The global UHNWI population is set to experience growth of 27% between 2019 and 2024.
In addition, the number of HNWIs in 2019 grew by 31,000, an increase of 6.4% compared to the previous year. The total now stands at more than 513,200 and is predicted to reach 649,331 in 2024.
This is according to Knight Frank’s Wealth Report 2020, which tracks UHNWIs (those with over $30m) worldwide.
UHNWI population growth by region
Asia is set to witness the most growth in its UHNWI population. It currently has 103,335 HNWIs and this is set to increase by 44% over the next five years.
Africa is reported to witness the second-highest level of growth in the same time period, 32%, from a base of 4,501 UHNWIs in 2019.
North America, the region which holds the highest number of UHNWIs at 249,900, is set to only increase by 22%. The lowest rise in the next five years is predicted to come from Latin America and the Middle East with 17% each.
In terms of countries, the US led the way with 240,575 UHNWIs and China was a distant second with 61,587.
Following these two heavyweights were Germany, France, and Japan with 23,078, 18,776, and 17,013 UHNWIs respectively.
In terms of anticipated growth, India was top in UHNWI population growth with 73%. Egypt was third with 66% and Vietnam fourth with 64%. China is set to increase its number of UHNWIs with 58% growth between 2019 and 2024, but the US is forecast to only receive growth of 22%.
According to the report: “Over the next five years we forecast that global UHNWI numbers will grow by 27%. Of the top 20 fastest growing countries that we measure, six are located in Asia (led by India with 73% growth), five are in Europe (led by Sweden with 47% growth) and three are in Africa (led by Egypt with 66% growth).
“This reflects the positive sentiment captured in our Attitudes Survey, with 55% of respondents expecting their clients’ wealth to increase in 2020. Those in North America were the most bullish – 77% are expecting a hike.”