Trends in millionaires and UHNWIs Faster wealth growth by low- and middle-income countries is reflected in the rising proportion of members in the top segment of the global wealth distribution. According to our estimates, the number of global millionaires will exceed 85 million in 2027, which is a rise of 26 million from today and 71 million from the beginning of the century (see Table 1). This rapid rise reflects in part the fact that higher inflation makes it easier to pass the million US dollar threshold. While millionaire membership in lower-income countries is still far below the levels in the United States, Europe or high-income Asia-Pacific countries, the numbers are expected to accelerate in the next five years. 41 Table 1: Number of millionaires in 2000, 2022 and 2027, regions and selected markets Number (thousand) Change (%) Number (thousand) Change (%) 2000 2022 2027 202227 2000 2022 2027 202227 United States 7,642 22,710 26,367 16

Taiwan 110 765 1,297 70 Mainland China 39 6,231 13,197 112 Hong Kong SAR 118 630 1,091 73 France 404 2,821 4,031 43 Belgium 107 536 746 39 Japan 2,472 2,757 3,872 40 Sweden 54 467 670 44 Germany 622 2,627 3,404 30 Brazil 33 413 788 91 United Kingdom 716 2,556 4,750 86 Russia 17 408 569 40 Canada 269 2,032 3,310 63 North America 7,913 24,748 29,689 20 Australia 113 1,840 2,811 53 Europe 3,326 16,263 23,196 43 Italy 427 1,335 1,665 25 Asia - Pacific 3,179 9,770 15,411 58 Korea 90 1,254 2,059 64 Mainland China 39 6,231 13,197 112 Netherlands 257 1,175 1,370 17 Latin America 169 1,170 2,206 89 Spain 172 1,135 1,414 25 India 37 849 1,436 69 Switzerland 195 1,099 1,531 39 Africa 32 361 768 113 India 37 849 1,436 69 World 14,695 59,391 85,904 45 Source: Original estimates by the authors

Figure 6: Ultra-high-net-worth individuals by region: 2000, 2022 and 2027 a i s A n i t a L h t r o N a c i r f A c i f i c a P a n h C i e p o r u E a d n i I a c i r e m A a c i r e m A 2000 2022 2027 2000 2022 2027 2000 2022 2027 2000 2022 2027 2000 2022 2027 2000 2022 2027 2000 2022 2027 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 USD 50 -100 m USD 100 -500 m > USD 500 m

Source: Original estimates by authors 42 While the United States still lies far ahead of China at the top of the world millionaire table, the relative positions are likely to erode over time. We project a 112% increase (to 13.2 million) in the number of millionaires in Mainland China compared to a 16% rise in the United States. Millionaire numbers are also likely to increase rapidly in India we envisage a rise of 69% to 1.4 million by 2027 and in Latin America, where we forecast a rise of 89% to 2.2 million in five years time. In percentage terms, Africa will likely perform even better, with millionaires numbering 768,000 in 2027, which is a rise of 113%.