UBS "By 2028, UK Millionaires to Decrease by 17%, Taiwan's to Increase by 47%"

Impact of UK Sanctions on Russia and Attraction of Low-Tax Countries
Increase in Taiwanese Wealthy Due to Semiconductor Effect
Korean Millionaires to Reach 1.64 Million by 2028, Up 27%

A study has found that while the number of millionaires worldwide will increase by 2028, the number in the United Kingdom is expected to decrease. Taiwan is projected to be the country with the largest increase in millionaires globally during this period.

According to the 'UBS Global Wealth Report 2024' released on the 10th (local time) by Swiss investment bank UBS, the number of millionaires in the UK is expected to decline by 17%, from 3,062,000 in 2023 to 2,542,000 in 2028. The UK currently ranks third in the world for the number of millionaires.

During this period, the number of millionaires in the Netherlands is also predicted to decrease by about 4%.

This result is unusual, as out of the 56 countries surveyed, 52 are expected to see an increase in millionaires.

Paul Donovan, Chief Economist at UBS Global Wealth Management, cited the key factor as non-native millionaires having wanted to live in the UK and the Netherlands in recent years. He also stated that the global upheaval in wealth structures is driving non-native millionaires living in the UK abroad. He said, "The UK currently holds the third-largest number of millionaires in the world," adding, "This is far more than it economically should have."

Foreign media analyzed that this is influenced by the rise in attractiveness of low-tax countries such as the United Arab Emirates and Singapore, following sanctions on Russia after its invasion of Ukraine. Russian oligarchs had long based themselves in London, UK. After the Russia-Ukraine war, sanctions targeted these close associates of Putin, and in the recent general election, both the Conservative Party and Labour Party pledged to abolish tax benefits for wealthy foreigners. Economist Donovan noted that this pledge had a slight impact. However, he did not comment on the potential effects of the Labour Party becoming the majority on UK millionaires.

Earlier, global investment immigration advisory firm Henley & Partners projected a net outflow of 9,500 millionaires from the UK this year, the second-highest figure globally after China. Last year, 4,200 millionaires left the UK.

The country expected to see the largest increase in millionaires is Taiwan. UBS forecasts that the number of millionaires in Taiwan will rise 47%, from 789,000 in 2023 to 1,158,000 in 2028. This is due to the growth of the semiconductor industry and an increase in wealthy foreign immigrants.

South Korea recorded 1,295,674 millionaires last year, with a projected increase of 27% to 1,643,799 by 2028.

The United States and China, which have the highest number of millionaires globally, are expected to see increases of 16% and 8%, respectively, by 2028.

UBS stated that approximately $83.5 trillion in wealth will be transferred over the next 20 to 25 years. While wealth transfer has traditionally been vertical across generations, $9 trillion of this will be horizontal transfers between spouses. Additionally, the Americas are expected to experience the largest scale of wealth transfer.

This content was produced with the assistance of AI translation services.