The Wealth Report Series

Wealth
KEY TAKEAWAYS

-3.8%

Populations
The global UHNWI population
contracted by 3.8% in 2022 after a record
climb in 2021

16.9%
The Middle East was a regional
stand out with 16.9% UHNWI growth,
The global population of UHNWIs fell by 3.8% in 2022 buoyed by the UAE and Saudi Arabia
who saw stellar economic and property
with the rapid departure from an era of ultra-loose market performance
interest rates and relatively benign geopolitics
3
Asia was home to three of the top 10
The story at the heart of The Wealth residential markets globally growing fastest-growing wealth hubs, with
Report 2023, released in March, was on average by 5.2% in 2022 and luxury Malaysia, Indonesia, and Singapore
that of the legacy of the pandemic and investment assets saw an inflation seeing their wealthy populations expand
the reverberations from the surge in busting 16% growth. by 7-9%, this comes despite the wider
interest rates. However, the dip is just that. region experiencing a 6.5% decline
The strong economic rebound in Taking the longer view, the global

744,000
2021 and then reversal in 2022 was UHNWI population grew by 44% in the
echoed by the global ultra-high-net- five years to 2022. While we forecast
worth individual (UHNWI) population, that this will slow to 28.5% over the
which fell by 3.8% after a record next five years, the recent dip will Over the next five years we forecast that
breaking 9.3% growth in 2021. prove short lived as we adapt to a new the global UHNWI population will
In our recent report we detailed economic environment. expand by 28.5% to almost three-quarters
of a million from 579,625 in 2022
how the total wealth held by UHNWIs
in 2022 fell by 10% due in large part

US$12.4m
to two-fifths of portfolios being held
in equities and bonds, which saw the “Property was a bright spot with
traditional portfolio of 60/40 put in prices in 100 prime residential
the worst performance since the 1930s markets globally growing on The level of net wealth required to join
in the US. On the flip side, supporting the top 1% of the population in Monaco
average by 5.2% in 2022.”
growth, we revealed how property was
a bright spot with prices in 100 prime
Breaking it down
uncertainty on the horizon but UHNWIs 2022, the US was home to more than a growth experienced over the previous
are poised to capitalise which creates third of global UHNWIs, and whilst the five years. India, is already estimated
growth opportunities. share will fall by 2027, it is only marginal to have overtaken China in terms of
The top 10 locations for growth from 35% in 2022 to 34% by 2027. population and forecast to be one of
are dominated by European and Asian Among the top 10 are the world’s the fastest growing economies in 2023
economies. Hungary, with 74.4% is two most populous countries, with according to the IMF.
Despite an overall fall in the global UHNWI followed by Turkey’s at close to 70% India expected to see a 58.4% rise in As we move through 2023, there
population in 2022, several growth hubs remained and Poland at 66.9%. However, the
US will retain its dominance with the
its UHNWI population, a faster rate
than in the previous five years. The
is plenty of optimism, as found in our
Attitudes Survey. Our forecasts reflect
largest global UHNWI population, Chinese mainland is forecast to see a this and the opportunities for wealth
which is forecast to grow by 24.6%. In 49.8% climb, a slowing from the 99.6% creation across the globe.

Despite the overall global population of as little surprise with both the Dubai population increase including Ireland,
UHNWIs falling, there are nuances to the and Riyadh prime residential markets with a 3.9% rise, and the wealthy’s safe
story – both at a regional and country
level as well as across wealth bands.
occupying the number one and three
spots in our Prime International
haven of Monaco with 0.9% growth.
Rising fortunes
While the world’s UHNWI Residential Index (see March edition) A LOOK AHEAD Global wealth populations through the years and forecast 10-year (2017-2027) growth %
population contracted last year, the and both seeing real GDP growth in Over the next five years we forecast
number of high-net-worth individuals 2022 of 7.6% and 8.7% respectively. that the global UHNWI population 2027
(HNWIs) expanded by 2.9% to number Africa also proved resilient with will expand by 28.5% to almost three- 109,099,357
almost 70 million worldwide, only 6.3% growth, while Australasia and the quarters of a million from 579,625 HNWI
Europe as a region saw HNWI numbers Americas remained largely static with in 2022. This expansion marks a 2022
dwindle. The number of billionaires 0.7% and 0.2% growth respectively. slowdown from the 44% growth 69,543,783
2017
meanwhile declined by 5% to 2,629. While Australia’s UHNWI population seen in the 2017 to 2022 period. The 48,798,801
The Middle East was the standout grew by 2.1% in 2022, the US’ population number of HNWIs will also surpass
region with 16.9% growth in UHNWIs fell marginally, by 0.8%, to 203,338. 100 million over the next five years,
through the year. This corroborates Asia’s UHNWI population fell by growing by 56.9%. 10-year growth 124%
the findings from our Attitudes 6.5% yet three of the top 10 highest The first four months of 2023
Survey where two-thirds of regional growth spots were held by Asian have seen the mood shift to one of UHNWI
respondents cited that their client’s countries. Malaysia, Indonesia, greater optimism. Economic data 2017 2022 2027
wealth had either increased or remained and Singapore saw their wealthy continues to surprise on the upside 402,421 579,625 744,812
the same in 2022, ahead of the global populations expand by 7-9%. in many locations and the interest
average of just over half. Echoing what we highlighted in rate peak looks to be drawing ever 10-year growth 85%
The UAE was the fastest growing March, Europe was the hardest hit region closer. The reset that we noted in
country with an 18.1% increase, with a decline of 8.5%. Some four-fifths March, that underpins much of this Billionaires
bringing the number of UHNWIs to of the region’s countries experienced year, is well underway and investor 2017 2022 2027 10-year growth
1,116, with Saudi Arabia not far behind a decline in their UHNWI population. attitudes have already begun to shift.
with 10.4% annual growth. This comes A handful of markets saw their UHNW There may still be a great deal of 2,087 2,629 3,372 62%

Outperformance Ones to watch

Global breakdown 2022 Top 10 countries for UHNWI growth in 2021-22 Top 10 countries and territories for forecast UHNWI growth
Regional UHNWI populations and annual % change 2022-27
% change 2021-2022

18.1%

74.4%
155,996

69.1%

66.9%

64.7%
EUROPE
241,253

13.9%
-8.5%

58.4%

58.0%

58.0%
AMERICAS

50.9%

49.8%
0.2% 150,362

11.2%

10.7%

10.4%

44.8%
ASIA

9.4%

9.0%
8,844 -6.5%

6.9%
MIDDLE EAST

6.2%

6.0%
16.9%

Chinese mainland
579,625

New Zealand
Saudi Arabia

South Korea

Philippines
GLOBAL AVERAGE

Singapore
20,841

Indonesia
2,329
Tanzania

Malaysia

Malaysia
Hungary

Sweden
Canada
-3.8%

Nigeria

Poland
Turkey

Turkey
Brazil
AUSTRALASIA

India
AFRICA
UAE

6.3% 0.7%
Source: Knight Frank Wealth Sizing Model
Source: Knight Frank Wealth Sizing Model Note: ranked by % change for locations listed on page 6, excluding locations where UHNWI population is below 50

2 THE WEALTH REPORT SERIES: WEALTH POPULATIONS THE WEALTH REPORT SERIES: WEALTH POPULATIONS 3
What does it
“The 1%” rose to totemic status during
the global financial crisis – however
the wealth needed to join their ranks
Databank
varies sharply from country to country. THE KNIGHT FRANK WEALTH SIZING MODEL

take to reach
While “the 1%” might be thought
HNWI POPULATIONS (US$1M+) % CHANGE UHNWI POPULATIONS (US$30M+) % CHANGE
of as the epitome of excess, the
price of access to the club falls well Country/territory 2017 2021 2022 2027 2017-22 2021-22 2022-27 2017 2021 2022 2027 2017-22 2021-22 2022-27

short of our definition of a UHNWI –

the top 1%?

World 48,798,801 67,589,931 69,543,783 109,099,357 42.5% 2.9% 56.9% 402,421 602,553 579,625 744,812 44.0% -3.8% 28.5%
somebody whose net wealth exceeds
US$30 million. Africa 114,052 131,572 133,902 164,821 17.4% 1.8% 23.1% 2,062 2,192 2,329 2,624 12.9% 6.3% 12.7%
Even in Monaco, which has Americas 19,233,157 27,568,554 29,364,747 43,386,833 52.7% 6.5% 47.8% 158,997 240,777 241,253 302,972 51.7% 0.2% 25.6%
the world’s densest population of Asia 11,465,346 16,684,827 17,466,418 31,351,642 52.3% 4.7% 79.5% 98,394 160,890 150,362 210,175 52.8% -6.5% 39.8%
super-rich individuals, the entry Australasia 1,979,142 2,554,181 2,642,781 4,635,123 33.5% 3.5% 75.4% 15,239 20,686 20,841 30,080 36.8% 0.7% 44.3%

point for the principality’s 1% is Europe 15,516,396 19,792,054 18,929,626 27,725,035 22.0% -4.4% 46.5% 123,870 170,443 155,996 187,178 25.9% -8.5% 20.0%
We examine the level of net individual wealth US$12.4 million. The level is still Middle East 490,709 858,743 1,006,310 1,835,903 105.1% 17.2% 82.4% 3,859 7,565 8,844 11,784 129.2% 16.9% 33.2%

required to reach the 1% threshold across the world almost double that of second place
Argentina 99,342 67,144 68,089 101,846 -31.5% 1.4% 49.6% 1,172 892 907 1,027 -22.6% 1.7% 13.2%
Switzerland at US$6.6 million.
Australia 1,730,179 2,112,811 2,214,326 3,789,629 28.0% 4.8% 71.1% 13,319 17,105 17,456 24,589 31.1% 2.1% 40.9%
Australasia rounds off the top three
Austria 213,910 314,472 289,656 343,922 35.4% -7.9% 18.7% 1,559 2,475 2,163 2,138 38.8% -12.6% -1.2%
with US$5.5 million with New Zealand
Brazil 515,131 422,703 525,055 793,275 1.9% 24.2% 51.1% 6,078 5,616 6,246 8,002 2.8% 11.2% 28.1%
The 1% club and the US sitting in fourth and fifth
place with US$5.2 million and US$5.1
Canada 1,642,718 2,724,838 3,072,771 4,783,509 87.1% 12.8% 55.7% 13,245 23,420 24,821 32,857 87.4% 6.0% 32.4%

The level of individual net wealth needed to join the top 1% in selected Chinese mainland 5,575,220 9,460,024 10,388,510 20,813,570 86.3% 9.8% 100.4% 46,849 93,500 88,024 131,855 87.9% -5.9% 49.8%
million respectively required.
Czech Republic 46,416 68,015 70,603 117,522 52.1% 3.8% 66.5% 338 535 527 731 55.8% -1.5% 38.7%
countries and territories (US$) For Asia, Singapore has the Egypt 8,586 15,887 15,123 16,575 76.1% -4.8% 9.6% 153 266 249 247 62.8% -6.4% -0.8%
highest threshold with US$3.5 million France 2,668,266 3,445,938 3,182,601 4,500,618 19.3% -7.6% 41.4% 19,445 27,120 23,768 27,985 22.2% -12.4% 17.7%
required to be in the top 1% ahead of
$12.4m

Germany 2,737,844 3,611,536 3,379,431 4,970,620 23.4% -6.4% 47.1% 19,952 28,423 25,238 30,907 26.5% -11.2% 22.5%
Europe Hong Kong’s US$3.4 million. For the Greece 58,861 67,209 67,315 92,045 14.4% 0.2% 36.7% 429 529 503 572 17.3% -4.9% 13.7%
Australasia UAE, Middle East’s highest entry, the Hong Kong SAR 444,785 757,086 730,675 1,136,796 64.3% -3.5% 55.6% 3,380 6,050 5,686 7,280 68.2% -6.0% 28.0%
North America level required is US$1.6 million and Hungary 21,499 33,403 31,884 66,690 48.3% -4.5% 109.2% 157 263 238 415 51.9% -9.5% 74.4%

Asia Brazil is top of our Latin American India 809,666 763,674 797,714 1,657,272 -1.5% 4.5% 107.8% 11,529 13,048 12,069 19,119 4.7% -7.5% 58.4%
markets with a US$430,000 threshold. Indonesia 24,598 30,000 36,742 56,436 49.4% 22.5% 53.6% 350 510 556 651 58.7% 9.0% 17.1%
Middle East
All of these levels have risen Ireland 167,162 281,516 308,205 519,094 84.4% 9.5% 68.4% 1,218 2,216 2,302 3,228 89.0% 3.9% 40.2%
Latin America
since we last published the analysis Italy 2,101,406 2,167,723 2,040,284 2,878,861 -2.9% -5.9% 41.1% 15,314 17,060 16,490 17,901 7.7% -3.3% 8.6%
Africa in The Wealth Report 2021 reflecting Japan 2,604,384 3,024,969 2,916,202 3,368,951 12.0% -3.6% 15.5% 20,049 24,489 22,259 21,859 11.0% -9.1% -1.8%

the growth in wealth over the past Kenya 1,870 2,437 2,471 3,214 32.1% 1.4% 30.1% <50 <50 <50 <50 23.1% 0.0% 17.1%
Malaysia 58,395 66,682 85,126 164,839 45.8% 27.7% 93.6% 491 659 721 1,044 46.9% 9.4% 44.8%
two years, despite the dip in 2022.
Mexico 191,026 217,652 245,575 374,437 28.6% 12.8% 52.5% 2,254 2,892 2,921 3,777 29.6% 1.0% 29.3%
However, as explored in that edition,
Monaco 9,752 14,116 14,936 22,554 53.2% 5.8% 51.0% 71 111 112 140 57.6% 0.9% 25.0%
growing inequality globally could
New Zealand 229,883 417,727 403,461 807,610 75.5% -3.4% 100.2% 1,770 3,382 3,181 5,240 79.8% -5.9% 64.7%
see a greater focus on this group –
Nigeria 14,673 18,977 21,393 24,604 45.8% 12.7% 15.0% 261 318 352 367 34.7% 10.7% 4.3%
$6.6m

particularly in the sights for greater

Philippines 14,544 18,697 20,632 42,715 41.9% 10.3% 107.0% 207 319 312 493 50.7% -2.2% 58.0%
taxation on assets and even emissions. Poland 97,767 142,583 138,162 276,858 41.3% -3.1% 100.4% 712 1,122 1,032 1,722 44.8% -8.0% 66.9%
$5.5m

Romania 59,797 80,812 79,989 107,221 33.8% -1.0% 34.0% 1,114 1,679 1,462 1,617 31.2% -12.9% 10.6%
$5.2m

$5.1m

Saudi Arabia 75,162 122,784 134,539 185,325 79.0% 9.6% 37.7% 579 994 1,097 1,202 89.6% 10.4% 9.6%
Singapore 387,200 519,619 570,548 815,699 47.4% 9.8% 43.0% 2,981 4,206 4,498 5,293 50.9% 6.9% 17.7%
$4.3m

South Africa 26,220 36,288 28,749 34,006 9.6% -20.8% 18.3% 481 592 542 603 12.8% -8.4% 11.3%
South Korea 722,147 859,733 798,466 1,532,995 10.6% -7.1% 92.0% 5,559 6,960 6,295 9,947 13.2% -9.6% 58.0%
$3.5m

$3.5m

$3.4m

Spain 1,133,847 1,536,329 1,433,549 2,004,907 26.4% -6.7% 39.9% 8,263 12,091 10,706 12,466 29.6% -11.5% 16.4%
$3.3m

Sweden 352,349 527,804 460,173 834,368 30.6% -12.8% 81.3% 2,568 4,154 3,437 5,188 33.9% -17.3% 50.9%
$2.6m

Switzerland 801,284 1,042,111 1,061,830 1,520,687 32.5% 1.9% 43.2% 11,679 16,404 15,860 18,912 35.8% -3.3% 19.2%
$2.5m

960,000

880,000

Taiwan 608,005 904,634 839,488 1,297,652 38.1% -7.2% 54.6% 4,680 7,324 6,618 8,420 41.4% -9.6% 27.2%
740,000

587,000

485,000

433,000

383,000
$1.7m

Tanzania 1,900 2,133 2,467 3,406 29.8% 15.7% 38.1% <50 <50 <50 51 21.1% 13.9% 24.4%
$1.6m

175,000

109,000

Thailand 85,939 95,497 104,790 158,977 21.9% 9.7% 51.7% 722 944 888 1,007 23.0% -5.9% 13.4%
20,000
57,000

Turkey 99,322 95,828 104,665 268,511 5.4% 9.2% 156.5% 835 947 1,006 1,701 20.5% 6.2% 69.1%
Uganda 1,028 1,265 1,510 1,871 46.8% 19.4% 23.9% <50 <50 <50 <50 36.5% 19.0% 12.0%
UAE 106,774 116,723 134,239 198,690 25.7% 15.0% 48.0% 822 945 1,116 1,289 35.8% 18.1% 15.5%
Monaco

Switzerland

Australia

New Zealand

US

Ireland

Singapore

France

Hong Kong SAR

UK

Italy

Spain

Japan

UAE

Chinese mainland

Czech Republic

Saudi Arabia

Romania

Malaysia

Brazil

Mexico

India

South Africa

Philippines

Kenya

UK 2,427,283 2,966,507 2,857,827 4,243,040 17.7% -3.7% 48.5% 17,689 23,347 21,342 26,383 20.7% -8.6% 23.6%
US 16,493,510 23,848,120 25,172,580 36,885,040 52.6% 5.6% 46.5% 132,987 204,971 203,338 253,354 52.9% -0.8% 24.6%
Vietnam 40,971 70,027 69,994 112,252 70.8% 0.0% 60.4% 583 1,196 1,059 1,295 81.5% -11.5% 22.3%
Zambia <500 <500 <500 <500 -10.9% 29.6% -15.3% <50 <50 <50 <50 -19.3% 20.0% -16.7%

Source: Knight Frank Wealth Sizing Model Note: Our model is dynamic and these numbers are subject to change and may not be identical to previous editions

4 THE WEALTH REPORT SERIES: WEALTH POPULATIONS THE WEALTH REPORT SERIES: WEALTH POPULATIONS 5
 THE WEALTH SIZING MODEL
JAMES CULLEY Meet the author
We have been generating our proprietary Wealth Sizing Model
for half a decade now. Originally building upon established wealth
estimation models, the model has evolved to incorporate advances
in machine learning techniques and more extensive resources.
FLORA HARLEY
With each iteration we refine and optimise the model and data Partner, Research
+44 20 7861 1436
to produce accurate and robust forecasts structured to flora.harley@knightfrank.com
incorporate geopolitical circumstances that can affect the
underlying economic relationships.
We are fortunate at Knight Frank to have a highly skilled Analytics
team that can draw upon vast amounts of proprietary and external
data, expertise and knowledge across the global network.

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The global perspective on

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17th edition 2023

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