The number of millionaires around the world is growing

The number of millionaires worldwide is expected to continue to rise over the next five years, with the exception of the UK and Greece, according to the UBS Global Wealth Report 2024.

The bank assumes that Number of millionaires in Greece to remain stablebut will grow by about 10% in Portugal and Spain compared with 2023. According to UBS research, global wealth rebounded last year, growing by 4.2%, more than offsetting the 3% decline recorded in 2022, when bonds and stocks fell across all major markets, ultimately hitting households.

In Greece, the level of wealth remained unchanged in 2023. From the beginning of 2020 to 2023 there were Four markets with negative wealth growth: Greece, Japan, Italy and Spain. The most notable developments occurred in Turkeywhere withThe average adult wealth level increased by 1,708% in local currency terms over this period.In Brazil and mainland China, the figures reach even more impressive levels – over 360%, more than three times that of the United States.

Since 2008, Spain, Portugal and Greece have seen very different patterns of growth in median wealth. In Portugal, it has increased by over 80% in local currency terms, in Spain by just over 12%, and in Greece it has fallen by around 11%. Median wealth growth since 2008 has been consistently weaker in all three countries, stagnating at almost 71% in Portugal, falling by almost 7% in Spain and by more than 30% in Greece. This suggests that people with lower levels of wealth have borne the brunt. Greeks saw their wealth decline by 20% between 2010 and 2023 compared to 2000-2010, the second worst after Japan (which saw a 23% decline between 2010 and 2023).

The number of adults with $1 million or more is expected to increase in 52 of the 56 developed and developing countries surveyed between 2023 and 2028, an increase of 47%, thanks to the rapid growth of the microchip industry and increased immigration of wealthy foreigners.

Capital growth is expected in Turkey (43%), Kazakhstan (37%), Indonesia (32%) and Japan (28%). In the two centers where most of the world's millionaires live, the United States and mainland China, the number of millionaires will grow by 16% and 8%, respectively.

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