Top 10 countries adding millionaires at a rapid pace: India’s position explained

Global wealth rebounded, increasing by 4.2% in USD, with emerging economies surpassing a 30% share of global wealth in 2024.

While traditional economies like the US and Europe remain wealthy, newer players in EMEA and APAC are catching up quickly; expanding wealth by 4.8% and 4.4%, respectively, in 2023.

Leveraging advancements in technology, energy, and financial reforms, this trend indicates a shift toward emerging markets and technological hubs as the main sources of new wealth.

However, this shift also triggers a migration of wealth from established economies, like the United Kingdom and the Netherlands, which are projected to experience significant declines in their millionaire populations due to immigration and changes in tax policies.

What does the future hold for wealth throughout the world? Top 10 countries with rising millionaires

Looking ahead, the percentage of adults in the lowest wealth bracket will decrease, while the number of dollar millionaires is set to rise by as much as 50% over the next five years, UBS reports.

It also forecasts a significant increase in the millionaire population across 52 of the 56 markets analysed by 2028.

Its growth largely stems from strong economic expansion and enhanced wealth opportunities in emerging markets, which will drive a considerable rise in the global millionaire population.

Notably, Taiwan will see a 47% increase in millionaires, from about 790K in 2023 to 1.16M by 2028, driven by the AI boom and the semiconductor industry, the highest among 56 surveyed markets.

The UK and Netherlands are expected to experience negative growth, while the U.S. might hold onto its top spot with the most millionaires.

Here are the top 10 countries that are rapidly increasing their millionaire populations:

Rank	Country	No. of millionaires in 2023	No. of millionaires in 2028	Growth %
1	Taiwan	788,799	1,158,239	47%
2	Türkiye	60,787	87,077	43%
3	Kazakhstan	44,307	60,874	37%
4	Indonesia	178,605	235,136	32%
5	Japan	2,827,956	3,625,208	28%
6	South Korea	1,295,674	1,653,799	27%
7	Israel	179,905	226,226	26%
8	Mexico	331,538	411,652	24%
9	Thailand	100,001	123,531	24%
10	Sweden	575,426	703,216	22%
India’s Position Explained
11	India	868,671	1,061,463	22%

Source: Global Wealth Report 2024, UBS

An expected increase in the number of USD millionaires 2023–2028 (selected markets) (Credit: UBS Global Wealth Report 2024)

Where does India stand in the Global Wealth Report 2024?

India ranks 11th in the list of fastest-growing millionaire populations, with a 22% growth rate expected over the next five years.

In case you missed it | Top 10 countries with the most billionaires in 2024—India ranks third globally

The country is projected to have over 1 million millionaires by 2028, putting it ahead of countries like Brazil and Sweden but behind more rapidly growing markets such as Taiwan and Turkey.

The findings reflect broader trends in wealth generation within Asia, where countries like Japan and South Korea also witness steady increases in their affluent populations.