Surveys
Global UHNW Population To Expand 22 Per Cent By 2023 - Knight Frank
The pace of growth in the ranks of such ultra-wealthy persons will accelerate, the real estate firm predicts.
The global population of ultra-high net worth people (net assets
of $30 million or more) is forecast to rise 22 per cent in the
five years to 2023, taking the total to 250,000, according to a
report on wealth trends from real estate firm Knight Frank.
The ultra-wealthy population will rise at “an accelerated rate
when compared with the past five years, which saw
ultra-high-net-worth individuals numbers rise by 18 per cent,
Knight Frank said.
“Despite a darkening economic outlook, wealth creation will
remain a constant in 2019. The global UHNWI population is
forecast to rise by 22 per cent over the next five years,
meaning an extra 43,000 people will be worth more than $30
million by 2023, this is a remarkable performance in the
expansion of wealth across the world,” Liam Bailey, global head
of research at Knight Frank, said.
“Equity markets, real estate markets and luxury investments all
had a stellar year in 2017. Growth in 2018 has been good in some
cases, but has not replicated the levels seen in 2017, and the
outlook
Asian countries will see the biggest growth in UHNW individuals
over the next five years. India leads with 39 per
cent growth, followed by the Philippines (38 per cent) and
China (35 per cent). Of the 59 countries and territories in
Knight Frank’s forecasts, eight of the top ten countries by
future growth are in Asia, with Romania and Ukraine taking the
remaining spots.
“However, it is worth noting that some of these countries are
starting from a low base. For example, Romania will have 278
UHNWIs by 2023, while Ukraine will have 485. The Philippines is
forecast to have 296 UHNWIs by 2023, less than 2 per cent of the
ultra-wealthy population of Japan, the biggest Asian wealth hub
with 20,570,” Knight Frank said.
The firm said the forecast growth in ultra-wealthy people chimes
with the findings of its latest Attitudes Survey, which shows
that the majority of UHNWIs expect their wealth to increase in
2019.
