The number of millionaires worldwide is projected to grow significantly over the next five years, according to the recently published UBS Wealth Report. Notable increases are expected in countries including the UAE, Australia, the U.S., Germany, France, Japan, Spain, Italy, Taiwan, Vietnam, China and India.
Taiwan is forecasted to lead the way with a 47% increase in millionaires due to the microchip industry boom and increased immigration of wealthy foreigners. Vietnam witnessed a staggering 98% growth in USD millionaires from 2013 to 2023, the highest rate globally.
The U.S. and mainland China, the two hubs with the most global millionaires, are expected to see growth of 16% and 8%, respectively.
Britain and the Netherlands are likely to lose a significant number of their U.S. dollar millionaires by 2028, with a 17% and 4% decrease forecasted, respectively, due to factors like sanctions against Russia, tax policies, wealthy individuals seeking low-tax countries, capital outflows and the impact of Brexit.
UBS Group expects over $83 trillion of wealth to be inherited in the next 30 years, with a significant portion of assets to be transferred within the next decade due to life expectancy, and about a fifth of the world's assets are held by individuals over 75 years old.
This article was written in collaboration with Generative AI news company Alchemiq
Sources: Forbes, Financial Times, CNBC, Bloomberg, Reuters, The Guardian, Economic Times, Khaleej Times, The West, Esquire Middle East, VietNamNet, MacroBusiness, Baochinhphu, Exbulletin.