European millionaires: Which country is due to top the league by 2028?

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Turkey, Russia, and Sweden are the European countries that will see the greatest increase in the proportion of millionaires by 2028, according to research from UK economic think tank the Adam Smith Institute.

The findings, from the Institute’s Millionaire Tracker report, which looks at the fortunes of 36 nations, including the US, Japan, France, Germany, Italy, and Hungary, suggest that Taiwan will see the greatest increase of all, at 51%.

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

Turkey sets the pace for European countries

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 growth of over 157% in wealth per adult between 2022 and 2023, leaving all other nations far behind. The closest are Qatar and Russia with an increase close to 20%, followed by South Africa with just over 16% and Israel with 14%,” the report says.

Turkey’s rise is despite inflation in the country currently sitting at an eye-watering 72%, according to business broadcaster CNBC. High inflation has been disastrous for many of the country’s population of 85 million, significantly reducing their purchasing power. But for Turks who own assets such as homes, their wealth has grown, as inflation pushes up the value of those holdings.

Despite the ongoing war in Ukraine and swingeing economic sanctions, Russia is predicted to create the second greatest proportion of millionaires on the continent, with a 23% increase.

UK and the Netherlands are poorest performing nations

The UK and the Netherlands are the two lowest-ranked nations out of the 36 analysed, with both countries predicted to lose millionaires as a proportion of their populations. 

The research suggests the UK will lose 20% of its millionaires by 2028, with the Netherlands losing 5%.

The only other country predicted to see a reduction in the proportion of its millionaires is Saudi Arabia, which is expected to see a 3% fall.

The right-leaning Adam Smith Institute puts the projected reduction of millionaires in the UK down to a combination of factors including high taxes, and a culture that is reluctant to support those creating wealth.

“Millionaires are leaving the UK for a number of reasons, including day-to-day taxation, frozen inheritance tax thresholds, a potential increase in capital gains taxes, the abolition of the non-dom regime, and a culture hostile to wealth-creators,” it said.

Economic heft doesn’t guarantee success

Europe’s powerhouse economies, Germany and France, are predicted to see a 15% and 14% increase, placing them towards the lower end of the rankings.

With just a 2% increase, Greece is among the lowest-placed countries in the report. Only the UK, the Netherlands, Saudi Arabia (-3%) and the UAE (1%) are ranked below it.

Global economic behemoths, the US and China, are predicted to see modest growth by 2028. Adam Smith Institute analysts suggest the US will see a 12% increase, while China, the world’s second-largest economy, will experience 8% growth.