The global ultra-high net worth (UHNW) population is getting even bigger, and this trend is showing no sign of slowing down, according to Knight Frank.
In its Wealth Report 2020, the consultancy firm found that 31,000 people became UHNW in 2019, up 6.4% from the previous year.
Knight Frank defines an individual as ultra-wealthy if they have at least $30m (£23.4m, €26.9m) in assets.
Overall, UHNW individuals are estimated to increase by 27% in the next five years, totalling just under 650,000 worldwide.
The firm claims Asia will become the world’s second largest wealth hub by 2024, overtaking Europe, as its expected year-on-year growth is 44%.
In 2019, Asian countries took seven out of the top 10 spots for the fastest growing UHNW populations, with mainland China home to the second largest number of ultra-wealthy in the world after the US.
India head of the pack
Knight Frank estimates that India will become the country with the highest growth in UHNW individuals within the next five years, with a staggering 73% increase.
It expects that Egypt will follow with 66%, and then Vietnam (64%), mainland China (58%) and Indonesia (57%).
Liam Bailey, global head of research at Knight Frank, said: “Knight Frank predicts that by 2024, Asia will be the world’s second largest wealth hub outperforming Europe, with a forecast five-year growth of 44%.
“It’s exciting to see how wealth is developing across Asia and, with the number of ultra-wealthy in India, Vietnam, Chinese mainland and Malaysia outpacing many other markets over the next five years, it will be interesting to see how this impacts the global property market.
“With property accounting for a large proportion of total UHNWI wealth – almost a third, according to the Knight Frank Attitudes Survey – it will be fascinating to see where in the world the wealthy invest and into which asset classes.”
