60 Second Property Digest – global ultra-high-net-worth-individual wealth declines
Flora Harley, head of ESG research, shares the key highlights from the latest Knight Frank Wealth Sizing Model update from The Wealth Report series.
1 minute to read
Wealth populations – 2023
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The Knight Frank Wealth Sizing Model is the latest release in The Wealth Report Series.
The model, created by our data engineering team, measures the size of high-net-worth-individual (HNWI), ultra-high-net-worth-individual (UHNWI) and billionaire cohorts in more than 200 countries and territories. In addition, we model the number of HNWIs and UHNWIs at city level for 100 global cities.
We can reveal that in 2022 the global UHNWI population fell by 3.8% as we witnessed the rapid departure from an era of ultra-low interest rates and relatively benign geopolitics.
The story is nuanced by geography and wealth band – for example, the number of HNWIs globally increased by 2.9% to just shy of 70 million. The Middle East was a standout region with over 16% growth in the region’s ultra-high-net-worth individual population, driven by the UAE and Saudi Arabia.
In the report, we look at what it takes to be in the top 1% for net wealth in various countries and territories and at the next five years where we forecast that the global ultra-high-net-worth population will grow by 28.5% to 744,000.
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