According to the research of the Adam Smith Institute, Türkiye will be the country that will achieve the fastest growth in the number of millionaires in Europe, with an increase of 34%, while England expects a 20% decrease.
The 'Millionaire Tracker Report' covering 36 countries by the London-based think tank Adam Smith Institute (ASI) predicts significant changes in the global wealth distribution in the coming years. According to the report, Turkey will become the leader in Europe in asset classes such as cash, stocks, real estate and private pension funds, with a 34% increase in the number of people with a net worth of more than 1 million dollars.
Turkey's success is supported by the remarkable growth of 7% in wealth per adult, especially in the 2022-2023 period. This increase occurs despite a high inflation rate of 72%. According to CNBC's analysis, the wealth of Turks, especially those who own assets such as real estate, is gaining value in an inflationary environment.
Despite all the sanctions, Russia ranks second in Europe with an expected increase of 23%. In contrast, the UK and the Netherlands are at the bottom of the list, with declines of 20% and 5% respectively. The ASI attributes the decline in the UK to high taxes and a negative cultural attitude towards the wealthy.
Important actors of the global economy have more modest growth expectations: the USA and China predict an 8% increase. Europe's strong economies, Germany and France, are also in the middle ranks, with increases of 100%, respectively.