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.
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Publish date : 2024-10-18 23:59:00
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