The country now boasts 579,000 millionaires, growing 11% from 2015 to 2016, according to research from French technology consultants Capgemini.
This is the first time France has made it into the top five in the world, managing to beat the UK's 2016 count of 568,000 millionaires, the consultants found.
The report from Capgemini said France “stood out of the pack with growth levels of millionaires well above global and regional averages”.
France's recovering real estate market and continued economic growth were attributed to its rapid increase in millionaires.
Germany is the only other European country to occupy a spot in the top five, coming in third place with 1.28 million millioanaires.
The United States took the top spot with more than 4.7m people worth more than $1,000,000.
Japan possesses the second highest millionaire count in the world, at 2.9 million and China took fourth place with 1.1 million millionaires.
Overall, the number of millionaires in the world is 16.5million, increasing 8% since 2015.
The global millionaires are said to share a fortune of $63.5 trillion between them.
By Anna Schaverien