Ranked: The 12 Countries Adding Millionaires at the Fastest Rate (2023-2028F)

Marcus Lu
2024-09-11 08:19:38
www.visualcapitalist.com

Ranked: Top 12 Countries by Millionaire Population Growth

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In this graphic, we ranked the top 12 countries by their rate of millionaire population growth, from 2023 to 2028 (forecasted).

It reveals a variety of emerging markets (as well as a few developed economies) where the millionaire population is expected to increase by more than 20% over the next five years.

All figures come from the UBS Global Wealth Report 2024. Note that this analysis covers 56 countries, and is based on the number of U.S. dollar millionaires.

Data and Highlights

The data we used to create this infographic is listed in the table below.

Country	# of millionaires (2023)	# of millionaires (2028)	Growth
Taiwan	788,799	1,158,239	47%
Türkiye	60,787	87,077	43%
Kazakhstan	44,307	60,874	37%
Indonesia	178,605	235,136	32%
Japan	2,827,956	3,625,208	28%
South Korea	1,295,674	1,653,799	27%
Israel	179,905	226,226	26%
Mexico	331,538	411,652	24%
Thailand	100,001	123,531	24%
Sweden	575,426	703,216	22%
India	868,671	1,061,463	22%
Brazil	380,585	463,797	22%

Leading this ranking is Taiwan, which UBS expects will have over one million millionaires by 2028.

While organic growth is expected to account for some of its growth (primarily due to its powerful micro-chip industry), analysts expect the bulk of this increase will come from the immigration of wealthy foreigners.

In second place is Türkiye, with a projected 43% increase in millionaires by 2028. This could be due to various reasons, including the country’s growing tech sector.

According to the World Economic Forum, Turkey hosts six unicorn companies (startups valued at over $1 billion).

These are: Peak Games, Getir, Dream Games, Hepsiburada, Trendyol and Insider (an AI tech company not related to the media company Insider Inc.).

Which Countries Will Lose Millionaires?

While this UBS analysis doesn’t cover the entire world, their report does highlight two countries that will lose millionaires by 2028: The Netherlands (-4%) and the UK (-17%).

These projections line up with recent data from Henley & Partners, which estimated that nearly 10,000 millionaires would leave the UK in 2024.

Learn More on the Voronoi App

If you enjoyed this post, check out Visualizing All the World’s Millionaires for a different perspective on global wealth.

The post Ranked: The 12 Countries Adding Millionaires at the Fastest Rate (2023-2028F) appeared first on Visual Capitalist.

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