The ten countries with the fastest growing population of millionaires

2024-09-29 11:00:00, Kuriozitete CNA

Some countries are expected to welcome more individuals to the millionaires' club as the world's population makes significant progress in terms of wealth for adults.

According to the World Wealth Report 2024 published by the Capgemini Research Institute, the number of high net worth individuals (HNWI) and their wealth will increase significantly in 2023, following a return to the global economic outlook, Telegraph reports.

The report further showed that global HNWI wealth grew by 4.7 percent in 2023 to reach $86.8 trillion, while the HNWI population grew by 5.1 percent to 22.8 million globally and continues to show high growth potential despite market unpredictability.

According to the UBS Global Wealth Report 2024, the number of US dollar millionaires globally is around 58 million. This accounts for 1.5 percent of the global adult population.

The UBS wealth report also showed that the United States comes out on top with the largest population of millionaires with about 21.95 million individuals who have wealth in seven figures or more.

China comes in second with about 6.01 million millionaires, followed by the United Kingdom (3.06 million), France (2.87 million) and Japan (2.83 million).

Globally, the millionaire population is expected to continue growing at an interesting rate in the next five years as nations continue to promote favorable policies to increase millionaire migration and attract more investors.

In this article, we will rank the countries with the highest growth rate of millionaires within five years. The table is taken from the UBS Global Wealth Report 2024 and considers a range of emerging markets in 56 countries where the population of millionaires is expected to grow in the next five years (2023-2028).

The ten countries with the fastest growing population of millionaires

Taiwan topped the millionaire growth rankings with a projected 47 percent increase in the country's millionaire population by 2028. The report predicts a big jump in its millionaire population from 788,799 to over one million.

Turkey comes in second with a projected 43 percent increase in its millionaire population by 2028. The only African country in the ranking, South Africa comes in at 17th. The report predicted a 20 percent increase in its millionaire population from 90,595 in 2023 to 108,557 in 2028.

Although Africa boasts some of the wealthiest individuals in the world, they have been lost to migration which is currently eroding the continent's wealth. Andrew Amoils, Head of Research at New World Wealth notes that around 18,700 high net worth individuals have left Africa over the past decade (2013-2023).

By global standards, Africa's fortunes have been eroded by migration, currency devaluation and underperforming stock markets.