European Millionaires: Which country is due to top the league by 2028?

Turkey, Russia, and Sweden are the European countries that will see the greatest increase in the proportion of millionaires by 2028, according to research from UK economic think tank the Adam Smith Institute.

The findings, from the Institute's Millionaire Tracker report, which looks at the fortunes of 36 nations, including the USA, Japan, France, Germany, Italy, and Hungary, suggest that Taiwan will see the greatest increase of all, at 51%.

Turkey is the top-performing European country, with a projected increase of 34% in the proportion of those who will have more than $1m (€915,000) in net wealth across all asset classes, including cash, shares, property, and private pension funds.

Data from the UBS Global Wealth Report 2024, which was used to help create the rankings, highlights Turkey's remarkable growth in personal wealth in the face of challenging economic conditions.

"Turkey stands out with a staggering growth of over 157% in wealth per adult between 2022 and 2023, leaving all other nations far behind. The closest are Qatar and Russia with an increase close to 20%, followed by South Africa with just over 16% and Israel with 14%," the report says.

Turkey's rise is despite inflation in the country currently sitting at an eye-watering 72%, according to business broadcaster CNBC. High inflation has been disastrous for many of the country’s population of 85 million, significantly reducing their purchasing power. But for Turks who own assets such as homes, their wealth has grown, as inflation pushes up the value of those holdings.

Despite the ongoing war in Ukraine and swingeing economic sanctions, Russia is predicted to create the second greatest proportion of millionaires on the continent, with a 23% increase.

The UK and the Netherlands are the two lowest-ranked nations out of the 36 analysed, with both countries predicted to lose millionaires as a proportion of their populations. 

The research suggests the UK will lose 20% of its millionaires by 2028, with the Netherlands losing 5%.

The only other country predicted to see a reduction in the proportion of its millionaires is Saudi Arabia, which is expected to see a 3% fall.

The right-leaning Adam Smith