The Blubber

The number of ultra-high-net-worth individuals, which Knight Frank defines as anyone with more than $30 million to their name, increased 44% in the past five years.


According to a report by international property consultancy Knight Frank, the number of ultra-wealthy individuals is set to increase by 28.1% globally over the five years leading up to 2028. This growth is attributed to several factors, including lower interest rates, the strong performance of the US economy, and a significant recovery in equity markets.

Knight Frank's Wealth Report 2024, released on Wednesday, highlights that India is expected to contribute to 50% of the new wealth creation, with China accounting for 47%, Malaysia for 35%, and Indonesia for 34%. Regions outside Asia, such as the Middle East, Australasia, and North America, are projected to experience strong growth in wealth creation, while Europe is expected to lag behind. Africa and Latin America are likely to be the weakest regions in terms of wealth creation, according to the report.

The consultancy defines ultra-high-net-worth individuals (UHNWIs) as individuals with a net worth of $30 million or more, including primary residences and second homes not held as investments.

While the projected rate of wealth expansion is slower than the 44% increase observed in the five-year period leading up to 2023, Knight Frank remains optimistic about the future. Rory Penn, head of London residential sales and chair of the private office at Knight Frank, noted in the report that the total wealth held by ultra-high-net-worth individuals fell by 10% last year due to various shocks but is now on the rise again.

Penn stated, “Wealth creation is back – fuelled by a shift in the outlook for interest rates and propelled by the robust performance of the US economy, alongside a sharp recovery in equity markets. This year, we confirm a rise in the number of UHNWIs globally, led by growth in the US and the Middle East.”

According to a November report by Swiss banking group UBS, the number of billionaires globally increased by 7% last year to 2,544, with their collective wealth recovering by 9% to $12 trillion from $11 trillion.