UBS Report Forecasts Surge in Global Millionaire Count Despite Wealth Disparities

The latest annual report from Swiss Bank UBS reveals a robust increase in the number of dollar millionaires worldwide, even amid persistent global wealth inequality. The comprehensive survey, spanning 56 countries, forecasts significant growth in the millionaire population across 52 of these nations by 2028. Notably, The Netherlands and the United Kingdom are exceptions, with projections indicating a 17% decline in their millionaire counts over the same period.

The United States, which currently boasts the highest number of millionaires, saw its millionaire population swell from 7.64 million in 2000 to 21.95 million in 2023. This figure is expected to rise further to 25.43 million by 2028. China, with 0.4% of its population qualifying as millionaires, accounts for six million of the global millionaire count, followed by France with 2.9 million millionaires in 2023.

Other countries with substantial millionaire populations include Japan (2.83 million), Germany (2.82 million), the UK (3.06 million), Canada (1.99 million), and Australia (1.94 million). At the turn of the 21st century, these analyzed countries collectively had 14.7 million millionaires. By 2023, this number had surged to approximately 58 million.

Current and Projected Millionaire Populations (2023–2028)

This growth in millionaire numbers underscores the complex dynamics of wealth accumulation and distribution. While certain economies are poised for a substantial increase in their affluent populations, others face potential declines, reflecting broader economic and policy impacts.