Knight Frank: China, Sweden, and Singapore tops as countries with fastest-growing ultra-rich population

According to The Wealth Report 2021 put out by Knight Frank, China, Sweden and Singapore are the three countries with the fastest-growing ultra-high net worth individuals (UHNWI) populations globally.

The figures refer to the UHNWI population living within each country and the report defines UHNWIs as those with a net worth of at least $ 30 million, including their primary residence.

China tops the index with a 15.8 percent growth rate, Sweden ranks second with an 11.3 percent growth rate and Singapore rose to 10.2 percent by 345 to 3,732 in 2020 ranking the city-state third on the index.

Globally the number of UHNWIs rose by 2.4 percent last year which is one-third of the growth rate in 2019 and this brought the total of these millionaires and billionaires to more than 520,000 despite the pandemic, the current report says.

The ultra-rich population of China grew with 9.594 individuals in 2020 making the total ultra-rich population of China 79.426 individuals.

According to Knight Frank, the Asia-Pacific’s UHNWI population is predicted to grow by a third to 168,567 in the five years to 2025. A predicted growth that’s faster than the global average of 27 percent to 663,483. It is predicted that the Asia-Pacific’s increase will be led by Indonesia with 67 percent, India with 63 percent, New Zealand with 52 percent, and China with 46 percent.

Read the full report here

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