10 countries with the fastest growing millionaire population

Some countries are expected to welcome more individuals into the millionaire club as the world’s population makes substantial progress in terms of wealth per adult.

• Business Insider Africa presents the 10 countries with the fastest growing millionaire population.
• The list is courtesy of UBS Global Wealth Report
• Taiwan led the millionaire growth ranking with a projected 47% growth in the country’s millionaire population by 2028.

Some countries are expected to welcome more individuals into the millionaire club as the world’s population makes substantial progress in terms of wealth per adult.

According to the Global Wealth Report 2024 published by the UBS Global Wealth Management, the world added over 680,000 new USD millionaires in 2024, an uptick of 1.2%. In percentage terms, the highest increase occurred in Türkiye, where it broke the 8% mark, with the United Arab Emirates in second place thanks to an expansion of 5.8%.

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The report further projected an additional 5.34 million people will join the ranks of the world’s USD millionaires by the year 2029, an increase of almost 9% over 2024.

In 2023, the rebound in wealth was led most strongly by growth in Europe, the Middle East and Africa (EMEA). By contrast, in 2024 wealth growth was tilted strongly towards North America, driven by a stable US dollar and upbeat financial markets

The UBS wealth report also showed The United States continues to host the largest population of USD millionaires globally—surpassing Western Europe and Greater China combined—according to the Global Wealth Report.

In per capita terms, Switzerland and Luxembourg maintain the highest millionaire densities, with Switzerland edging slightly ahead in 2024. The U.S. saw the largest absolute growth, adding over 1,000 millionaires daily, while mainland China added more than 380 per day.

Global wealth is expected to continue rising over the next five years, with a significant increase in the number of USD millionaires. This growth often outpaces overall economic expansion and can diverge from broader trends. By the end of the decade, more than five million new millionaires are projected to be added worldwide.

Which countries host the fastest growing millionaire population?

In this article, we will be ranking countries with the highest millionaire growth rate within five years.

The table is sourced from the UBS Global Wealth Report 2024 and takes into consideration a variety of emerging markets in 56 countries where the millionaire population is expected to increase in the next five years (2023 to 2028).

Rank	Country	# of millionaires 2023	# of millionaires 2028	Growth
1	🇹🇼 Taiwan	788,799	1,158,239.00	47%
2	🇹🇷 Türkiye	60,787	87,077.00	43%
3	🇰🇿 Kazakhstan	44,307	60,874.00	37%
4	🇮🇩 Indonesia	178,605	235,136.00	32%
5	🇯🇵 Japan	2,827,956	3,625,208.00	28%
6	🇰🇷 South Korea	1,295,674	1,653,799.00	27%
7	🇮🇱 Israel	179,905	226,226.00	26%
8	🇲🇽 Mexico	331,538	411,652.00	24%
9	🇹🇭 Thailand	100,001	123,531	24%
10	🇸🇪 Sweden	575,426	703,216	22%

Taiwan led the millionaire growth ranking with a projected 47% growth in the country’s millionaire population by 2028. The report predicts a huge leap in its millionaire population from 788,799 to over one million.

Türkey comes in second place with a projected 43% increase in its millionaire population by 2028. The only African country in the ranking, South Africa comes in 17th position. The report predicted a 20% growth in its millionaire population from 90,595 in 2023, to 108,557 in 2028.

Although Africa boasts some of the world’s wealthiest individuals, they have been lost to migration which is currently eroding the continent’s wealth.

Andrew Amoils, Head of Research at New World Wealth notes that about 18,700 high-net-worth individuals have left Africa over the past decade (2013 to 2023).

Compared to global benchmarks, Africa’s wealth has been eroded by migration, currency depreciation and underperforming stock markets.

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