Asia is expected to outpace all regions in the pace of increase in the number of ultra-high net worth individuals worldwide, according to a Knight Frank report.
Defined as those with $30 million or more in wealth, the number of ultra-high net worth individuals (UHNWI) in Asia will rise 39 percent in the next five years, according to the latest wealth report by Knight Frank.
Indonesia (67 percent) and India (63 percent) are expected to be the fastest growers of UHNWIs and this compares with the global average forecast of 27 percent.
Key Engine: China
By 2025, Asia is expected to be home to 24 percent of all UHNWIs compared to 17 percent a decade ago with China set to be a key engine of wealth growth.
In 2020, the number of UHNWIs worldwide increased 2.4 percent to 520,000, down two-thirds compared to 2019. China was the greatest contributor to the UHNW population (9,594) followed by the U.S. (6,080) and Japan (1,199).
«Asia is the key wealth story,» said Liam Bailey, global head of research at Knight Frank. «The US is, and will remain, the world's dominant wealth hub over our forecast period, but Asia will see the fastest growth.»
