No India, China, America in the top 10, population of rich people is increasing rapidly in these countries, check full list
Countries with fastest-growing millionaire populations: Do you know which are the countries who have the fastest-growing millionaire populations. Is it the US, Or China or India? No! While global economic giants like the United States, China, and India often dominate economic milestone discussions across the world, they are not the top countries in the list of fastest-growing millionaire populations. According to the UBS Global Wealth Report 2024, smaller and emerging economies are experiencing a sharp surge in the number of individuals with wealth exceeding $1 million. Here are all the details you need to know about the UBS Global Wealth Report 2024. What has UBS Global Wealth Report revealed?
In a significant development, the UBS Global Wealth Report 2024 has revealed a surprising trend which says that the fastest growth in the number of millionaires is not happening in economic power houses like the US, China, or India. Instead, smaller and emerging economies are seeing the sharpest rise in wealthy individuals. Countries with fastest-growing millionaire populations
Talking about the fastest-growing millionaire populations, Taiwan ranks first, with 760,000 millionaires and an average adult wealth of $312,075. Turkey follows closely, having added 7,000 millionaires in the past year, 8.4% increase, bringing its total to 68,000, projected to reach over 87,000 by 2028. Both countries are experiencing rapid financial uplift backed by tech and economic reforms.
Many Asian countries including Kazakhstan, Indonesia, South Korea, Israel, Mexico, Thailand, along with Europe's Sweden form the top 10 countries with fast-growing millionaire populations. These shifts show that global wealth is expanding beyond traditional centers, driven by regional growth, favorable policies, and rising investment opportunities.
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Hindustan Times
an hour ago
- Hindustan Times
Trump confirms 25% tariff, penalty for India from Aug 1
US President Donald Trump announced on Wednesday that India will face a 25% tariff on all exports to America plus an unspecified additional penalty for purchasing Russian energy, dealing a setback to negotiations just days before an August 1 deadline for additional levies that New Delhi has been attempting to stave off. US President Donald Trump speaks during a bill signing ceremony in the Roosevelt Room of the White House in Washington, DC, US, on Wednesday. (Bloomberg) The move, which some US officials described as a negotiating tactic, could, if the tariffs last, put India at a disadvantage when compared to Asian countries such as Indonesia and Vietnam. In a combative post on Truth Social, Trump criticised India for maintaining the world's highest tariffs and 'obnoxious' trade barriers while continuing to buy Russian military equipment and energy during the Ukraine war. 'Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country,' Trump wrote. 'Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to Stop the killing in Ukraine,' he added. 'India will therefore be paying a tariff of 25%, plus a penalty for the above, starting on August first.' The penalty would be what Trump calls a 'secondary tariff'. India's ministry of commerce and industry said on Wednesday it had 'taken note' of Trump's statement and was 'studying its implications.' The ministry said India remained 'committed' to concluding a 'fair, balanced and mutually beneficial bilateral trade agreement' while protecting 'the welfare of our farmers, entrepreneurs, and MSMEs'. 'The government will take all steps necessary to secure our national interest, as has been the case with other trade agreements including the latest Comprehensive Economic and Trade Agreement with the UK,' the statement added. White House economic adviser Kevin Hassett, in comments made shortly after Trump's post, suggested the announcement was intended as a negotiating tactic , telling reporters that Trump was frustrated with state of negotiations. 'I think President Trump is frustrated with the progress we've made with India but feels that a 25% tariff will address and remedy the situation in a way that's good for the American people,' Hassett said, adding: 'India might reconsider their practices'. Hassett described a potential deal with India as 'an absolute game changer for the global economy' and said the White House remained 'hopeful that India will open up its markets.' He added that Trump and US trade representative Jamieson Greer would provide more information 'shortly' on the additional penalty announced earlier. On Wednesday, Trump separately confirmed the August 1 deadline would not be extended. The announcement comes seven months after Prime Minister Narendra Modi and Trump launched 'Mission 500'—a goal to increase bilateral trade from $200 billion to $500 billion by 2030. The leaders announced plans to negotiate a first-phase Bilateral Trade Agreement by autumn 2025. Five rounds of negotiations took place between March and July, with technical teams largely concluding the framework by late June. However, talks remained deadlocked over three core issues: agricultural market access, tariff reciprocity, and ongoing WTO disputes. In recent days, Trump has sought to pressure President Vladimir Putin towards a peace deal to end the Ukraine war through expanded trade measures rather than traditional sanctions. India was originally slated to be slapped with duties of 26%, including a 10% baseline that Trump announced as part of his 'liberation day' trade policy. New Delhi and Washington have since stepped up negotiations. A team of Indian negotiators led by Special Secretary Rajesh Agrawal concluded talks in Washington from July 14-17 without reaching a first-phase agreement, even though India avoided receiving a formal 'trade threat' letter earlier this month—which had seemed to indicate a deal was close. Trade talks foundered on American demands for greater market access, particularly in agriculture where US officials sought 'politically-impossible' concessions from India, according to Rick Rossow, Chair on India and Emerging Asia Economics at the Center for Strategic and International Studies. US trade representative Jamieson Greer and commerce secretary Howard Lutnick have publicly stated that Trump personally demanded 'completely open markets' from India—a condition New Delhi found unacceptable given its need to protect domestic livelihoods. The tariffs will disadvantage India compared to other manufacturing hubs as American businesses pursue 'China+1' supply chain strategies. Trump has recently struck more favourable trade deals with the European Union (15% tariffs), Japan (15%), Indonesia (19%) and Vietnam (20%). 'As the United States and India increasingly focus economic ties on economic security and supply chain diversification, a 25% reciprocal tariff with the threat of additional penalties puts India at a disadvantage,' said Aman Thakker, vice president at the Asia Group. Electronics manufacturing, where India has attracted investments from companies like Apple, could face particular pressure from the higher tariff rate compared to alternative locations. 'India will do whatever it can to strengthen commercial relations with the US but not at the cost of making fuel or electricity unaffordable for millions of its citizens,' said Prerna Bountra, deputy director at the Ananta Aspen Institute. She noted the irony of American pressure given continued US imports of Russian uranium, adding: 'An American administration voted in by an electorate frustrated by the price of eggs and gas shouldn't be too surprised when India picks keeping its prices low over making nice.' The tariffs affect India's $86.5 billion worth of goods exports to America, making the US India's largest trading partner despite the escalating trade tensions. While both economies are primarily services-driven, limiting direct impact on most jobs, experts warn of broader relationship damage. 'The larger impact will be a further loss of trust in the relationship,' Rossow said, cautioning that such policy shifts could constrain cooperation in defence and other strategic areas. 'Despite the unpredictable policy making of the US, the market was expecting a tariff deal to work out as longer-term US-India strategic interests are aligned,' said Nilesh Shah, MD of Kotak Mahindra AMC. 'Markets will hope for a 'TACO' trade if better senses prevail,' Shah added, referring to a global trade trend where markets have risen despite Trump's threats, a defiance dubbed as 'Trump will always chicken out', or TACO. Madhavi Arora, economist, Emkay Global, added: 'We see it more from the lens of geopolitics than purely economics and see both sides striving to get the deal done, even as the power equations may change a bit in US favour.'
Mint
an hour ago
- Mint
Soybean futures extend losses on favorable US weather, weak demand
CHICAGO, - Chicago Board of Trade soybean futures fell for the fourth consecutive session on Wednesday, dragged down by favourable weather across the U.S. Midwest and sluggish export demand, analysts said. Wheat futures also weakened, while corn futures edged higher. Forecasts for cooler temperatures and periodic rainfall in the Midwest bolstered expectations for big U.S. soy and corn harvests. Rain over the past week improved conditions for the crops, according to weather forecasting firm Vaisala. "Most Midwestern crops remain well-watered," the U.S. Department of Agriculture said in a daily weather report. Most-active soybean futures ended down 13-3/4 cents at $9.95-3/4 a bushel and set their lowest price since April 9. Farmers are expected to harvest a sizable crop as U.S. export demand is under pressure from President Donald Trump's trade dispute with top importer China. U.S. and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday. China's appetite for soybeans is likely to weaken during the peak U.S. marketing season later this year, as record imports earlier in 2025 and tepid demand from animal feed producers have pushed up soymeal inventories at home, trade sources said. CBOT soymeal futures set contract lows, while soyoil futures backpedaled from contract highs. In other demand news, Bangladesh approved the purchase of about 220,000 metric tons of U.S. wheat as part of efforts to cool trade tensions, a Dhaka official said. CBOT wheat ended down 6 cents at $5.23-3/4 per bushel, while K.C. wheat finished higher. CBOT corn closed 1-1/4 cents higher at $4.12-1/4 a bushel as short covering and technical buying helped to underpin prices, traders said. Asian demand for corn has also been brisk. On Thursday, the USDA is slated to issue weekly U.S. grain and soybean export sales data. The agency will likely raise its U.S. corn yield estimate in a monthly crop report due on August 12, traders said. They have already dialed in a yield above the agency's latest estimate for 181 bushels per acre. This article was generated from an automated news agency feed without modifications to text.
Time of India
3 hours ago
- Time of India
iPhone blowback: 25% US duty triggers alarm; India's export growth and Apple's shift at risk
AI image Apple 's ambitions to make India a major export hub for iPhones may face a serious blow following US President Donald Trump's decision to impose a 25% tariff on all Indian goods starting August 1, along with an unspecified penalty. The move, announced o Wednesday, amid growing restrictions from China on the supply of crucial electronic components, is expected to hit both production and export plans from India, especially in the electronics sector. As per news agency PTI, experts say this dual challenge, China's clampdown on parts and the US's new tariff regime, could slow down electronics manufacturing and hurt India's goal of becoming a global export centre. 'Today's sudden announcement of 25 per cent tariffs on exports from India to the US will certainly hit Apple's plan of making India a large export hub for iPhone exports to the US,' said Navkendar Singh, associate VP for devices research at IDC India, South Asia & ANZ, as quoted by PTI. Singh explained that around 25% of iPhone shipments, about 60 million annually, go to the US. To meet this demand from India, Apple would have needed significant expansion in local manufacturing, which could now be delayed due to the tariffs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Live Comfortably: 60m2 prefabricated bungalow for the elderly in Bordj El Kiffan Pre Fabricated Homes | Search Ads Search Now Undo According to sources cited by PTI, Apple had planned to increase iPhone output in India from 35–40 million units last year to 60 million this year. Apple CEO Tim Cook had even announced that all iPhones sold in the US during April to June would be shipped from India. These units are assembled at Foxconn's factory in Tamil Nadu. However, CyberMedia Research VP Prabhu Ram noted that near-term challenges like increased costs on India-assembled iPhones could affect demand and push Apple to rework its supply chain. 'India will remain a critical lynchpin in Apple's global strategy,' he added, but cautioned that the country must reduce its upstream dependencies to ensure supply chain resilience. Industry groups remain unclear whether Trump's new 25% duty will be on top of the existing 10% baseline tariff. Trump had earlier imposed the 10% tariff on most Indian goods in April. Elcina secretary general Rajoo Goel believes a 15% increase over the existing duty is likely. 'A 15 per cent increase in import duty will definitely impact our electronics exports, especially mobiles, telecom, auto and consumer equipment,' he said. Goel also warned that China's actions on critical inputs will raise production costs and shrink export demand, slowing down growth. Ashok Chandak, president of IESA and SEMI India, warned that India could lose competitiveness to other Asian nations if the 25% tariff is enforced. He stressed the need to diversify exports, build domestic markets, and move up the value chain. 'India doesn't make semiconductors, so the short-term impact is minimal. But we need to move out of China's shadow to be truly competitive,' Chandak said. The Indian government, in a statement, said it is studying the implications of Trump's move and remains hopeful of finalising a fair and balanced bilateral trade deal. It assured that all necessary steps would be taken to protect India's national interests. Talks for the India-US bilateral trade agreement have been ongoing since March, with both sides aiming to double trade to $500 billion by 2030. Five rounds of discussions have been completed, and a sixth is scheduled for August 25. A partial agreement may be reached by September or October. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
