
The number of millionaires, or those with wealth of more than $1 million, is now growing at the quickest rate in smaller and emerging economies, according to the UBS Global Wealth Report 2024. According to the report, wealth is quickly moving from established financial hubs to new areas.
Taiwan is ranked first in the survey. The average adult wealth in the nation is above $312,000, and there are currently 760,000 millionaires. A robust technological industry and a stable economy have propelled Taiwan's rise.
Second on the list is Turkey, which saw an 8.4% growth in millionaires, adding 7,000 in a single year. By 2028, there will be 87,000 millionaires in the nation, up from the current 68,000. Experts attribute this increase to new investment opportunities and economic changes.
Several Asian countries, including Kazakhstan, Indonesia, South Korea, Israel, Mexico, and Thailand, are also on the list. sweden is placed in the top 10 in Europe. These nations are seeing favorable government policies, growing investor confidence, and quick financial development.
This change demonstrates that nations with the largest economies are no longer the only ones having wealth in the world. Rather, astute investments, regional reforms, and expanding industries are facilitating the rapid creation of new countries.