends who want to explore the world together.

Culture Trips are deeply immersive 5 to 16 days itineraries, that combine authentic local experiences, exciting activities and 4-5* accommodation to look forward to at the end of each day. Our Rail Trips are our most planet-friendly itineraries that invite you to take the scenic route, relax whilst getting under the skin of a destination. Our Private Trips are fully tailored itineraries, curated by our Travel Experts specifically for you, your friends or your family.

We know that many of you worry about the environmental impact of travel and are looking for ways of expanding horizons in ways that do minimal harm - and may even bring benefits. We are committed to go as far as possible in curating our trips with care for the planet. That is why all of our trips are flightless in destination, fully carbon offset - and we have ambitious plans to be net zero in the very near future.