People Walk through a Manhattan The mall July 05, 2024 New York City.

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LONDON — The number of global millionaires is set to keep rising over the next five years — with the U.K. a stark outlier, according to the 2024 Global Wealth Report UBS:

The In 52 of the 56 economies studied between 2023-2028, it is predicted that the number of adult owners with $1,000,000 or more will increase. Gains The tech giant will lead the way TaiwanThe number of millionaires in the country is expected to increase by 47%, thanks to the boom of the microchip industry as well as the increased immigration of wealthy foreigners.

That The growth of the economy is followed by Turkey (43%), Kazakhstan (37%), Indonesia (32%) Japan (28%). The Two hubs are located in the U.S.A. and mainland China where most of the global millionaires live. ChinaBoth, and will see their numbers rise by 16% and 8% respectively.

HoweverThe number of millionaires in the U.K. is expected to drop by 17%.

Paul Donovan, chief economist at UBS Global Wealth ManagementHe said the U.K. has the third highest number of millionaires in the entire world. “far more … than it deserves to have as an economy.”

He Added to that, countries like France The following are some examples of how to get started: ItalyThe number of millionaires in and is expected to increase by 16% each. “natural” Capital outflows from various sources would offset any growth in the U.K. “push and pull” factors.

That He said that the shifts are partly due to the natural changes in wealth distribution, as the global economic system undergoes structural changes. Capital is also moving around the globe.

Other The introduction of sanctions by the U.K. against Russia — with wealthy Russians Long-term use London as a home for their assets — and the “non-indigenous millionaire population” Always looking for places with low taxes such as Dubai The following are some examples of how to get started: Singapore, Donovan added.

He The newly elected center-left party in the U.K. was not mentioned Labour Party As a factor in the forecast. He Instead, note that the changes to the U.K.’s so-called “non-domiciled status” tax regimeThe newly-outgoing Conservative The government had been a “small, not substantial” impact.

Another The country with the lowest number of millionaires was forecast to be the NetherlandsIt is estimated that the number of wealthy individuals will drop by 4%.

The The number of U.S. millionaires has risen to a record high, according to a report. Russia Growing by 21% Donovan Some business owners benefited from recent trends in the commodity and energy markets, currency fluctuations as well as other factors.

Rising inequality?

UBS reported that the global wealth growth recovered in 2023. The growth rate was 4.2%, after a decline of 3% in 2022. The The EMEA region led the recovery (EuropeThe Middle East The following are some examples of how to get started: AfricaIn contrast, the 4.4% growth in Asia-Pacific 3.5% of the total Americas.

The Report meanwhile presents mixed picture of the development in wealth inequality. Between 2000 and 2030, UBS said wealth mobility — a person’s ability to move up a wealth bracket through their life — would improve overall.

People The report showed that those who start in the lowest bracket of wealth have a 60% probability of moving up one wealth category, and one in three chances of moving up to two or more wealth categories.

HoweverThe average wealth is increasingly distorted by the growing concentrations of wealth at major economies.

Wealth Tax and the Next Great Migration

“Some of these findings on individual wealth will come as no surprise to most readers, but others may well be highly unexpected. Many people may not recognize their own country. They may feel like the reported growth or decline in wealth has passed them by without them noticing,” UBS stated in its report.

That is because in many countries, a rise in average wealth overlooks a sharp fall in median wealth — implying higher inequality, with wealth becoming more concentrated among the richest.

The The countries with the greatest difference between median and average wealth are France The following are some examples of how to get started: MexicoIn this case, it is increased by a factor two. In Mainland China, Hong Kong The following are some examples of how to get started: TaiwanIt’s almost three times higher in the U.S. Brazil You can also read about the United Arab Emirates, the number is increased by five.

Horizontal Wealth Transfer

While The following are some of the ways to get in touch with us. great wealth transfer between the generations UBS’s annual report this year reveals that the wealth of nations is not only going down, but will also continue to decline “sideways,” The spouses.

Of UBS estimated that 9 trillion dollars would be transferred out of the approximately $83 trillion that is expected to be passed along over the next 20-25 years. “intra-generationally” Or, horizontally: to spouses. Due A large portion of this wealth transfer will go to women due to the average life expectancy, and age differences between couples.

UBS said that the average spouse owns the inheritance for four years, before it is passed on to the next generation. The largest horizontal and vertical wealth transfers occur in the family. Americas.

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