The UK will have a Muslim majority by 2050 unless we leave the European Union, a report by think tank New World Wealth has found.
The independent global research house has found that by the middle of this century, several European countries will have a Muslim majority, including Belgium, Germany and France. It has included the UK if we remain a member of the European Union.
Its calculations expect that all the named countries stay in the EU zone, which is likely, current birth rates and conversion rates (as seen over the past 10 years) continue, Turkey is admitted into the EU zone, the ongoing migration from the Middle East and West Africa continues and the current freedom of movement policy within the EU continues. There is no reason why any of these criteria will not be fulfilled.
The research house has also examined the wealth of the Continent and has found that Europe is declining in regard to the average personal wealth of each citizen. The sum includes all their assets (property, cash, equity, business interests) less any liabilities.
Over the last 10 years, the wealth of the average European citizen has declined by 5%, a figure that compares poorly to other developed markets. Over this same 10 year period, the average wealth of a person in Australia has increased by over 100% and in Canada by over 50%, whilst in emerging markets such as China, India and Vietnam, average wealth has gone up by over 400% during this period.
Major issues that have deterred wealth creation in Europe over the past 10 years include:
- The global financial crisis in 2008 and the related housing crisis, which heavily impacted on the wealth of most European citizens.
- Rising income tax rates, which has deterred new business formation.
- Loss of jobs to Asia, particularly in the manufacturing sector.
- Inability of certain countries to handle large pension obligations (example: Greece).
There has also been a considerable migration of wealthy people out of Europe, mainly to countries such as USA, Canada, New Zealand, the Caribbean and Australia. The reasons for this include rising religious tensions, especially in urban areas, rising rates of rape and female assault, financial concerns, inability to deal with changing religious dynamics and concerns for their children’s future.
According to the research, in the future Europe is expected to continue to lose primary sector jobs to Asia, particularly to emerging countries such as China, India, Sri Lanka, the Philippines and Vietnam. It is also expected that the exodus of wealthy people out of Europe will continue and even accelerate in many cases.
In terms of wealth growth, the research expects certain Eastern European countries such as Poland to perform well. However, it does not expect much growth to come from Western and Southern Europe – in particular, large European economies such as Germany, France, Italy and Spain will struggle.
If we continue to tie ourselves to these countries in the EU, surely our own economy will be dragged down by them and this is a compelling reason why we should vote to LEAVE on June 23.