The number of multimillionaires in Europe will continue to be higher than anywhere else in the world over the next 10 years, finds Knight Frank’s new Wealth Report, in collaboration with WealthInsight.
North America and Europe are the most developed and mature markets. Despite higher growth rates projected in Africa (59%), Asia (48%), Latin America (50%) and the Middle East (40%) over the next ten years Europe will remain the largest region in terms of the number of multimillionaires (75,945). North America, on the other hand, will be overtaken by Asia as the second largest hub for multimillionaires, defined as those with $30 million or more in net assets.
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Ouliana Vlasova, head of content at WealthInsight, comments: "We expect that the measures taken to prevent another financial crisis and fight deflation will contribute to the improvement of economic conditions over the next decade. Better global outlook coupled with government initiatives to support more entrepreneurs will be among the main drivers of millionaire growth in Europe."
"The prosperity of entrepreneurs, who constitute 48% of ultra wealthy individuals globally, will also contribute to economic recovery through the creation of jobs and higher wages," she adds.
The UK led the way among Europe’s top five economies with an anticipated multimillionaire growth of 4% in 2014. While it demonstrated significant GDP growth, Germany, France, Italy and Spain lagged behind. However, as the European Central Bank became the primary supervisor for 123 banks, institutions will have to ensure they have enough capital to withstand possible economic shocks in the future, improving economic prospects.
Grainne Gilmore, Head of UK Residential Research at Knight Frank, and co-author of The Wealth Report, says: "Asia’s move into second place in terms of global wealth hubs by 2024 underlines the expected economic growth in many emerging economies in this region over the next ten years, offering more opportunities for wealth creation."
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