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Updated 18:27 IST, July 30th 2024

Which countries will boom with millionaires in the next 5 years?

The wealth report shows Taiwan's millionaire count rising by 47% from 788,799 in 2023 to 1,158,239 in 2028, while Türkiye's is expected to grow by 43%.

Reported by: Business Desk
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Growing number of millionaires in the world
Growing number of millionaires in the world | Image: Freepik

Global millionaire boom: The United States continues to lead globally with the highest number of millionaires, boasting nearly 22 million individuals in 2023, according to the Global Wealth Report 2024 released recently.  

Mainland China ranks second, with just over six million millionaires, approximately double the number in the third-ranking United Kingdom. No other country surpasses three million millionaires. 

Japan, Germany, and France have millionaire populations slightly below this threshold, while Canada and Australia each have fewer than two million.

In percentage terms, the distribution is striking: the United States houses 38 per cent of the world’s millionaires, Western Europe accounts for 28 per cent, and Mainland China holds 10 per cent. 

This 10 per cent is comparable to the combined total of Japan, India, Indonesia, South Korea, Singapore, and Thailand. 

Surprisingly, the Netherlands, despite its smaller size, is home to over 1.2 million millionaires, matching the numbers of Italy and Spain, and significantly surpassing Hong Kong SAR and Singapore.

Where millionaire numbers will soar

The wealth report shows that Taiwan is set to see the largest growth, with its millionaire count expected to rise from 788,799 in 2023 to 1,158,239 by 2028, marking a 47 per cent increase. Türkiye’s millionaire population is forecasted to grow by 43 per cent, from 60,787 to 87,077. Kazakhstan will experience a 37 per cent rise, from 44,307 to 60,874 millionaires. Indonesia is projected to increase by 32 per cent, growing from 178,605 to 235,136. 

Japan’s millionaires are expected to rise by 28 per cent, from 2,827,956 to 3,625,208. South Korea is set to see a 27 per cent increase, from 1,295,674 to 1,643,799. Israel’s millionaire population is forecasted to grow by 26 per cent, from 179,905 to 226,226. 

Mexico and Thailand will each experience a 24 per cent rise, with Mexico growing from 331,538 to 411,652 and Thailand increasing from 100,001 to 123,531.

Sweden’s millionaire count is expected to rise by 22 per cent, from 575,426 to 703,216, while India is projected to grow by 22 per cent from 868,671 to 1,061,463. Brazil and Norway are also expected to see a 22 per cent increase, with Brazil growing from 380,585 to 463,797 and Norway from 253,085 to 308,247. 

Russia is forecasted to have 461,487 millionaires by 2028, a 21 per cent increase from 381,726, and Canada will grow by 21 per cent, from 1,991,416 to 2,402,200. 

Australia is anticipated to see the same 21 per cent increase, from 1,936,114 to 2,334,015. South Africa’s millionaires are projected to grow by 20 per cent, from 90,595 to 108,557.

Switzerland is expected to see a 19 per cent increase in millionaires, growing from 1,054,293 to 1,253,334. Hong Kong SAR is forecasted to rise by 17 per cent, from 629,155 to 737,716, while Chile will see a 17 per cent rise from 81,274 to 95,173. 

France is anticipated to grow by 16 per cent, from 2,868,031 to 3,322,460, and the United States will also see a 16 per cent increase, reaching 25,425,792 millionaires. Belgium’s count is forecasted to rise by 16 per cent, from 564,666 to 653,881, while Saudi Arabia and the United Arab Emirates are expected to see 15 per cent increases, growing from 351,855 to 403,874 and from 202,201 to 232,067, respectively. 

Germany will experience a 14 per cent increase, from 2,820,819 to 3,229,283, while Hungary and Qatar will each see a 14 per cent rise, from 24,692 to 28,260 and from 26,163 to 29,927, respectively.

Singapore’s millionaires are projected to increase by 13 per cent, from 333,204 to 375,725, and Spain will grow by 12 per cent, from 1,180,703 to 1,327,797. 

Portugal is expected to see a 10 per cent rise, growing from 171,797 to 189,235, while Italy’s millionaires are forecasted to increase by 9 per cent, from 1,338,142 to 1,461,731. 

Mainland China’s millionaires are projected to grow by 8 per cent, from 6,013,282 to 6,505,669. Greece will see a slight decrease of 0 per cent, from 80,655 to 80,295, and the Netherlands is expected to experience a 4 per cent decline, from 1,231,625 to 1,179,328. The United Kingdom will see a significant decrease of 17 per cent, from 3,061,553 to 2,542,464.

Top wealth segments revealed

Examining the top of the wealth pyramid reveals an even more intriguing picture. The world’s wealthiest 14 individuals collectively possess nearly $2,000 billion. This group is not the smallest segment; that distinction belongs to the second-highest tier, comprising 12 individuals with fortunes ranging between $50 and 100 billion. 

The largest segment includes over 2,600 individuals with wealth between $1 billion and $50 billion.

Over the past three decades, wealth distribution has shifted notably due to technological advancements, the expansion of financial markets, rising real estate values, globalisation, and growth in emerging markets. 

Much of this increase stems from entrepreneurial ventures, with about 65 per cent of new billionaires in 2022/2023 achieving their status through business growth rather than specific events like IPOs.

Below these upper tiers, the segment of individuals with wealth between $1 million and $1 billion is vast, encompassing roughly 58 million people. 

Luxembourg leads with the highest proportion of millionaires per capita at over 16 per cent, followed by Switzerland at just under 15 per cent, with Hong Kong SAR and Australia close behind at nearly 10 per cent. 

New Zealand, the USA, and the Netherlands also approach 9 per cent, with Singapore slightly above 6.5 per cent. Notably, Monaco is excluded from this analysis.

Looking ahead, the forecast for global wealth is optimistic.. The number of adults with wealth exceeding $1 million is projected to increase in 52 out of 56 markets surveyed by 2028.

Published 18:11 IST, July 30th 2024