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European millionaires, which country will be on top by 2028?

2024-10-17 09:50:57Lifestyle SHKRUAR NGA REDAKSIA VOX

European millionaires, which country will be on top by 2028?

Turkey, Russia and Sweden are the European countries that will see the largest increase in the percentage of millionaires by 2028. This is according to research by the UK economic institute, the Adam Smith Institute. The findings, from the Millionaire Tracker Institute report, which examines the wealth of 36 nations, including the US, Japan, France, Germany, Italy and Hungary, suggest that Taiwan will see the biggest increase of all, at 51% .

Turkey is the top performing European country, with a projected 34% increase in the proportion of those who will have more than $1 million (€915,000) in net worth across all asset classes, including cash, shares, property and private pensions. funds.

Data from the UBS Global Wealth Report 2024, which was used to help create the rankings, highlights Turkey's remarkable growth in personal wealth in the face of challenging economic conditions. “Turkey stands out with a staggering increase of over 157% in adult wealth between 2022 and 2023, leaving all other countries far behind. The closest are Qatar and Russia with an increase of close to 20%, followed by South Africa with just over 16% and Israel with 14%", the report states.

Turkey's growth is despite inflation in the country currently at 72%, according to business broadcaster CNBC. High inflation has been disastrous for many of the country's 85 million people, significantly reducing their purchasing power. But for Turks who own assets such as houses, their wealth has increased as inflation increases the value of these properties. Despite the ongoing war in Ukraine and increasing economic sanctions, Russia is projected to create the second largest share of millionaires on the continent, with a 23% increase.

The UK and the Netherlands are the two lowest-ranking countries out of the 36 analysed, with both countries predicted to lose millionaires as a percentage of their population. The research suggests that the UK will lose 20% of its millionaires by 2028, while the Netherlands will lose 5%. The only other country predicted to see a decrease in its percentage of millionaires is Saudi Arabia, which is expected to see a 3% decline.

The right-leaning Adam Smith Institute puts the predicted decline in UK millionaires down to a combination of factors including high taxes and a culture reluctant to support those who create wealth. Millionaires are leaving the UK for a number of reasons, including day-to-day taxation, frozen inheritance tax thresholds, a potential rise in capital gains tax, the removal of the non-disclosure regime and a culture hostile to creators. wealth.

Europe's powerhouses, Germany and France, are expected to see growth of 15% and 14%, placing them towards the bottom of the ranking. With only an increase of 2%, Greece is among the lowest countries in the report. Only the United Kingdom, the Netherlands, Saudi Arabia (-3%) and the United Arab Emirates (1%) are ranked below it. Global economic giants, the US and China, are projected to grow modestly through 2028. Analysts at the Adam Smith Institute suggest that the US will grow by 12%, while China, the world's second largest economy, will experience an increase of 8%.


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