Asia moved ahead of Europe in terms of the number of ultra wealthy individuals, a new report shows. But another region remains top.
The number of people with more than $50 million of net assets increased 10 percent last year, the fastest pace in at least five years, according to the latest wealth report published on Wednesday by Knight Frank.
Europe lost the second place to Asia despite a 10 percent rise in the number of seriously rich people. That took the total population to 35,180 in Europe, however a 15 percent increase in Asia’s ultra wealthy population pushed its number to 35,880.
North America is home to the highest resident population of individuals worth $50m or more, with 44,000 ultra wealthy individuals.
Asia Sets the Pace
In China alone the ultra wealthy population is expected to more than double in the next five years, and according to data prepared for the Knight Frank report by wealth data specialist Wealth-X, the overall outlook for the Asian region is highly positive.
China, Japan and India are leading the way in the region, while Hong Kong and Singapore are not forecast to see absolute growth in wealthy individuals on the scale of Asia’s three largest economies.
