By 2028, Britain’s population is expected to lose almost one in six entrepreneurs under the money, but that number will increase in other nations, including the US, and rise in Taiwan, according to a report released on Wednesday.
The UBS Global Wealth Report for 2024 forecast the number of dollar businessmen in Britain may fall by 17 % to 2, 542, 464 in 2028 from 3, 061, 553 last year. It even forecast a 4 % drop in the Netherlands, to 1, 179, 328 from 1, 231, 625.
Paul Donovan, Chief Economist of UBS Global Wealth Management, said the move away from Britain partly reflected the fact that, with the second highest amount of entrepreneurs, its figure was now “disproportionately high”.
” You have evidently seen in the U. K. over the last few decades, as you have seen in other countries, implications arising from sanctions against Russia”, he told a press conference.
Donovan said Britain’s decision to scrap its “non-dom” status- which lets rich, generally foreign residents avoid tax on international income- had also had a” little effect”.
” The non-indigenous millionaire population, the global population, which is constantly shifting, will be looking for low income areas all of the time”, he said, adding this was” not a work of UK laws per se” but reflected the “pull elements” of other places, pointing to Dubai and Singapore.
Winkworth, a division of American real estate, separately reported on Wednesday that the need for expensive homes had been hampered by tax laws aimed at affluent individuals and a proposal from the new Labour government to duty private schools.
According to the UBS report, the number of dollar millionaires in the US will increase by 16 % by 2028, by 14 % in Germany, by 14 % in France, by 28 % in Japan, by 28 %, by 122 % in Spain, and by 12 % in Italy.
International success rises
UBS said that for its record “wealth” is defined as the value of economic resources plus true property owned by communities, minus their debt. The report is based on 56 markets accounting for around 92.2 % of global wealth, the Swiss bank said.
Overall, in dollar terms, global wealth grew by 4.2 % in 2023 after a decline of 3 % in 2022, the study said.
The number of adults worth over$ 1 million will have risen in 52 of the 56 markets by 2028, the report forecast. The strongest progress in businessmen- of 47 %- was expected to be in Taiwan, driven by the government’s chip industry.
According to UBS, the Asia-Pacific region has experienced the biggest wealth growth in the 15 years since its publication, with the Americas leading at nearly 146 %, and Europe, the Middle East and Africa ( EMEA ) leading only 44 %.
Asia-Pacific had, nevertheless, also seen the sharpest raise in debt, the report said. Since 2008, the overall debt in the region has increased by over 192 %, which is almost 20 times the growth in Europe and nearly four times the rate of growth in the Americas.
