The global population of ultra-high net worth individuals—those with assets of $30 million or more—has reached a record 713,626, with billionaires projected to number nearly 4,000 by 2031, driven largely by the tech industry boom, particularly artificial intelligence.
UK's Diminishing Appeal to the Wealthy
The United Kingdom is experiencing a notable decline in its attractiveness to wealthy individuals. Forecasts indicate it will see the fifth lowest growth in ultra-high net worth individuals by 2031 among major economies, suggesting a decade of stagnation. Labour's fiscal policies, specifically Chancellor Rachel Reeves' decision to abolish the non-dom tax status, are cited as a primary reason for this diminishing appeal, potentially leading to a significant relocation of wealthy individuals.
Global Wealth Distribution Trends
The United States maintains the largest share of high net worth individuals globally, with 251,135 forecast by 2026, followed by China and Germany, highlighting a significant ongoing shift in global wealth distribution. Indonesia is expected to witness the fastest growth in ultra-high net worth individuals, with an 82 per cent increase projected by 2031, alongside substantial growth in oil-rich Saudi Arabia and Poland.
The report concludes that the UK's failure to attract wealthy individuals after the non-dom changes is a concerning trend for the country's economic prospects.
