European countries to have ‘greatest spike in millionaires by 2028’

Three surprising countries will see more people become millionaires by 2028 than any other in Europe – and only one of them is a member of the Europan Union – according to a UK-based economic think tank.

Turkey, Russia, and Sweden are the nations that will see the greatest increase in the proportion of millionaires, research by the Adam Smith Institute has found.

Of those three, only Sweden is an EU member – but it remains outside of the Eurozone.

But the results are perhaps a surprise for the UK because it was the lowest-ranked nation – by some distance.

The right-leaning think-tank suggests the UK will lose 20 percent of its millionaires by 2028. By comparison, the next-worst country – The Netherlands – will lose just five percent of its millionaires.

Germany and France are predicted to see a 15 percent and 14 percent increase respectively. This still places them at the lower end of the rankings, reported EuroNews.

Turkey, however, is the top-performing European country by some distance. It has a projected increase of 34 percent in the proportion of those who will have more than $1million in net wealth.

The Adam Smith Institute Millionaire Tracker report says: “Turkey stands out with a staggering growth of over 157 percent in wealth per adult between 2022 and 2023, leaving all other nations far behind.

The closest are Qatar and Russia with an increase close to 20 percent, followed by South Africa with just over 16 percent and Israel with 14 percent.”

Turkey’s rise in millionaires comes despite inflation in the country hitting 72 percent – which has been disastrous for many of the country’s population of 85 million.

However, Turks who own assets, such as homes, have seen their wealth surge – because inflation pushes up the value of those holdings.

Russia – despite its ongoing war in Ukraine and economic sanctions – is predicted to create the second-greatest proportion of millionaires in continental Europe. People there are expected to see a 23 percent increase in the number who are millionaires.

The report looks at the fortunes of 36 nations, including the US, Japan, France, Germany, Italy, and Hungary. It suggests that, globally, Taiwan will see the greatest increase of all – at a whopping 51 percent

With just a two percent increase, Greece is among the lowest-placed countries in the report. Only the UK, the Netherlands, Saudi Arabia (-3 percent) and the UAE ( one percent) are ranked below it.

The report says: “Millionaires are leaving the UK for a number of reasons, including day-to-day taxation, frozen inheritance tax thresholds, a potential increase in capital gains taxes, the abolition of the non-dom regime, and a culture hostile to wealth-creators.”

Meanwhile, US and China, are predicted to see modest growth by 2028. Analysts suggest the US will see a 12 percent increase – while China, the world’s second-largest economy, is expected to experience growth of around eight percent.