It reveals a variety of emerging markets (as well as a few developed economies) where the millionaire population is expected to increase by more than 20% over the next five years.
All figures come from the UBS Global Wealth Report 2024. Note that this analysis covers 56 countries, and is based on the number of U.S. dollar millionaires.
Data and Highlights
The data we used to create this infographic is listed in the table below.
| Country | # of millionaires (2023) |
# of millionaires (2028) |
Growth |
|---|---|---|---|
 Taiwan |
788,799 | 1,158,239 | 47% |
 Türkiye |
60,787 | 87,077 | 43% |
 Kazakhstan |
44,307 | 60,874 | 37% |
 Indonesia |
178,605 | 235,136 | 32% |
 Japan |
2,827,956 | 3,625,208 | 28% |
 South Korea |
1,295,674 | 1,653,799 | 27% |
 Israel |
179,905 | 226,226 | 26% |
 Mexico |
331,538 | 411,652 | 24% |
 Thailand |
100,001 | 123,531 | 24% |
 Sweden |
575,426 | 703,216 | 22% |
 India |
868,671 | 1,061,463 | 22% |
 Brazil |
380,585 | 463,797 | 22% |
Leading this ranking is Taiwan, which UBS expects will have over one million millionaires by 2028.
While organic growth is expected to account for some of its growth (primarily due to its powerful micro-chip industry), analysts expect the bulk of this increase will come from the immigration of wealthy foreigners.
In second place is Türkiye, with a projected 43% increase in millionaires by 2028. This could be due to various reasons, including the country’s growing tech sector.
According to the World Economic Forum, Turkey hosts six unicorn companies (startups valued at over $1 billion).
These are: Peak Games, Getir, Dream Games, Hepsiburada, Trendyol and Insider (an AI tech company not related to the media company Insider Inc.).
Which Countries Will Lose Millionaires?
While this UBS analysis doesn’t cover the entire world, their report does highlight two countries that will lose millionaires by 2028: The Netherlands (-4%) and the UK (-17%).
These projections line up with recent data from Henley & Partners, which estimated that nearly 10,000 millionaires would leave the UK in 2024.
Source: Visual Capitalist
