An IMGW News Report
Research from the UK’s Adam Smith Institute reveals significant trends in millionaire demographics across Europe, forecasting a shift in wealth distribution by 2028.
The findings suggest that Turkey, Russia, and Sweden will experience the most substantial increases in millionaire populations, with Turkey leading the pack.
“Conversely, the UK and the Netherlands rank as the poorest performers in the study.”
Key Findings:
- Turkey: Projected increase of 34% in millionaires by 2028, the highest in Europe.
- Russia: Anticipated growth of 23% in millionaire numbers.
- Sweden: Expected to see a 20% rise in millionaires.
The Institute’s Millionaire Tracker report, which examines 36 nations, indicates that Taiwan will experience the most considerable overall growth, with a staggering 51% increase in millionaires.
Turkey’s ascent is particularly notable, boasting a 157% increase in wealth per adult from 2022 to 2023, despite facing challenging economic conditions, including an inflation rate of 72%. This surge is primarily attributed to asset appreciation, as property values rise alongside inflation, benefiting those with substantial holdings.
Conversely, the UK and the Netherlands rank as the poorest performers in the study. The UK is predicted to lose 20% of its millionaires by 2028, while the Netherlands is expected to see a 5% decline. This downturn is attributed to high taxes and a perceived lack of support for wealth creation, prompting many millionaires to seek opportunities elsewhere.
Germany and France, despite their economic stature, will see modest increases of 15% and 14%, respectively. In stark contrast, Greece is projected to achieve only a 2% rise, positioning it near the bottom of the rankings, alongside the UAE (1%) and Saudi Arabia (-3%).
Overall, the data illustrates a shifting landscape of wealth in Europe, with emerging markets like Turkey capturing significant growth amid established economies facing stagnation.
