The rise of the ultra-rich
March 11, 2019

From Knight Frank:

Asia is the biggest hub for billionaires, with their number in the region set to rise above 1,000 by 2023, accounting for more than a third of the world's billionaire population of 2,696.

India leads in terms of forecast UHNWI ($30m+) growth over the next five years, with an expected rise of 39% growth, followed by the Philippines (38%) and China (35%). Of the 59 countries and territories included in our wealth forecasts, eight of the top ten countries by future growth are in Asia, plus Romania and Ukraine

In Africa Kenya leads the way, with 24% forecast growth by the end of 2023. The number of ultra-wealthy people in the country is set to reach 155 in 2023, making up 6% of the total UHNW population in Africa. Africa as a whole will see its UHNWI population grow by 31% between 2013 and 2023.

In Latin America the upheavals in the Brazilian economy mean that the UHNWI population will not regain its 2014 level by 2023, even as the country emerges from recession. However, Brazil will still be the continent's biggest wealth hub in five years' time with 3,962 UHNWIs.

Mexico will be catching up quickly, with a predicted population of 3,427 UHNWIs – some 23% between 2018 and 2023...

To read the full report, click here.

You may also like

More than 20% of Americans aren't saving money

"More than 1 in 5 working Americans aren't saving any money for retirement, emergencies, or other financial goals."

Colleges may have to take a financial stake when students don't repay loans

"The White House is weighing a measure that would require colleges and universities to take a financial stake in their students' ability to repay government loans."

The number of millionaires in the U.S. hits an all-time high

"The number of wealthy households in the U.S. reached a new high last year, roughly equivalent to the entire population of Sweden or Portugal."