Discover how global wealth surged in 2024, with the U.S. leading the charge, Asia gaining momentum, and Africa emerging as the next big player. Learn which factors are driving this expansion and what it means for the future of wealth creation.
In the ever-evolving landscape of global wealth, Knight Frank’s 2025 Wealth Report unveils a tapestry of trends that are as intriguing as they are illuminating. The report paints a picture of robust growth, with the global population of high-net-worth individuals (HNWIs)—those boasting assets of US$10 million or more—expanding by 4.4% in 2024, reaching a staggering 2.3 million individuals. Notably, the ultra-wealthy segment, comprising individuals with assets exceeding US$100 million, surpassed the 100,000 mark for the first time, marking a 4.2% increase.
photo: @Raffles Doha
America’s Unyielding Dominance
The United States continues to reign supreme in the realm of wealth accumulation. With a 5.2% growth in its HNWI population, the U.S. now harbors nearly 39% of the world’s wealthy individuals, totaling approximately 905,413 people. This figure is nearly double that of China, which holds 20% of the global HNWI population. Japan remains the only other nation with a share exceeding 5%.
This dominance is further underscored by the U.S. housing 30% of the world’s billionaires, who collectively control 40% of global billionaire wealth, amounting to $5.7 trillion. The tech industry plays a pivotal role in this wealth creation, with magnates like Elon Musk and Jeff Bezos leading the charge.
photo : @Raffles Udaipur Hotel
Asia’s Ascendant Trajectory
While the U.S. maintains its lead, Asia is not far behind, exhibiting a 5% growth in its HNWI population. India, in particular, has emerged as a formidable player, ranking fourth globally with approximately 85,698 HNWIs in 2024—a 6% rise from the previous year. This surge underscores Asia’s burgeoning influence in the global wealth arena.
Africa: The Emerging Frontier
Africa’s wealth narrative is one of potential and promise. The continent experienced a 4.7% increase in its HNWI population, driven by a young, rapidly growing population, abundant natural resources, and substantial foreign investment. These factors lay a robust foundation for future wealth creation, positioning Africa as a region to watch in the coming years.
The Shifting Sands of Wealth Taxation
As private wealth burgeons, governments grappling with mounting deficits are casting a keen eye on the affluent. The UK’s decision to abolish its 200-year-old nondomiciled tax regime and France’s recent moves to target the wealthy signal a global shift towards more aggressive wealth taxation. The UN Convention on International Tax Cooperation could further reshape the landscape, prompting both challenges and opportunities for the world’s wealthiest.
Luxury Real Estate: A Tale of Two Cities
The luxury property market presents a study in contrasts. London’s market has softened, offering 34 square meters for $1 million—a 43% increase in space compared to a decade ago—due to prolonged market stagnation from higher taxes and currency fluctuations. Conversely, Dubai’s market has soared, with a 147% price increase over the past five years, though concerns about the sustainability of this growth persist.
The Road Ahead
Knight Frank’s 2025 Wealth Report offers a nuanced perspective on global wealth trends. While established economies like the U.S. continue to dominate, emerging markets, particularly in Asia and Africa, are rapidly ascending. However, the evolving landscape of wealth taxation and the dynamic nature of luxury real estate markets underscore the complexities that accompany wealth creation and preservation in today’s world.
