The number of people in the UK with wealth of $1m or more will decline by 17 per cent between 2023 and 2028, according to analysis from UBS.

Its Global Wealth Report 2024 showed there were just over 3 million people in the UK with wealth of more than $1m in 2023, and forecast this number to fall to just over 2.5 million by 2028, a reduction of 17 per cent.

This was the worst forecast of any country analysed in UBS’s report, with the only other nation expected to see a reduction in the number of millionaires being the Netherlands at -4 per cent.

The country forecast to have the largest increase in millionaires by 2028 was Taiwan with 47 per cent, while the number of US millionaires was expected to rise by 16 per cent.

Despite the predicted decline, the UK had the third most millionaires in 2023, only behind the US and China.

However, if the estimations in UBS's report came to fruition, the UK would be overtaken in the number of millionaires by Japan, France, and Germany by 2028.

By region, the Americas have the most individuals with wealth of more than $1m in 2023 at 43 per cent, followed by EMEA with almost a third and APAC with just over a quarter.

EMEA was found to have the highest wealth per adult in USD terms at just over $166,000 on average, followed by APAC ($156,000) and the Americas ($146,000).

However, when looking at the wealth growth rate per adult, EMEA was last with 2.3 per cent, while the Americas stood at 5.8 per cent and APC was 6.6 per cent.

Furthermore, since 2008, average wealth has increased by around 41 per cent in EMEA, compared to 122 per cent in APAC and 110 per cent in the Americas.

UBS noted that while the Asia-Pacific region had seen “exceptional growth”, this was accompanied by a “significant spike” in debt, which has grown by more than 192 per cent since 2008.

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