The annual Knight Frank Wealth Report, based on research by New World Wealth, predicts that Asia's ultra-rich population will explode over the next ten years. They forecast the number of people with assets worth $30 million or more will grow worldwide by 43%, well above the growth of the general population. They predict that Asia's ultra-rich population will double by 2026, to over 88,000. China and India will see increases of 140% and 150%.
China's economy is actually expected to have a slow decline, but its tech, media, entertainment, and healthcare sectors are expected to defy this trend and produce more super rich businesspeople. Vietnam will see the biggest percentage increase, with its small population of ultra-wealthy expected to grow by 170%.
North America is expected to see strong growth, with numbers increasing by 31% to around 96,000. It is currently home to the largest population of wealthy individuals, a lead they are not expecting to lose. Canada, in particular, will see a 50% increase, reflecting its status as a safe haven from political changes.
This growing number of multi-millionaires isn't expected to keep their money in local banks. The report also found that the ultra-rich invest 24% of their money in property, not including their first or second homes, and nearly one-third plan to invest in offshore real estate. Foreign money has caused a recent surge in home prices in select cities inside Canada, Australia, New Zealand, and the U.K.