Top 10 countries adding most millionaires by 2028: Amid high interest rates and inflation impacting the global economy, global wealth fell by 3% in 2022, with the number of millionaires worldwide decreasing to 59.4 million, UBS highlighted in its Global Wealth Report.
Nevertheless, wealth appears to be growing steadily globally—albeit at distinct speeds—with very few exceptions.
Global wealth rebounded, increasing by 4.2% in USD terms, with emerging economies surpassing a 30% share of global wealth in 2024.
While traditional economies like the US and Europe continue to remain wealthy, newer players in EMEA and APAC are catching up quickly; expanding wealth by 4.8% and 4.4%, respectively, in 2023.
Leveraging advancements in technology, energy, and financial reforms, this trend indicates a shift toward emerging markets and technological hubs as the main sources of new wealth.
However, this shift also triggers a migration of wealth from established economies, like the United Kingdom and the Netherlands, which are projected to experience significant declines in their millionaire populations due to immigration and changes in tax policies.
What does the future hold for wealth throughout the world? Top 10 countries with rising millionaires
Looking ahead, the percentage of adults in the lowest wealth bracket will decrease, while the number of dollar millionaires is set to rise by as much as 50% over the next five years, UBS reports.
It also forecasts a significant increase in the millionaire population across 52 of the 56 markets analysed by 2028.
Its growth largely stems from strong economic expansion and enhanced wealth opportunities in emerging markets, which will drive a considerable rise in the global millionaire population.
Notably, Taiwan will see a 47% increase in millionaires, from about 790K in 2023 to 1.16M by 2028, driven by the AI boom and the semiconductor industry, the highest among 56 surveyed markets.
The UK and Netherlands are expected to experience negative growth, while the U.S. might hold onto its top spot with the most millionaires.
Here are the top 10 countries that are rapidly increasing their millionaire populations:
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