The number of super-rich individuals is slated to explode over the next decade, driven by a huge increase of wealth in Asia.
The annual Knight Frank Wealth Report forecasts the number of people with assets worth $30 million or more will grow by 43% over the next 10 years, far outstripping general population growth over the same period.
The report, based in part on research by New World Wealth, predicts that Asia’s ultra-rich population will nearly double by 2026 to more than 88,000. China and India will see increases of 140% and 150%, respectively.
China’s economy is expected to slow gradually over the decade, but its tech, media, entertainment, and health care sectors are expected to defy the trend and produce more super-rich businesspeople.
Vietnam will see the biggest percentage increase, with its small population of ultra-wealthy expected to grow by 170%.
North America is also expected to see strong growth, with its ultra-rich numbers swelling by 31% to nearly 96,000. The region is currently home to the largest population of wealthy individuals, a lead that it’s expected to hold over the next decade.
Canada will see a 50% increase, “reflecting its growing status as a ‘safe haven’ from political upheaval,” the report said.
The growing ranks of multi-millionaires aren’t expected to merely keep their money in local banks.
The report found that, on average, the ultra-rich have 24% of their money invested in property (not including their first and second homes). Nearly one-third plan to invest in offshore real estate over the next two years.
Foreign money has in recent years caused a sharp increase in home process in select cities in Canada, Australia, New Zealand and the U.K.