(Bloomberg) -- UBS Group AG said it expects more than $83 trillion of 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 chunk” of those assets will be transferred over the next 10 years as that population hits typical life expectancy, UBS said in its Global Wealth Report 2024. The Asia-Pacific region has the world’s largest population of people in that age range, more than triple the number in the Americas.
Globally, UBS expects wealth mobility to increase, meaning more people will escape poverty and move up to higher wealth brackets. Last year, global wealth increased 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 the millionaire population increases in nearly every country — with the UK a rare exception.
The UK is projected to see the biggest drop in dollar millionaires, with a 17% slump to 2.5 million by 2028, UBS said. A recent proposal by lawmakers to scrap preferential tax treatment for non-domiciled residents — rich foreigners living in the UK, also known as “non-doms” — has prompted some ultra-rich to plot escape routes.
Read More: Britain’s Non-Dom Population Rose 7% Ahead of Tax Revamp Plans
Taiwan will post the biggest growth in its millionaire population, with UBS predicting a 47% increase to 1.16 million by 2028. Taiwan’s microchip industry is surging thanks to the artificial-intelligence boom, and the economy will also benefit from the addition of wealthy immigrants, UBS said.
Turkey, Kazakhstan and Indonesia are also forecast to record growth in their millionaire populations, with projected increases of more than 30% each.
The US will continue to have the world’s largest population of millionaires, with growth of 16% bringing it 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.