What country has the most millionaires?
- Valerie Charoux
- Oct 16, 2024
- 2 min read
Updated: Apr 20, 2025
What is the trend and growth in the percentage of millionaires by country and what are the tax rates worldwide?
What country has the most millionaires? What is the trend and growth in the percentage of millionaires by country and what are the tax rates worldwide in 2024?
Portugal has a 15% increase in the share of the population who are millionaires between 2023 and 2028. The country with the highest increase in the share of the population who are millionaires is Taiwan with 51%, while the country with the highest decrease in the share of the population who are millionaires is the UK with -20%.
Here is the change in the percentage of millionaires by country and the trend forecast for 2028, based on UBS/Credit Suisse Wealth Reports:
There is an unprecedented exodus of millionaires and billionaires from high-tax jurisdictions and the main reasons that High Net Worth Individuals move to other countries are high taxes, an anti-prosperity culture and changes to the non-domicile rules, according to a report by Adam Smith Institute. These reasons will cause the share of the UK population of millionaires to fall by 20% by 2028.
Here are the tax rates by country in 2024 for the inheritance tax rate, the capital gains tax rate and the corporation tax rate worldwide:
Portugal has a 10% top inheritance tax rate, 48% top capital gains tax rate for individuals earning over 75,009 euros (non real-estate), and 32% corporation tax rate in 2024.
Malta has the highest corporation tax rate with 35%, while Monaco has a 0% corporation tax rate as well as 0% inheritance tax and capital gains tax rates, according to Adam Smith Institute.
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