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The number of millionaires in developed and developing countries is growing — except in the United Kingdom and the Netherlands.
A new report from financial firm UBS shows that by 2028, the number of people with more than one million of wealth in USD will rise in 52 out of the 56 countries sampled. The growth is led by Taiwan, which is projected to see a 47% growth in millionaires in just five years.
Turkey is not far behind with an estimated 43% growth, followed by Kazakhstan with 37% growth.
The United States has the most millionaires of any country at almost 22 million millionaires, according to UBS. That number is expected to grow by 16% in the next five years. China sits in a far-away second place with 6 million millionaires, with a projected growth rate of 8% by 2028.
The two outliers, according to UBS, are the Netherlands and the UK. The Netherlands will see a small drop of 4% by 2028, the firm predicts, from an estimated 1,231,625 millionaires to 1,179,238.
The drop is far more precipitous in the UK, which will see an estimated 17% drop, from 3,061,553 millionaires to 2,542,464. The UK currently has the third-highest number of millionaires, but is expected to fall behind Japan, France and Germany in that category by 2028.
Chief economist for UBS Global Wealth Management Paul Donovan said that the United Kingdom has “far more” millionaires “than it deserves to have as an economy,” according to CNBC.
Donovan said the drop in UK millionaires is partly due to structural changes in the economy as money moves further East, as well due to UK sanctions on Russia, whose wealthy have long flocked to London.
Despite the war, Russia is expected to see a 21% rise in millionaires by 2028.