Rapid Growth of Millionaires in Asia. Asia is set to become a hub for wealth creation, with seven countries projected to see significant increases in their millionaire populations from 2023 to 2028, according to the UBS Global Wealth Report 2024. Leading this surge is Taiwan, expecting to add 47,000 millionaires thanks to its thriving tech industry, followed by Kazakhstan with 37,000, driven by energy exports and foreign investment.
Indonesia is also notable, with an expected increase of 32,000 millionaires fueled by the boom in e-commerce and digital services. Japan and South Korea are projected to add 28,000 and 24,000 millionaires, respectively, thanks to their innovations in technology and robust industrial sectors. Thailand and India are each forecasted to see 22,000 new millionaires, bolstered by tourism recovery and a growing tech ecosystem.
This growth underscores Asia's changing economic landscape and highlights the region's role as a significant player in global wealth creation. As these countries continue to innovate and attract investment, they are likely to enhance their positions in the global economy substantially.