Turkey to Lead Europe in growth in number of millionaires
A report by the UK-based Adam Smith Institute (ASI) predicts that Turkey will lead Europe in the growth of millionaires by 2028, with a 34% increase in individuals possessing a net wealth over $1 million.
This surge, driven by inflation’s impact on asset values like real estate, has resulted in a 157% rise in per capita wealth between 2022 and 2023, despite economic challenges and high inflation.
Russia and Sweden are also expected to see significant millionaire growth at 23% and 15%, respectively. Globally, Taiwan will see the highest increase (51%), while major economies like the U.S. and China will have more modest growth rates of 12% and 8%.
In contrast, the UK and the Netherlands are predicted to experience declines in their millionaire populations due to factors like high taxes and economic policies seen as unsupportive of wealth creators.
In summary, Turkey’s wealth growth, despite inflation, places it ahead of Europe, while countries like the UK and the Netherlands are expected to see reductions in their millionaire numbers.
