LISBON, July 11 (Xinhua) -- Nearly one-third of the world's millionaires will be from emerging markets by 2028, according to the latest "Global Wealth Report 2024" by Swiss financial services company UBS.
The report issued this week projects that the millionaire population is expected to increase in 52 of the 56 markets analyzed, not limited to developed countries.
Its data for 2023 showed that millionaires already accounted for 1.5 percent of the adult population analyzed.
"The United States had the highest number, at nearly 22 million people (or 38 percent of the total). Mainland China was in second place with just over six million - roughly double the number of the United Kingdom, which came third," the report said.
"People around the world are getting progressively wealthier - and that doesn't just apply to those who already own great wealth," the report stated.
The "Global Wealth Report 2024" noted that global wealth has consistently increased since 2008, despite recessions and financial crises, with few exceptions.
According to UBS, most of the people with a wealth close to 10,000 U.S. dollars moved up to the richer level. The bracket of people with wealth between 10,000 and 100,000 dollars more than doubled. And people are now three times as likely to have wealth exceeding 1 million dollars.
Globally, wealth grew by 4.2 percent in 2023, driven by growth in Europe, the Middle East and Africa, and Asia-Pacific. This contrasted with a 3 percent contraction in wealth growth in 2022, largely attributed to the strengthening of the U.S. dollar.
"Since 2008, wealth has grown fastest in Asia-Pacific - apparently fueled by debt. Wealth in Asia-Pacific has grown the most," the report pointed out.
In turn, Latin American growth is strong, but inequality is ever-present. Brazil's average wealth per adult has grown by over 375 percent since the 2008 financial crisis, when measured in local currency.
"This is more than double Mexico's growth of just over 150 percent and more than mainland China's 366 percent," said UBS.
The report said the world is becoming progressively wealthier across all wealth segments after analyzing 56 markets representing more than 92 percent of the world's wealth in 2022.
On an individual market level, Switzerland continued to top the list for average wealth per adult, followed by Luxembourg, Hong Kong, and the United States, the survey revealed.
Backed by 30 years of data, the "Global Wealth Report 2024" is the UBS' fifteenth edition. Enditme
