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January 22, 2014updated Jan 23, 2014

The 2014 Millionaire Explosion: US Leads the Way

By Chris Boyle

A list of the countries set to create the most millionaires in 2014 has been released by leading wealth management publication Spear’s in association with WealthInsight.

The list shows that the US is set to create the most millionaires of any member of the G8 in 2014, with 496,950 new millionaires forecast – an expansion rate of 9.5%. (Wealth excludes the value of primary residences.)

Meanwhile the UK is set to create the second-most millionaires of any G8 country, with 44,560 new millionaires expected this year – an expansion rate of 6.6%.

According to Spear’s Editor Josh Spero: “As its economy gains strength and speed in recovery, it’s natural that Britain will start to create millionaires, and it’s good to know that we’re leading our European neighbours.

“The UK’s entrepreneurial economy will undoubtedly have a large impact in supporting this growth as will the current property surge that we seeing at the moment, certainly in the capital. Whether the boom will include bankers at RBS getting huge bonuses seems unlikely.”

Although the US and UK rank highly in the analysis, it is the MINT countries that perform particularly well with Mexico, Indonesia, Nigeria and Turkey all ranking within the top eight.

These MINT counties overall perform better than both the BRICs and the G8. Led by Indonesia, which expects to see a 22 percent increase, in the number of resident millionaires in 2014 the list is followed by Nigeria (3) with a 10% increase, Turkey (6) with a 8.5% increase and Mexico (8) with a 7% increase.

According to Oliver Williams from WealthInsight: “There is a new class of wealthy emerging in the MINT countries, which is going to grow very rapidly. This huge wealth surge happening in the MINT countries now mirrors the BRICs ten or fifteen years ago. The only difference is the new Mexican, Indonesian, Nigerian and Turkish millionaire is likely to be much younger due to the demographics of these countries.”

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However, there are risks that come with extreme wealth, warns Williams: “Many countries, such as Nigeria, have seen a rise in poverty alongside an increasing millionaire population. Large inequality is a hallmark of the BRICs which could also become a feature of the MINTs if corruption is not checked and philanthropy among the wealthy not encouraged.”

Visit the Spear’s website for the full list of countries and their stats: http://www.spearswms.com/news/the-2014-millionaire-explosion

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