World will add many millionaires by 2028, thanks to Taiwan
A new report from financial firm UBS forecasts a significant global increase in the number of millionaires by 2028. The study indicates that wealth exceeding $1 million per person, will rise in 52 out of the 56 countries sampled. Taiwan is expected to lead this growth with a projected 47% increase in its millionaire population, within the next five years.
Turkey, Kazakhstan follow Taiwan in millionaire growth
Turkey and Kazakhstan are also expected to see substantial growth in their millionaire populations, with anticipated increases of 43% and 37% respectively. The United States, currently holding the record for the highest number of millionaires at nearly 22 million, is predicted to grow by 16% over the next five years. Despite being a distant second with six million millionaires, China is projected to experience an 8% increase by 2028.
Millionaire count to decline in Netherlands, UK
Contrary to the global trend, the Netherlands and the United Kingdom are predicted to see a decrease in their millionaire populations. UBS forecasts a 4% drop for the Netherlands by 2028, reducing its millionaire count from an estimated 1,231,625 to 1,179,238. The decline is expected to be more significant in the UK with a projected 17% drop from approximately three million to around 2.5 million.
UK's decline in millionaires tied to economic shifts
Paul Donovan, Chief Economist for UBS Global Wealth Management, attributes the decline in UK millionaires partly to structural changes in the economy and UK sanctions on Russia. He stated that the UK has far more millionaires than it deserves to have as an economy. Despite ongoing conflicts, Russia is anticipated to see a 21% rise in its millionaire population by 2028.
