The annual global wealth report issued by the Swiss banking group UBS said that Turkey topped the growth in individual wealth over the past year, driven by an improvement in the investment climate, diversification of the economy, and a change in the currency exchange rate.
The report issued by the banking group yesterday, Wednesday, stated that Turkey, Qatar, and Russia witnessed the largest increases in individual wealth during the year 2023, as Turkey topped the countries with a growth of 157 percent.
It explained that his expectations indicate that Turkey will come in second place after Taiwan as the second largest growth in the number of millionaires during the period between 2023 and 2028, with a growth of 43 percent compared to 47 percent for Taiwan compared to 2022 numbers.
It said: “In the period between 2008 and 2023, Turkey was the highest country in the world in terms of growth in its average per capita wealth in local currency by 1,708 percent.”
Wealth around the world recorded a growth of 4.2 percent over the past year compared to 2022.
This global growth is influenced by the strength of the US dollar and the growth of wealth in the Europe, Middle East and Africa region by 4.8 percent, as well as Asia and the Pacific by 4.4 percent.
Although global wealth has been achieving a steady upward trajectory since 2008, the pace of growth has lost momentum in almost all markets, according to the report.
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In 2023, adults in Europe, the Middle East, and Africa were the wealthiest on average (with an average wealth of $166,000), followed by Asia and the Pacific (with an average wealth of $156,000) and then the Americas (with an average wealth of $146,000).
The report measures the rate of cash liquidity and assets of adult individuals in countries around the world and compares their growth rate on an annual basis under the title “Global Wealth Report.”
The United States, followed by China and the United Kingdom, has the largest number of wealthy individuals in terms of dollar value, and the United States represents 38 percent of the world’s wealthy individuals.
According to the report’s expectations, by 2028, the number of adults with wealth exceeding one million dollars will increase in 52 markets out of 56 markets analyzed.
It added: “The United States will continue to have the largest number of millionaires in the world, with a growth of 16 percent, reaching 25.4 million millionaires by 2028.”
According to the report, nearly a third of the world’s millionaires will be in emerging markets by 2028, with the number of millionaires increasing in almost every country.
It expected that “over the next two decades, $83 trillion will be transferred from individuals to others, and this is approximately equivalent to the value of all economic activities in the global economy in one year.”
UBS Group is a wealth management institution and global bank in Switzerland that manages $5.7 trillion in invested assets until the end of 2023.
