The Knight Frank Wealth Report 2025, the 19th edition of this flagship annual publication, provides a definitive assessment of the global wealth landscape, revealing a year of robust growth and shifting dynamics among the world's high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs). The report confirms that 2024 was a pivotal year for wealth creation, characterized by resilience in financial markets and significant expansion in the population of wealthy individuals across nearly all major regions.
According to the report’s findings, the global population of HNWIs—defined as individuals possessing at least $10 million in investable assets—witnessed a substantial increase of 4.4% in 2024, reaching a total of approximately 2.34 million individuals 1|PDF3|PDF. This growth signifies a strong recovery and acceleration of wealth accumulation following previous years of economic uncertainty.
Furthermore, the elite tier of the global wealthy, the ultra-high-net-worth individuals (UHNWIs) with assets exceeding $100 million, demonstrated parallel growth. The UHNWI population grew by 4.2% in 2024, a significant milestone that saw their numbers surpass 100,000 for the first time in history 1|PDF3|PDF. This expansion underscores the concentration of wealth at the very top of the global economic pyramid and highlights the increasing scale of capital managed by this demographic.
Geographically, the report delineates a clear hierarchy of wealth creation. North America solidified its position as the dominant force in global wealth, leading all regions with a growth rate of 5.2% and hosting nearly 40% of the world's HNWI population 1|PDF. Asia continued its trajectory as a critical engine of growth, recording a 5.0% increase in its HNWI population, bolstered significantly by the rise of India, which ranked 4th globally in terms of HNWI population 2|PDF3|PDF9|PDF. Meanwhile, Africa emerged as a region of immense potential, recording growth of 4.7% and being identified in projections as a future leader in wealth creation due to its youthful demographics and resource availability . Europe, while hosting a significant share of global wealth, experienced more modest growth of 1.4%, reflecting different economic conditions compared to the more dynamic emerging markets .
This report delves into the granular details of these findings, exploring the methodologies behind the data, the drivers of wealth creation, regional nuances, and the future outlook for global wealth distribution as projected by Knight Frank's proprietary models.
Knight Frank’s Wealth Report has established itself as a benchmark publication for understanding the movements of global capital and the demographics of the wealthy. The 2025 edition marks the 19th iteration of this influential study. Released in 2025, the report provides a retrospective on the economic performance of 2024 while offering forward-looking projections into 2028 and beyond 1|PDF3|PDF. It serves as a critical resource for private bankers, wealth managers, real estate professionals, and policymakers seeking to understand the size, location, and preferences of the global wealthy population.
A foundational element of the report is the clear definition of the wealth cohorts it analyzes. The primary distinction lies between High-Net-Worth Individuals (HNWIs) and Ultra-High-Net-Worth Individuals (UHNWIs). According to the data presented in the 2025 report, HNWIs are consistently defined as individuals with at least $10 million in investable assets 1|PDF3|PDF. This threshold allows for a broad analysis of the globally mobile wealthy population.
The UHNWI category represents a more exclusive tier. While some variations exist in wealth reporting across the industry, the Knight Frank Wealth Report 2025 specifically highlights individuals with assets exceeding 1 million and $5 million—who are identified as a rapidly expanding cohort reshaping the wealth management landscape 87|PDF. This segmentation allows for nuanced analysis across different wealth bands.
The scope of the Wealth Report extends beyond mere population statistics. It encompasses investment trends, market dynamics, and geopolitical factors influencing wealth. The report integrates data from proprietary research and carefully selected third parties to provide a holistic view of the wealth ecosystem 56|PDF. It aims to answer fundamental questions about where wealth is being created, how it is being invested, and what factors—such as regulatory changes or geopolitical shifts—are most likely to impact the wealthy in the coming years 1|PDF.
The core finding of the Knight Frank Wealth Report 2025 is the demonstrable growth in the global wealthy population during 2024. This growth was pervasive, observed across nearly all world regions, signaling a period of wealth expansion driven by asset appreciation and economic resilience.
The global HNWI population saw a robust increase of 4.4% in 2024 1|PDF3|PDF. This statistic is a key indicator of the health of the global economy's upper tiers. The total number of HNWIs reached approximately 2.34 million individuals worldwide 7|PDF. This figure represents a significant accumulation of liquid capital available for investment across various asset classes, from equities to prime real estate.
The growth was not uniform across all geographies but was widespread. North America led the charge in terms of growth rate, posting a 5.2% increase . This was closely followed by Asia, which recorded a 5.0% growth in its HNWI population 16|PDF. Africa also demonstrated strong momentum with a 4.7% growth rate . These figures highlight a divergence in wealth creation dynamics, with emerging markets and the North American powerhouse outpacing the more mature European economy.
At the apex of the wealth pyramid, the UHNWI population (those with assets over $100 million) grew by 4.2% in 2024 1|PDF3|PDF. This growth resulted in the global UHNWI population surpassing the 100,000 threshold for the first time, a historic milestone in the tracking of global wealth 3|PDF. The crossing of this symbolic barrier underscores the increasing concentration of wealth and the expansion of the global elite.
The performance of UHNWIs is particularly sensitive to the valuations of major asset classes, including equities, bonds, and prime real estate. The 4.2% growth suggests that despite potential headwinds such as inflation or geopolitical tension, the asset portfolios of the ultra-wealthy performed strongly, likely driven by robust stock market performance and resilient property markets in key global cities.
While much of the focus of the Wealth Report centers on the multi-millionaire and billionaire classes, the 2025 report also identifies a significant trend in the "Everyday Millionaire" (EMILLI) demographic—those with investable assets between 5 million 87|PDF. This cohort is growing rapidly and is reshaping the wealth management industry. Their numbers are increasing faster than the ultra-wealthy in many regions, driven by rising property values, inheritance, and successful entrepreneurship. This shift necessitates a change in service models for wealth managers who must cater to a broader, albeit less wealthy per capita, client base with distinct needs.
The Knight Frank Wealth Report 2025 provides a detailed geographical breakdown of wealth, highlighting distinct trends across continents. The data reveals a concentration of wealth in North America, rapid accumulation in Asia, steady but slower growth in Europe, and burgeoning potential in Africa.
North America, led by the United States, remains the undisputed center of global wealth. The region posted the highest growth rate for HNWIs at 5.2% . The United States alone accounts for nearly 40% of the world's entire HNWI population 1|PDF. This dominance is attributed to strong economic fundamentals, a resilient labor market, and, crucially, the performance of US equity markets which significantly boost asset portfolios .
The United States' role as the leader in wealth creation is further emphasized by its position in the UHNWI rankings. The report highlights that the US dominates globally in the number of ultra-high-net-worth individuals, a trend expected to continue though facing increasing competition from Asian economies . The economic dynamism of North America, driven by technological innovation and robust consumer spending, continues to be a primary driver of this wealth accumulation .
Asia continues to solidify its status as a major global wealth hub. The region saw its HNWI population grow by 5.0% in 2024 16|PDF. While North America leads in total numbers, Asia's growth trajectory is a critical narrative of the report. The region is projected to host 24% of all UHNWIs by 2025, signaling a structural shift in global wealth distribution .
A key highlight within Asia is India. The report ranks India as the 4th largest country globally in terms of HNWI population, with a total of 85,698 individuals meeting the HNWI criteria 2|PDF3|PDF9|PDF. India's rise is driven by a rapidly expanding entrepreneurial ecosystem, a burgeoning technology sector, and significant infrastructure development. Furthermore, projections indicate that Asia will experience continued strong growth, with one snippet referencing an average growth rate of 8.7% for UHNWIs by 2028, highlighting the region's potential 18|PDF. Major cities in Asia, such as Hong Kong, Tokyo, Beijing, and Shanghai, continue to feature prominently in global wealth rankings, serving as key nodes for capital flow 77|PDF.
Europe's wealth story in the 2025 report is characterized by stability but slower growth compared to its transatlantic and Asian counterparts. The region recorded a modest HNWI growth rate of 1.4% in 2024 . While Europe still hosts a significant share of the world's wealthy, the data suggests that wealth creation is occurring at a more tempered pace. This may be attributed to factors such as regulatory burdens, lower GDP growth rates compared to the US and emerging markets, and currency fluctuations.
Despite the slower growth, European cities like London remain critical global wealth centers. London continues to be a top city for UHNWI concentration, serving as a global financial hub and a preferred destination for wealth migration, though it faces increasing competition 73|PDF. The report indicates that while Europe is not declining, it is being outpaced by the dynamism of other regions 13|PDF.
Africa is highlighted in the report as a region of immense future potential. With a growth rate of 4.7% in 2024, Africa is demonstrating its capacity for wealth creation . The report notes that Africa's growth is fueled by rich natural resources, rapidly improving infrastructure, and significant foreign investment . Furthermore, the region's young population is identified as a foundational asset for long-term wealth creation 18|PDF. Some projections cited in the search results even suggest exceptionally high future growth potential for UHNWIs in the region, with one chart highlighting Africa as a potential standout, though specific figures require careful interpretation 18|PDF.
The Middle East also continues to be a significant player, with cities like Dubai emerging as fast-growing wealth hotspots 75|PDF75|PDF. The region's wealth is driven by sovereign wealth funds, oil revenues transitioning into diversified investments, and a favorable tax environment that attracts global capital.
While less detailed data is provided in the snippets for Latin America and Oceania, the report notes varying growth rates across these regions 13|PDF16|PDF. These markets are often influenced by commodity prices and trade relationships with major economies like the US and China. The comprehensive report likely includes detailed breakdowns for these regions, but the available search results emphasize the dominance of North America and the rapid ascent of Asia and Africa.
The Wealth Report 2025 also drills down into the specific cities that serve as the primary residences and investment hubs for the world's wealthy. The concentration of UHNWIs in specific urban centers highlights the importance of infrastructure, lifestyle, and connectivity in wealth location decisions.
New York consistently ranks as the city with the highest concentration of ultra-high-net-worth individuals 73|PDF74|PDF. Its status as a global financial capital, combined with a robust legal system and deep capital markets, makes it a magnet for wealth. Other cities perennially at the top include Tokyo, London, Hong Kong, and Los Angeles 73|PDF74|PDF. These cities are not just financial centers but also offer cultural amenities, educational institutions, and lifestyle options that appeal to the wealthy.
Monaco is noted for having the highest density of wealthy individuals, a testament to its status as a principality with favorable tax laws and a luxurious lifestyle 73|PDF. Singapore also features prominently as a key Asian hub, often rivaling Hong Kong as a gateway for capital flows into Asia.
The report identifies several "emerging" or "fast-growing" wealth hubs that are gaining prominence. Cities like Scottsdale in the US, Bengaluru in India, and Dubai in the UAE are highlighted for their rapid growth in HNWI populations 75|PDF75|PDF.
The Knight Frank Wealth Report 2025 identifies several macroeconomic and structural drivers that fueled the growth of the wealthy population in 2024. The interplay of financial markets, economic policy, and asset valuation created a fertile environment for wealth accumulation.
A primary driver of wealth creation identified in the report is the performance of financial markets. The S&P 500 and other major equity indices performed strongly in 2024, directly boosting the investable assets of HNWIs who hold significant portions of their wealth in equities 16|PDF. The report links the growth in HNWI numbers to "financial markets, stock market growth, and asset appreciation" 16|PDF. The resilience of the US economy and its equity markets played an outsized role in this dynamic .
Beyond market performance, the report cites "economic dynamism" as a vital factor . This encompasses GDP growth, business formation, and innovation. In regions like Asia and Africa, rapidly improving infrastructure is cited as a foundation for growth . Foreign direct investment flows into these regions support new businesses and job creation, which in turn generates wealth at the individual level.
Real estate remains a cornerstone of wealth preservation and creation for the wealthy. The report discusses prime property markets and their role in the portfolios of HNWIs . While financial assets drive liquidity, real estate provides stability and tangible value. The performance of residential markets in key global cities contributed to the overall net worth of individuals, particularly for those in the 5 million (EMILLI) bracket where primary residence often forms a large part of net worth.
In Africa and parts of Asia, demographic factors play a crucial role. A young population, as noted in the report's analysis of Africa, provides a demographic dividend that can drive economic expansion 18|PDF. Additionally, rich natural resources are identified as a foundation for wealth creation in resource-rich nations . The combination of a young workforce and natural capital is projected to drive future wealth growth in these emerging markets.
The credibility of the Knight Frank Wealth Report rests on its rigorous methodology. The 2025 edition utilizes the "Knight Frank Wealth Sizing Model," a proprietary framework developed by the firm's data engineering team to measure the size of wealth cohorts globally 22|PDF.
The model operates on a hierarchy of data sources to ensure accuracy. The primary and most reliable source of data is Household Balance Sheet (HBS) data 40|PDF. This data provides a direct measure of average wealth levels within a household, broken down by financial and non-financial assets.
In markets where detailed HBS data is unavailable, the model turns to household survey data 41|PDF42|PDF. While less granular than balance sheet data, surveys provide statistically significant insights into income, savings, and asset ownership patterns across different demographic groups.
For countries or regions where neither HBS nor comprehensive survey data exists, the model employs sophisticated econometric techniques to estimate net wealth levels 40|PDF. These "standard econometric techniques" allow researchers to extrapolate wealth data based on correlations with available macroeconomic indicators. The model uses established wealth estimation models to ensure consistency and reliability across different jurisdictions .
The 2025 report notes that the Wealth Sizing Model has evolved to incorporate advances in machine learning techniques 27|PDF. This integration allows for more nuanced pattern recognition in large datasets, improving the predictive power of the model when dealing with incomplete data or when forecasting future wealth trends. The use of machine learning represents a modernization of the estimation process, enabling Knight Frank to handle the complexity of global wealth data more effectively.
For projecting future wealth populations, the model utilizes forecasts of key macroeconomic variables. These include predicted growth in GDP, house prices, equity performance, and interest rates 40|PDF. By modeling the relationship between these macro-drivers and household wealth, the model can generate projections for future HNWI and UHNWI populations.
While the search results do not detail a specific "validation" process against third-party data, the report relies on "own data as well as other industry standard sources" 40|PDF56|PDF. The use of multiple data streams and proprietary research ensures that the Wealth Report's findings are robust and triangulated against available benchmarks.
The Knight Frank Wealth Report 2025 not only analyzes current data but also provides forward-looking projections, primarily extending to 2028. These forecasts suggest continued growth in the global wealthy population, albeit with regional variations.
The overarching trend projected is one of continued expansion. The global UHNWI population is expected to grow significantly over the next few years. One data point suggests a global UHNWI population projection, though specific numbers for 2025 globally vary based on the snippet, with one outdated projection mentioning 283,500 by 2025 (from a 2016 report), which is superseded by the current 2025 report's data showing over 100,000 UHNWIs (>$100m) already achieved 3|PDF61|PDF. The focus in the 2025 report is on the growth trajectory beyond this milestone.
While the 2025 report paints a picture of growth, it also acknowledges the risks and challenges that could impact wealth creation. The wealthy operate in a global environment fraught with geopolitical and economic uncertainties.
Geopolitical risks are identified as a significant concern 16|PDF. Trade wars, political instability, and conflict can disrupt global markets and investment flows, directly impacting asset values. Inflation remains a concern, eroding real returns and requiring active management of portfolios to preserve wealth 16|PDF.
The report discusses the evolving landscape of taxation and regulation . Proposals for wealth taxes and changes in international tax laws could influence the migration patterns of the wealthy and their investment decisions. Knight Frank's analysis notes that these regulatory changes are a critical factor for wealth managers to monitor . The mobility of the wealthy means they can relocate to jurisdictions with more favorable tax environments, a trend highlighted by the growth in cities like Dubai.
The Knight Frank Wealth Report 2025 provides a comprehensive and data-rich portrait of a global wealthy population that is expanding and diversifying. The year 2024 marked a significant milestone with the global UHNWI population surpassing 100,000 and HNWI growth reaching 4.4%. The United States remains the dominant force in global wealth, but the narrative of the future is being written in Asia and Africa, where growth rates outpace the global average.
The report's findings are underpinned by a robust methodology that integrates household balance sheet data with advanced econometric and machine learning techniques. This allows for precise estimation of wealth cohorts across diverse global markets.
As the world moves towards 2028, the wealth landscape will likely be characterized by continued growth, increasing concentration in urban hubs, and a shift in economic power towards the east and south. However, this growth is not guaranteed; it exists in a tension with geopolitical risks and evolving regulatory landscapes. For wealth managers, investors, and policymakers, the Knight Frank Wealth Report 2025 serves as an essential guide to navigating this complex and dynamic environment.