Turkey – Turkey topped the growth in individual wealth last year, driven by an improved investment climate, diversified economy and currency exchange rate changes, according to the annual Global Wealth Report issued by Swiss banking group UBS.
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, with Turkey leading the countries with a growth of 157 percent.
He explained that his expectations indicate that Turkey will come in second place following Taiwan, as the second largest growth in the number of millionaires during the period between 2023-2028, with a growth of 43 percent, compared to 47 percent for Taiwan, compared to the 2022 figures.
He said: “Between 2008 and 2023, Turkey was the country with the highest growth in per capita wealth in local currency, at 1,708 percent.”
Wealth worldwide grew by 4.2 percent last year compared to 2022.
This global growth is driven by the strength of the US dollar, wealth growth in Europe, the Middle East and Africa (EMEA) by 4.8 percent, and Asia Pacific by 4.4 percent.
Although global wealth has been on a steady upward trajectory since 2008, the pace of growth has lost momentum in almost all markets, the report said.
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 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 the countries of the world, and compares the growth rate therein on an annual basis under the title “World Wealth Report.”
The United States, followed by China and the United Kingdom, has the largest number of HNWIs in dollar terms, with the United States accounting for 38 percent of the world’s HNWIs.
According to the report’s forecast, by 2028 the number of adults with wealth above $1 million will increase in 52 of the 56 markets analyzed.
He added: “The United States will continue to have the largest number of millionaires in the world, with a growth of 16 percent to reach 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.
He expected that “$83 trillion will be transferred over the next two decades from one individual to another, which is roughly equivalent to the value of all economic activities in the global economy in one year.”
UBS Group is a Swiss-based wealth management and global bank, managing $5.7 trillion in invested assets as of the end of 2023.
Anatolia
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2024-07-15 20:19:48
