The Wealth Report 2025

The early months of 2025 have been marked by ongoing market uncertainty, driven by rapid AI-led technological advancements, geopolitical volatility, and heightened investor sensitivity to potential financial bubbles. However, despite these challenges, global GDP is projected to grow steadily, with forecasts suggesting a stronger performance than in the past two years.

In real estate, investment volumes—following a sharp decline from their 2021 peak—are beginning to stabilise. Data from the latter half of 2024 indicates a recovery trend, reinforcing the increasing role of private capital in the sector. Notably, 44% of family offices plan to increase their real estate investments, underlining continued confidence in the market’s long-term prospects.

Despite the risks, The Wealth Report 2025 identifies a wealth of investment opportunities across luxury residential markets, emerging commercial property sectors, and high-value collectible assets. For investors prepared to navigate uncertainty, the outlook remains strong, with diverse avenues for growth across multiple asset classes.

The Wealth Report is Knight Frank’s flagship thought-leadership publication. Now in its 19th edition, the report has become a highly anticipated document that is considered vital reading for UHNWIs across the globe and their advisors. Highlighting the issues that matter to UHNWIs, The Wealth Report is the ultimate guide to prime property markets, global wealth distribution, the threats and opportunities for wealth, commercial property investment opportunities, philanthropy and luxury spending trends.

How we chose the 2025 Report’s front cover

This year’s cover underscores the connections between global markets and the ability of investors to engage with opportunities anywhere in the world. By placing the globe inside a landscape, the illustration not only highlights our ability as advisors to bring the world to our clients but also emphasises the increasing importance of environmental considerations as the next generation begins to create and manage wealth portfolios. The illustration conveys the scale of both the uncertainty and the prospects that investors face. As we note in this edition, while volatility in economics and geopolitics appears to rise inexorably, the prospects for growth remain compelling for those brave enough to look beyond the risks.

HNWI

High-net-worth individual – someone with a net worth of US$1 million or more.

UHNWI

Ultra-high-net-worth individual – someone with a net worth of US$30 million or more.

Prime property

The most desirable and most expensive property in a given location, generally defined as the top 5% of each market by value. Prime markets often have a significant international bias in terms of buyer profile.

The PIRI 100

Now in its 20th year, the Knight Frank Prime International Residential Index tracks movements in luxury prices across the world’s top residential markets. The index, compiled using data from our research teams around the world, covers major financial centres, gateway cities and second-home hotspots – both coastal and rural – as well as leading luxury alpine resorts.

The Knight Frank Wealth Sizing Model

The model, created by our Data Science team, measures the size of wealth cohorts globally. Full methodology available on request.