The number of USD millionaires is growing fast in the world. The Global Wealth Report 2024 projects that in certain countries, the number of millionaires will increase by up to 50% between 2023 and 2028. This millionaire’s growth comes from key factors including strong financial market performance, steady economic expansion, and rising asset values across much of the world.
Taiwan is expected to lead in millionaire growth, followed closely by Türkiye and Kazakhstan. Additionally, major economies such as Japan, South Korea, and Mexico will also see significant rises in the number of millionaires in the coming years.
The Countries With Highest Projected Increase in Millionaires
The following table highlights the projected increase in the number of USD millionaires from 2023 to 2028.
| Rank | Country | Millionaires in 2023 | Millionaires in 2028 | Growth (%) |
|---|---|---|---|---|
| 1 | 🇹🇼 Taiwan | 788,799 | 1,158,239 | 47% |
| 2 | 🇹🇷 Türkiye | 60,787 | 87,077 | 43% |
| 3 | 🇰🇿 Kazakhstan | 44,307 | 60,874 | 37% |
| 4 | 🇮🇩 Indonesia | 178,605 | 235,136 | 32% |
| 5 | 🇯🇵 Japan | 2,827,956 | 3,625,208 | 28% |
| 6 | 🇰🇷 South Korea | 1,295,674 | 1,643,279 | 27% |
| 7 | 🇮🇱 Israel | 179,908 | 226,126 | 26% |
| 8 | 🇲🇽 Mexico | 331,538 | 411,652 | 24% |
| 9 | 🇹🇭 Thailand | 100,001 | 123,531 | 24% |
| 10 | 🇸🇪 Sweden | 575,462 | 703,216 | 22% |
The data is sourced from the Global Wealth Report 2024.
Taiwan
Taiwan is projected to experience the highest increase in USD millionaires, increasing from 788,799 in 2023 to 1,158,239 in 2028. This sharp rise is due to Taiwan’s rapidly growing technology sector, especially its role in making semiconductors. These tiny advanced chips empower everything from phones and cars to artificial intelligence (AI). TSMC, a world-leading semiconductor manufacturing company, is headquartered in Taiwan. Additionally, the country’s stable financial system and business-friendly policies also contribute to the notable increase in USD millionaire in Taiwan.
Türkiye
Türkiye ha the second largest projected increase in USD millionaire after Taiwan. It is expected to grow from 60,787 in 2023 to 87,077 by 2028, marking a 43% increase. The number of millionaires in Turkey is increasing due to the rising real estate value. High inflation in Turkey increases the value of real estate assets, leading to a surge in wealth for property owners. However, this wealth growth is not evenly shared among the population. Those who own real estate assets, benefit the most, while many others face declining purchasing power as inflation erodes their income and savings.
How Wealth Inequality Has Changed Globally Since 2008
Kazakhstan
Kazakhstan is projected to witness a 37% increase in USD millionaires, reaching 60,874 by 2028. This Central Asian nation is rich in natural resources like oil and gas, which bring in a lot of money. Additionally, The country’s government has been working to diversify its economy by investing in mining and agriculture sectors. As these efforts pay off, more people are benefiting and becoming millionaire. Additionally, Kazakhstan’s growing middle class and its trade ties with big neighbors like China and Russia are also helping millionaires multiply.
Indonesia
Indonesia is set to see a 32% rise in millionaires, from 178,605 in 2023 to 235,136 by 2028. This Southeast Asian giant has a huge population and a fast-growing economy driven by industries like palm oil, coal, mining, and tech startups. Urban areas like Jakarta are becoming wealth hubs for millionaires, as more people move to cities in pursuit of financial growth.
Where Are Millionaires Growing Most?
Looking at regions, Asia-Pacific is leading the surge in millionaires. Taiwan, Japan (28% growth), South Korea (27%), Indonesia (32%), and Thailand (24%) show that this part of the world is becoming a millionaire powerhouse. The region’s focus on technology, manufacturing, and trade is driving individual’s wealth. However, the growth of millionaires in the Asia-Pacific region is not always evenly distributed. Countries like Japan and South Korea have strong social security systems to support their vulnerable segment of population. On the other hand, countries like Indonesia are experiencing a widening wealth gap between the rich and the poor.
In Europe and the Middle East, Turkey and Israel are seeing notable increases in USD millionaires. Sweden is also projected to see steady millionaire growth due to its strong economy, favorable tax policies and innovations. In Central Asia Kazakhstan is expected to see a significant increase in USD millionaires.
Wealth Growth vs. Inequality
While the number of millionaires is rising, wealth inequality is also rising in many countries. In emerging markets such as Turkey, Indonesia, and Kazakhstan, the divide between the wealthy and lower-income groups is growing. In contrast, developed nations such as Sweden and Japan, may experience a more balanced wealth distribution due to their strong social safety nets.
Summing up, the coming years will bring a massive increase in the number of millionaires across the world, especially in Asia and emerging economies. At the same time, the issue of income inequality must also be taken into account, as the growing wealth gap remains a critical issue for many countries.
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