Asia’s billionaire population growth is set to outpace other regions between 2018 and 2023, according to the Knight Frank’s 13th edition of The Wealth Report.
The survey said the global UHNWI population is forecast to rise by 22% over the next five years. In Asia, the number of billionaires is expected to rise by 27%, surpassing growth in North America (17%) and Europe (18%), reaching 1,003 in the next 4 years-more than a third of the world’s total billionaire population of 2,696.
India’s UHNWI population grew by 24% in the last 5 years (2014-18) and accounts for 1,947 UHNWIs, whose net worth was over $30m in 2018. According to the report two-thirds of the world’s UHNWIs saw their wealth increase in 2018. The UHNWIs in India grew by 7% in 2017 to 2018 well above the global average (4%) and the Asia average (3%). 61% of Indian UHNWIs expect their wealth to increase in 2019 showing confidence in the economic growth of the country.
“Hard Brexit, no Brexit, Brexit-lite: whatever the outcome, London will remain the leading global wealth centre in 2019”
When it comes to cities, London reigns supreme as the world’s leading ‘wealth centre’. Knight Frank pulls a variety of metrics to rank wealth centres, including the number of HNWIs, volume of property investments and various lifestyle qualifiers. In all bar one – investments – London leads.
“Hard Brexit, no Brexit, Brexit-lite: whatever the outcome, London will remain the leading global wealth centre in 2019,” the report said.
“Despite the risks from Brexit – London will remain the leading global wealth centre in 2019. With the world’s largest UHNWI population, the city sweeps the board in our annual City Wealth Index, pushing its only serious rival, New York, into second place,” Liam Bailey, global head of research at Knight Frank said.
“The wealthy will continue to demand access to global markets, especially as emerging economies see growth rates slow and the search for diversification grows. A record 26% of global UHNWIs will begin to plan for emigration this year, and to help them a record number of countries will offer citizenship and residency through investment schemes.,” he added.
According to Knight Frank’s Attitudes Survey, a poll of 600 private bankers and wealth advisers, 64% of UHNWIs expect their wealth to increase over the next 12 months.