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Large fortunes tend to be concentrated in countries where taxation is more favorable to their assets or sources of income. In 2024, we have already seen the beginning
Large fortunes tend to be concentrated in countries where taxation is more favorable to their assets or sources of income. In 2024, we have already seen the beginning of an exodus of millionaires leaving their home countries to seek other places to fund their fortunes.
In 2028, traditional European havens of millionaires, such as England or the Netherlands, will experience a migration of wealth that will change their place of residence.
The ‘Millionaire Tracker’ report prepared by the British Adam Smith Institute reveals the following: The new destination will be Taiwan, Türkiye or Kazakhstan 2028 for European millionaires. The study is based on analysis of wealth in 36 countries, including leading economies such as the USA, Japan, France and Germany.
According to the research’s predictions, Taiwan will be the country where the millionaire population will increase the most in the world by 2028, with an estimated increase of 51%. Growth forecasts for Central Asia, where Kazakhstan experienced 38% growth, are also surprising.
If we focus on Europe Türkiye is the country with the largest projection New residents with more than one million dollars in assets are projected to increase by 34%.
According to UBS’ Global Wealth Report 2024, which the institute used to complete the ranking, wealth per capita in Turkey has shown significant growth in recent years, and this trend will continue until 2028.
“Turkey stands out with a staggering growth of more than 157 percent in wealth per capita between 2022 and 2023, outpacing all other countries. The closest ones are Qatar and Russia, with an increase of nearly 20 percent, followed by South Africa with a slightly greater increase. “According to the UBS report, more than 16 percent and Israel at 14 percent,” he says.
Although Turkey’s prospects are good CNBC He published that the Turkish economy is exposed to an annual inflation burden of nearly 72 percent. This high inflation rate leaves a large portion of the population exposed to the devastating effects of rising product prices, but those who own real estate have seen how this happens. Inflation increased its valueThus, it strengthens capital growth.
Russia does not appear to be responsible for its war with Ukraine or the sanctions imposed on it by the international community. Estimates from the Adam Smith Institute predict a 23% increase in the number of millionaires by 2028. This shows that Putin’s government has managed to overcome external constraints to ensure its wealth grows.
The United Kingdom and the Netherlands, traditional fiefdoms with vast fortunes, top the list of countries with the worst prospects of retaining millionaires. Forecasts suggest that every second millionaire population will lose its millionaire population by 2028.
Research from the Adam Smith Institute suggests the UK could be in deep trouble. Up to 20% decrease in millionaire populationIn the Netherlands, a 5% decrease is expected. Saudi Arabia will experience the same difficulty as the United Arab Emirates, with an estimated 3% decrease in the number of millionaires.
The flight of millionaires in the UK is being driven by a variety of factors, including high taxes on wealth and economic policies, according to the research. Brexit. “Millionaires are leaving the UK for a variety of reasons, including day-to-day taxation, frozen inheritance tax thresholds, a possible increase in capital gains tax, the abolition of non-domicile status and a culture hostile to wealth creators,” the report’s authors said.
Another issue revealed by the data in this report is predictions. Moderate growth of the strongest economies of the world.
Average growth in Europe varies between 14% and 15% in countries such as Germany, France, Spain and Portugal. Switzerland and Italy have curbed their millionaire creation rate to 12 percent, and Greece remains on the verge of negative growth, with growth in its millionaire population at a tight 2 percent.
The fact that superpowers such as the USA and China did not achieve very good results in this report indicates that new wealth creation will slow down to 12 percent growth in the coming years. China has a worse prognosis The increase will remain at 8%, confirming that the Chinese economy has cooled after the real estate crisis.
in Xataka | The cities with the most billionaires are brought together in this explainer chart
Image | Pexels (Musa Ortaç)
Source: Xatak Android
Ashley Johnson is a science writer for “Div Bracket”. With a background in the natural sciences and a passion for exploring the mysteries of the universe, she provides in-depth coverage of the latest scientific developments.
