Some countries are expected to welcome more individuals into the millionaire club as the world’s population makes substantial progress in terms of wealth per adult.
According to the World Wealth Report 2024 published by the Capgemini Research Institute, the number of high-net-worth individuals (HNWIs) and their wealth spiked significantly in 2023 following a rebound in the global economic outlook.
The report further indicated that the global HNWI wealth grew by 4.7% in 2023 hitting $86.8 trillion while the HNWI population jumped by 5.1% to 22.8 million globally and continues to show a high growth potential despite market unpredictability.
According to the 2024 UBS Global Wealth Report, the number of US dollar millionaires globally stands at about 58 million. This accounts for 1.5% of the global adult population.
The UBS wealth report also showed that the United States comes tops with the largest millionaire population with about 21.95 million individuals having wealth in seven figures or more. China comes at a distant second with some 6.01 million millionaires, followed by the United Kingdom (3.06 million), France (2.87 million) and Japan (2.83 million).
Globally, the millionaire population is expected to keep growing at an interesting rate in the next five years as nations keep promoting favourable policies to increase millionaire migration and attract more investors.
In this article, we will be ranking countries with the highest millionaire growth rate within five years. The table is sourced from the UBS Global Wealth Report 2024 and takes into consideration a variety of emerging markets in 56 countries where the millionaire population is expected to increase in the next five years (2023 to 2028).
| Rank | Country | # of millionaires 2023 | # of millionaires 2028 | Growth |
|---|---|---|---|---|
| 1 | 🇹🇼 Taiwan | 788,799 | 1,158,239.00 | 47% |
| 2 | 🇹🇷 Türkiye | 60,787 | 87,077.00 | 43% |
| 3 | 🇰🇿 Kazakhstan | 44,307 | 60,874.00 | 37% |
| 4 | 🇮🇩 Indonesia | 178,605 | 235,136.00 | 32% |
| 5 | 🇯🇵 Japan | 2,827,956 | 3,625,208.00 | 28% |
| 6 | 🇰🇷 South Korea | 1,295,674 | 1,653,799.00 | 27% |
| 7 | 🇮🇱 Israel | 179,905 | 226,226.00 | 26% |
| 8 | 🇲🇽 Mexico | 331,538 | 411,652.00 | 24% |
| 9 | 🇹🇭 Thailand | 100,001 | 123,531 | 24% |
| 10 | 🇸🇪 Sweden | 575,426 | 703,216 | 22% |
Taiwan led the millionaire growth ranking with a projected 47% growth in the country’s millionaire population by 2028. The report predicts a huge leap in its millionaire population from 788,799 to over one million.
Türkey comes in second place with a projected 43% increase in its millionaire population by 2028. The only African country in the ranking, South Africa comes in 17th position. The report predicted a 20% growth in its millionaire population from 90,595 in 2023, to 108,557 in 2028.
Although Africa boasts some of the world’s wealthiest individuals, they have been lost to migration which is currently eroding the continent’s wealth. Andrew Amoils, Head of Research at New World Wealth notes that about 18,700 high-net-worth individuals have left Africa over the past decade (2013 to 2023).
Compared to global benchmarks, Africa’s wealth has been eroded by migration, currency depreciation and underperforming stock markets.