Global wealth is expanding â but where exactly are the worldâs millionaires multiplying fastest? According to new projections for 2023-2028, the next five years will see some countries minting millionaires at record speed. Letâs break down whoâs leading the race and why.
đ The Countries With the Highest Projected Increase in Millionaires
Rank 1 â đšđź Taiwan
Millionaires (2023): 788,799
Projected Growth by 2028: +47 % â 1,158,239
Rank 2 â đšđˇ TĂźrkiye
Millionaires (2023): 60,787
Projected Growth by 2028: +43 % â 87,077
Rank 3 â đ°đż Kazakhstan
Millionaires (2023): 44,307
Projected Growth by 2028: +37 % â 60,874
Rank 4 â đŽđŠ Indonesia
Millionaires (2023): 178,605
Projected Growth by 2028: +32 % â 235,136
Rank 5 â đŻđľ Japan
Millionaires (2023): 2,827,956
Projected Growth by 2028: +28 % â 3,625,208
Rank 6 â đ°đˇ South Korea
Millionaires (2023): 1,295,674
Projected Growth by 2028: +27 % â 1,643,279
Rank 7 â đŽđą Israel
Millionaires (2023): 179,908
Projected Growth by 2028: +26 % â 226,126
Rank 8 â đ˛đ˝ Mexico
Millionaires (2023): 331,538
Projected Growth by 2028: +24 % â 411,652
Rank 9 â đšđ Thailand
Millionaires (2023): 100,001
Projected Growth by 2028: +23 % â 123,531
Rank 10 â đ¸đŞ Sweden
Millionaires (2023): 575,462
Projected Growth by 2028: +22 % â 703,216
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đšđź Taiwan â Leading the World in Wealth Growth
Taiwan is projected to post the worldâs fastest millionaire expansion â from 788 K in 2023 to 1.15 M by 2028.
Growth Rate: +47 %
The surge is driven by Taiwanâs booming semiconductor and tech-hardware industries, global demand for chips, and a thriving innovation ecosystem. As Taiwan becomes the core of global supply chains, investor confidence and asset values soar.
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đšđˇ TĂźrkiye â Emerging as a Wealth Hub Between East and West
TĂźrkiyeâs millionaire population is forecast to climb 43%, powered by real-estate development, manufacturing exports, and the countryâs strategic gateway position connecting Europe, Asia, and the Middle East.
The Turkish liraâs volatility has also pushed many locals toward hard-asset accumulation and diversified portfolios â both contributing to nominal millionaire growth.
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đ°đż Kazakhstan â Central Asiaâs Hidden Growth Engine
Kazakhstanâs +37% millionaire growth reflects its expanding energy, mining, and infrastructure sectors. The governmentâs push for foreign investment and industrial diversification is drawing capital to cities like Almaty and Astana.
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đŽđŠ Indonesia â The New Wealth Frontier of Southeast Asia
Indonesiaâs 32% growth comes from commodities, digital startups, and manufacturing.
Urban hubs like Jakarta and Surabaya are evolving into wealth centers as young entrepreneurs and tech investors thrive.
As global demand for nickel, copper, and green-energy metals grows, Indonesiaâs resource sector continues to mint new millionaires.
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đŻđľ Japan â Stable Wealth in a Mature Economy
Japan already has one of the largest millionaire populations worldwide, but itâs projected to grow another 28% by 2028.
Strong corporate profits, high-tech exports, and a resilient real-estate market help maintain its upward trend â though an aging population may moderate future growth.
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đ°đˇ South Korea â Innovation Meets Investment
With 27% growth expected, South Koreaâs wealthy class is expanding through tech giants, EV supply chains, entertainment exports, and AI innovation.
Government support for new technology and global cultural exports (K-content, gaming, music) are adding a new generation of high-net-worth individuals.
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đŽđą Israel â Start-Up Nation Still Going Strong
Israelâs wealth is rooted in defense tech, cybersecurity, and AI startups.
With 26% growth projected, Israel remains the Middle Eastâs innovation center â combining venture capital with strong global investor networks.
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đ˛đ˝ Mexico â North Americaâs Rising Star
Mexicoâs millionaire growth (+24%) is driven by near-shoring (U.S. manufacturers relocating supply chains), real estate, and tourism investments.
Economic stability, proximity to the U.S., and trade agreements are creating a new class of business-owners and investors.
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đšđ Thailand â Tourism and Trade Power Growth
Thailandâs projected +23% rise in millionaires is linked to hospitality, logistics, and export trade.
Bangkok continues to be a magnet for foreign business, luxury real estate, and tech entrepreneurs targeting ASEAN markets.
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đ¸đŞ Sweden â Europeâs Steady Performer
Swedenâs 22% increase reflects its innovation-driven economy, green-tech leadership, and stable fiscal policies.
Its wealth growth is slower than Asiaâs but remarkably consistent â powered by sectors like fintech, biotech, and sustainable energy.
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đ Regional View â Asia-Pacific Dominates Millionaire Growth
Looking across regions, the Asia-Pacific leads the surge.
Taiwan (+47 %)
Indonesia (+32 %)
Japan (+28 %)
South Korea (+27 %)
Thailand (+23 %)
This region is transforming into a global millionaire powerhouse, driven by:
- Advanced manufacturing and exports
- Booming tech and digital ecosystems
- Strong urban development and infrastructure
- Rising domestic consumption and asset markets
However, wealth distribution remains uneven â with widening gaps between urban elites and rural populations.
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đ Europe and the Middle East â Resilient Wealth Creation
TĂźrkiye and Israel lead regional gains thanks to reforms, innovation, and foreign-capital inflows.
Sweden continues steady, innovation-based growth.
Oil-rich Middle-East nations like Saudi Arabia and the UAE also attract migrating millionaires, even though they arenât in the top 10 for domestic growth rate.
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âď¸ Wealth Growth vs. Inequality
While the number of millionaires is climbing, so is wealth inequality in many countries.
Emerging economies â especially Indonesia, TĂźrkiye, and Kazakhstan â show widening gaps between the top 1 % and the rest.
Meanwhile, Japan and South Korea maintain stronger social safety nets that help mitigate inequality despite rising wealth.
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đ Key Drivers Behind the Millionaire Boom
1. Technology Revolution: AI, semiconductors, and digital infrastructure are generating new fortunes.
2. Commodity Super-Cycle: Energy and mining revenues in Asia and the Middle East are fueling wealth creation.
3. Urbanization: Mass migration to megacities creates more entrepreneurial and investment opportunities.
4. Global Markets: Stock and crypto rallies boost high-net-worth portfolios.
5. Tax and Regulatory Shifts: Nations like TĂźrkiye and UAE offer business-friendly environments and investment visas.
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đ What This Means for Investors and Builders
- Follow the growth zones: Asia-Pacific and Middle East remain key regions for capital and innovation.
- Diversify globally: Wealth mobility is rising â millionaires are moving toward low-tax, high-growth economies.
- Invest in real assets: Property, infrastructure, and tech remain the largest contributors to wealth expansion.
- Watch inequality risks: Rapid growth can trigger policy changes â tax reforms or capital controls could reshape these forecasts.
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đŹ Final Thought
The next millionaire wave isnât coming from Wall Street or London â itâs rising from Taipei, Istanbul, Jakarta, Seoul, and Tel Aviv.
As technology, trade, and innovation reshape global wealth maps, Asia-Pacific and emerging markets are becoming the epicenters of the new rich.
Where will the next generation of millionaires come from?
Probably closer than you think. đđ°
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