Top 10 Countries Becoming Wealthier in 2024

Currently, inflation remains a persistent concern in many regions, central banks are tightening monetary policies, and geopolitical tensions continue to disrupt global trade. Yet, these top 10 nations are growing in wealth rapidly.

These countries are leveraging natural resources, technological advances, and economic reforms to build and sustain wealth at an impressive pace

According to the UBS Global Wealth Report 2024, the top 10 countries where household net worth has grown most significantly from 2010 to 2023.

In this analysis, “wealth” refers to the net worth of households in each country, calculated as the total value of financial assets such as stocks and bonds and real assets like homes, minus liabilities like debt.

Here are the top 10 countries redefining global wealth in 2024:

1. Kazakhstan

Kazakhstan remains at the top of the list, with explosive growth in household wealth. This Central Asian giant, rich in oil, uranium, and other natural resources, has seen its GDP soar to $261 billion by 2023.

In 2024, Kazakhstan continues to benefit from global demand for energy and raw materials, particularly as supply chain disruptions force countries to seek alternative sources.

The government’s focus on economic diversification, including investments in infrastructure and finance, is also paying dividends, positioning Kazakhstan as a key player in both regional and global markets.

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2. China

China’s meteoric rise in wealth continues, fueled by rapid urbanisation, real estate growth, and a booming tech sector. Since 2010, household wealth has surged by 185%, and in 2024, China’s economy remains robust despite global headwinds.

The country’s aggressive push into green energy and advanced manufacturing is expected to keep household wealth on an upward trajectory, even as the world grapples with inflationary pressures.

3. India

India’s economic transformation continues in 2024, driven by a burgeoning digital economy and sweeping reforms that have streamlined business operations and increased financial inclusion.

The country’s wealth growth reflects a growing middle class and a vibrant tech sector that shows no signs of slowing down. As India expands its role as a global tech hub, household wealth is expected to keep climbing, supported by strong economic fundamentals and continued foreign investment.

4. Vietnam

Vietnam has firmly established itself as Southeast Asia’s manufacturing hub, with wealth growth driven by its integration into global supply chains. The country’s strategic positioning, coupled with a young, dynamic workforce, has made it an attractive destination for multinational corporations.

In 2024, Vietnam continues to benefit from companies diversifying their manufacturing bases away from China, contributing to steady gains in household wealth.

5. United Arab Emirates

While UAE’s oil reserves remain its economic backbone, the country has successfully pivoted to become a global hub for tourism, finance, and technology.

In 2024, this diversification continues to pay off, with the UAE reaping the rewards of investments in sectors like artificial intelligence, renewable energy, and luxury real estate.

6. Chile

Chile’s wealth growth is underpinned by its economic stability and strong export-driven economy. The country’s vast copper reserves remain a critical driver of wealth, particularly as global demand for this key industrial metal remains high. In 2024, Chile’s focus on sustainable mining practices and its expanding renewable energy sector are helping to solidify its economic standing, even as other regions face volatility.

7. Indonesia

Indonesia’s wealth surge is driven by a rapidly expanding middle class and significant investments in infrastructure. The country’s strategic investments in ports, airports, and digital infrastructure have opened new avenues for wealth creation. In 2024, Indonesia continues to position itself as a key player in the ASEAN region, with strong growth prospects in energy, manufacturing, and digital services.

8. Saudi Arabia

Saudi Arabia’s Vision 2030 initiative continues to reshape the kingdom’s economy, reducing its dependence on oil and fostering new industries such as tourism, entertainment, and technology.

Saudi Arabia’s investments in green energy and smart cities are attracting global attention, further boosting the kingdom’s economic prospects.

9. Turkey

Turkey’s economy has faced significant challenges in recent years, including high inflation and currency volatility. Despite this, the country has demonstrated resilience, with wealth growth driven by its strong industrial base and strategic location. Turkey continues to balance these challenges with opportunities, particularly in manufacturing and exports, positioning itself as a key link between Europe and Asia.

10. Mexico

Mexico’s proximity to the United States and its role in global supply chains have been key drivers of wealth growth. In 2024, Mexico is benefiting from nearshoring trends, as companies move their manufacturing operations closer to North American markets to mitigate global supply chain disruptions.

The country’s strong automotive and electronics industries continue to fuel household wealth growth, making it a critical player in the global economy.