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Britain likely to lose nearly one in six millionaires by 2028, report says



Zurich: Britain It is likely to lose one in six US shares Dollar Millionaire by 2028, but their numbers are set to increase in other countries United States of america and increased TaiwanAccording to a report published on Wednesday.
UBS Global Wealth Report Forecast of the number of dollars for 2024 Millionaire The population in the UK will fall by 17% from 3,061,553 last year to 2,542,464 in 2028. The population in the Netherlands is also projected to fall by 4% from 1,231,625 to 1,179,328.
Paul Donovan, chief economist at UBS Global Property Management said the distance from the UK partly reflected the fact that, with the third-highest number of millionaires, its numbers are currently “disproportionately higher”.
“You have seen over the last few years in the UK, as you have seen in other countries, what the sanctions against Russia have done,” he told a news conference.
Donovan said the UK’s decision to end its “non-dom” status – which allows wealthy, often foreign residents, to avoid tax on overseas income – had also had “a small impact”.
“The non-indigenous millionaire population, the global population, which is constantly moving, will look for low-tax locations all the time,” he said, adding that this was “not a result of UK policies” but reflected the “pull factors” of other countries, citing Dubai and Singapore as examples.
Separately, British real estate group Winkworth said on Wednesday that demand for high-end properties had slowed due to tax policies targeting wealthy individuals and the new Labour government's proposal to levy a tax on private schools.
The UBS report estimates that by 2028, the number of dollar millionaires will increase by 16% in the United States, 14% in Germany, 16% in France, 28% in Japan, 12% in Spain, and 9% in Italy.
Global wealth growth
UBS said “wealth” for its report is defined as the value of financial assets and real assets owned by households, minus their debts. The Swiss bank said the report is based on 56 markets, accounting for about 92.2% of global wealth.
Overall, in dollar terms, global wealth will rise by 4.2% in 2023 after a 3% decline in 2022, the study said.
The report forecast that the number of adults with more than $1 million in wealth would increase in 52 of 56 markets by 2028. The strongest increase in millionaires – 47% – was expected to be in Taiwan, driven by the country's microchip industry.
UBS said that in the past 15 years since it published its report, the Asia-Pacific region had the highest growth in assets, up nearly 177%, followed by the Americas at about 146%, while Europe, the Middle East and Africa (EMEA) grew by only 44%.
However, the Asia-Pacific region has also seen the fastest growth in debt, the report said. Total debt in the region has increased by more than 192% since 2008, which is more than 20 times greater than the increase in EMEA and nearly four times greater than the increase for the Americas.



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