Britain is expected to lose nearly one in six of its U.S. dollar millionaires by 2028, according to the UBS Global Wealth Report for 2024. The report predicts a 17% decline in British millionaires, from 3,061,553 in 2023 to 2,542,464. Chief Economist Paul Donovan attributed this partly to the country’s disproportionately high number of millionaires and the impact of recent tax policies.
In contrast, the number of millionaires is forecasted to rise in other countries, with the U.S. seeing a 16% increase, Germany at 14%, and Taiwan at 47%, driven by its microchip industry. Globally, wealth grew by 4.2% in 2023 after a 3% decline in 2022, with the Asia-Pacific region showing the largest growth over the past 15 years.
