The UBS Global Wealth Report predicts a significant decline in the number of dollar millionaires in Britain and the Netherlands by 2028. In Britain, the number is estimated to decrease by 17% to 2,542,464, while the Netherlands is expected to see a 4% drop to 1,179,328.
Chief Economist Paul Donovan attributed the decline in Britain to its disproportionately high number of millionaires and recent policy changes, such as scrapping the “non-dom” status. He noted that sanctions against Russia and the global shift towards low-tax locations also played a role.
While the UBS report forecasts an increase in the number of millionaires in countries like the United States, Germany, France, Japan, Spain, and Italy, British real estate group Winkworth reported decreased demand for high-end properties due to tax policies targeting wealthy individuals and proposed taxes by the new Labor government.