Global Millionaire Trends: Britain’s Decline and Taiwan’s Surge by 2028

The UBS Global Wealth Report 2024 predicts a significant decline in the number of dollar millionaires in Britain by 2028, while countries like the United States and Taiwan are set to see substantial increases. Various factors, including sanctions, tax policies, and global shifts in wealth, contribute to these trends.

Britain is on track to lose nearly one in six of its U.S. dollar millionaires by 2028, while other countries like the United States and Taiwan will witness a rise, according to a report by UBS Global Wealth Report for 2024.

The report forecasts a 17% decline in Britain's dollar millionaires to 2,542,464 by 2028, down from 3,061,553 last year. Chief Economist Paul Donovan attributes this partly to Britain's disproportionately high current figure and implications from sanctions against Russia.

Also influencing the decline is Britain's decision to eliminate the "non-dom" status, affecting the attractiveness for wealthy foreign residents. Meanwhile, the report predicts a growth in dollar millionaires in the United States by 16%, in Japan by 28%, and Taiwan by 47% due to their thriving economies.

(With inputs from agencies.)