Global wealth trends: Knight Frank's 2025 Wealth Report
Global wealth expansion in 2025: The latest edition of The Wealth Report shows strong growth, US dominance, and Africa poised for future wealth creation.
05 March 2025
The Wealth Report 2025 shows that in 2024, the fortunes of the wealthy improved, with a 4.4% increase in the number of individuals worth over US$10 million. All regions saw an uptick, but North America led with growth of 5.2%. Future wealth creation, especially in the ultra-wealthy (US$100 million+) segment, is likely to be subject to a more activist regulatory and tax response.
“Rates coming down has clearly played a role in supporting risk asset prices. You could also park capital in cash at the beginning of last year and get 5% in most parts of the world. That plays a huge role in keeping wealth growing for people who have been able to accumulate it historically.”
US wealth growth outpaces other regions
While the global economy slowed through 2024, the US wealth market trends helped prop up investor confidence. The trends powering wealth creation in 2023, including growth in financial markets led by equity markets and the bitcoin run, continued. And despite geopolitical tensions, resilient global trade further contributed to growth.
At the US$10 million+ level, the US is home to almost 39% of all wealthy individuals, nearly twice the level of China. In the US$100 million+ bracket, the figure rises to over 40%.
Despite our forecast that Asia will outpace North America in wealth creation over the next four years, there is no realistic challenge to US dominance. Outside of stock valuations, the much-heralded AI-powered boom has yet to arrive – if it does, the US and China seem poised to benefit more than any other country.
Africa's emerging wealth creation potential
While North America and Asia lead the narrative, we believe Africa is poised to outperform in future wealth creation – in growth, if not in absolute terms. A fast-growing young population, rich natural resources, rapidly improving infrastructure, and significant foreign investment provide strong foundations, while the potential for significant growth in consumption from an expanding middle class is creating opportunities for entrepreneurs across manufacturing and services.
“Economic dynamism is vital for wealth creation. Regional economies lacking it occupy lower positions in our Wealth Sizing Model” Patrick Gower, Researcher at Knight Frank
Future of wealth taxation: A global perspective
With many governments running record deficits and accumulating significant debt, the growth of private wealth presents a tempting target. Last year saw the UK government announce the end of the country’s 200-year-old nondomiciled tax regime, and France also made moves to target the wealthy. With wealth growing faster than the economy in most regions, this trend is likely to continue.
Opponents of wealth taxes argue that targeting the world’s most mobile population is folly. However, proponents point to the UN Convention on International Tax Cooperation which, despite the new US administration’s views, could still have significant ramifications for wealth taxation.
To find out more about wealth growth in 2024 for high-net-worth individuals, and why the US still leads the world in wealth creation, read the latest edition of The Wealth Report.
