(Bloomberg) — UBS Group AG said it expects more than $83 trillion in wealth to be inherited within the next three decades, with about a fifth of the world's assets held by people over the age of 75.
A “large proportion” of those assets will be transferred over the next 10 years as that population reaches typical life expectancy, UBS said in Global Wealth Report 2024. The Asia-Pacific region has the world's largest population of people in that age group, more than triple the number in the Americas.
Globally, UBS expects wealth mobility to increase, meaning more people will escape poverty and move into higher wealth brackets. Last year, global wealth grew by 4.2%, according to the report.
Almost a third of the world's millionaires will be in emerging markets by 2028, according to the report, as millionaire populations grow in almost every country – with the UK a rare exception.
The UK is forecast to see the biggest drop in dollar millionaires, with a 17% drop to 2.5 million by 2028, UBS said. A recent proposal by lawmakers to remove preferential tax treatment for non-residents – wealthy foreigners living in the UK, also known as “non-doms” – has prompted some ultra-wealthy to CONSPIRACY escape routes.
Read more: Britain's Non-Dom population rose 7% ahead of tax overhaul plans
Taiwan will see the largest increase in its millionaire population, with UBS predicting a 47% increase to 1.16 million by 2028. Taiwan's microchip industry is growing thanks to the artificial intelligence boom, and the economy will also benefit from the increase of wealthy immigrants. UBS said.
Turkey, Kazakhstan and Indonesia are also projected to see increases in their millionaire populations, with projected increases of more than 30% each.
The United States will continue to have the largest population of millionaires in the world, with a 16% increase to 25.4 million by 2028, according to the report. Switzerland has the world's highest average wealth per capita, at almost $710,000 per person.