London – 16 January 2014
A comprehensive survey predicts rapid millionaire growth in the year ahead
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
– UK set to create an extra 45,000 millionaires as economy continues to improve – showing the highest percentage growth in Europe
– MINT nations (Mexico, Indonesia, Nigeria, Turkey) to lead world in millionaire boom
– BRICs (Brazil, Russia, India, China) still show strong growth
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
London – 16 January 2014. A list of the countries set to create the most millionaires in 2014 was released by SPEAR’s magazine and WealthInsight today.
The list shows that the UK is set to see the biggest percentage increase in millionaires in Europe and one of the highest in the world ahead of global powers including Japan, Russia and Canada. From the G8 only the US ranks above the UK.
The UK is set to create another 44,557 millionaires in the year with an expansion rate of 6.6% from 2013.
According to SPEAR’s Editor, Josh Spero: "As its economy gains strength and speed in recovery, it’s natural that Britain will start to create millionaires, and it’s good to know that we’re leading our European neighbours."
"The UK’s entrepreneurial economy will undoubtedly have a large impact in supporting this growth as will the current property surge that we are seeing at the moment, certainly in the capital. Whether the boom will include bankers at RBS getting huge bonuses seems unlikely."
Although the UK ranks highly in the analysis it is the MINT countries that perform particularly well with Mexico, Indonesia, Nigeria and Turkey all ranking within the top eight.
These MINT countries overall perform better than both the BRICs and the G8. Led by Indonesia, which expects to see a 22% increase in the number of resident millionaires in 2014, the list is followed by Nigeria (3) with a 10% increase, Turkey (6) with a 8.5% increase and Mexico (8) with a 7% increase.
According to Oliver Williams from wealth consultancy WealthInsight: "There is a new class of wealthy emerging in the MINT countries, which is going to grow very rapidly. This huge wealth surge happening in the MINT countries now mirrors the BRICs ten or fifteen years ago. The only difference is the new Mexican, Indonesian, Nigerian and Turkish millionaire is likely to be much younger due to the demographics of these countries."
However, there are risks that come with extreme wealth, warns Williams: "Many countries, such as Nigeria, have seen a rise in poverty alongside an increasing millionaire population. Large inequality is a hallmark of the BRICs which could also become a feature of the MINTs if corruption is not checked and philanthropy among the wealthy not encouraged."
This data comes from WealthInsight’s proprietary database of global millionaires (HNWIs). From this data and other official statistics, WealthInsight is able to model the future growth of millionaires in a certain region or country.
