Global Millionaire Growth Forecasts Show U.K. Decline Amidst Rising Wealth Elsewhere

LONDON — The 2024 Global Wealth Report from UBS indicates a continued rise in the number of global millionaires over the next five years, with the U.K. standing out as a significant exception. Chief economist Paul Donovan highlighted that the U.K. is expected to see a 17% decline in its millionaire population, influenced by factors such as the search for low-tax regimes, the impact of Russian sanctions, and changes to the "non-dom" tax status. In contrast, Taiwan is projected to experience a remarkable 47% increase in millionaires, driven by its booming microchip industry and an influx of wealthy immigrants. The U.S. and mainland China are also expected to see growth, with increases of 16% and 8%, respectively. Meanwhile, countries like France and Italy are anticipated to grow their millionaire populations by 16% and 9%, respectively, reflecting a more stable and "natural" growth trajectory. The report also notes that the Netherlands will face a 4% decline in millionaires, while Russia is expected to see a 21% increase in dollar millionaires. Overall, global wealth rebounded in 2023, achieving a 4.2% growth following a 3% decline in 2022. UBS's findings suggest that wealth distribution is undergoing significant changes, with a notable shift not only downward through generational transfers but also "sideways" to spouses, indicating evolving dynamics in wealth accumulation.