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Knight Frank Unveil Their Asia Wealth Report For 2022

And according to them, Asia-Pacific will see the biggest growth in UHNWI and HNWI population between 2021 and 2026.


According to Knight Frank and its latest edition of The Wealth Report, the number of ultra-high-net-worth-individuals (UHNWIs) globally increased by 9.3% in 2021, with over 51,000 people seeing their net assets increase to US$30m or more. This was a considerable increase compared to 2020, following a growth of only 2.4%. 

Based on Knight Frank’s Wealth Sizing Model, every world region saw an increase in the numbers of UHNWIs between 2020 and 2021 – Americas (+12.2%), Russia & CIS (+11.2%), Middle East (+8.8%), Latin America (+7.6%), Asia-Pacific (+7.5%), and Europe (+7.4%) – except for Africa, where the UHNW population declined by 0.8%. 

Flora Harley, deputy editor of The Wealth Report at Knight Frank said: “Asset price rises, from property markets to equity markets and luxury collectables, have all helped boost the fortunes of those wealthy enough to have investment portfolios. The top five gainers for UHNWIs, in absolute terms were the US, the Chinese mainland, France, the UK and Japan. Research from The Wealth Report reveals that, on average, just shy of two-thirds of UHNWI wealth is allocated to property. Just under a third of total wealth is held in principal and second homes, while the remainder is invested directly or indirectly into investment property.”

Over the next five years, Knight Frank forecasts that the global UHNW population will grow by a further 28%, with Asia and Australasia (+33%) seeing the largest growth, followed by North America (+28%) and Latin America (+26%). 

Taking a ten-year view, 2016 to 2026, Knight Frank forecasts the global UHNWI population will more than double – from 348,355 to 783,671 and by 2026, Asia will surpass Europe as the second largest wealth hub. During that time, for example, it’s predicted, that Singapore will have witnessed a 268% growth in its UHNWI population to almost 6,000. However, the 10-year growth is led by Australasia. The region’s UHNWI population, led by New Zealand, is expected to more than treble by 2026 (from 1,249 to 4,618). 

Victoria Garrett, head of residential at Knight Frank Asia-Pacific said: “Despite slower growth in 2021, Asia-Pacific’s foothold as host to the world’s leading wealth hubs remains strong as ever. The affluent continue to be bullish on the region’s trajectory, which can be witnessed by the forecasted growth in the UHNWI and HNWI population between 2021 and 2026. In addition, the number of billionaires in Asia-Pacific is also expected to rise quicker than the global average in the same period.”

Wealth Hubs 2016 - 2026 

The countries and territories forecast to see the largest proportional increase in their UHNWI populations between 2016 – 2026

New Zealand


Chinese mainland

Czech Republic

















“Asia-Pacific will be the engine of economic growth in the 2020s, with gateway markets continuing their path of a stable of resilient growth and developing markets playing catch-up at a very fast rate. This will also contribute to the region becoming the fastest growing wealth hub and surpassing Europe as the second-largest over the next five years,” added Garrett.

What’s next 

For the first time, Knight Frank has examined the size of the ‘next generation’ of the world’s UHNWI population and assesses what that could mean for property markets. Globally, it is estimated that 129,557 UHNWIs are self-made and under the age of 40, around a fifth of the total population. North America, with 44,751, has the largest cohort, but Asia’s marginally lower figure (44,565) accounts for a higher proportion – 26% - of the region’s super-wealthy. Russia, however, boasts the highest relative number of next-gen wealth creators, with 45% (2,923) of its UHNWIs falling into the category.

Liam Bailey, global head of research at Knight Frank says: “The growth in younger self-made UHNWIs (21% of the total) will drive new investment themes and innovation in the near-term. However, with 83% of our Attitude Survey respondents expecting wealth to rise in 2022, and our expectation of a further 28% growth in global UHNWIs by 2026, policy responses to tackle inequality are on the rise. Expect more wealth taxation, focussed on assets rather than income, and a narrowing in the number of low-tax-jurisdictions.”  

Garrett adds: “Interestingly, the proportion of ‘Next Gen’ makes up a quarter (25%) of the UHNWIs population in Asia-Pacific, which is higher than the global average of 21%. With this group being more global and tech-savvy than the rest of their UHNWI counterparts, we expect to see a potential increase in demand for cross border investments in property, more sophisticated technology, digital services, as well as more environmentally conscious investment products – pushing the region’s affluent to be more ready to accept more disruptive technologies and ESG investments.”


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