The numbers of ultra-high-net-worth individuals (UHNWIs) with $30m or more in net assets are now around 187,500 across the world, up 61% from a global UHNWI population of 116,800 in 2005, according to data provided by New World Wealth for the Knight Frank Wealth Report.
This growth reflects the rise in asset prices and investment returns, especially in the years following the global financial crisis. Emerging economies have experienced the fastest rates of ultra wealth generation over this period.
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The report said that the UHNWI population declined by 3% worldwide in 2015 with almost 6,000 people dropping out of the UHNWI wealth bracket.
This decline in growth reflects slower economic growth in 2015, more volatile financial climate and the deceleration of growth in equity, commodity and other asset prices globally. The slide in most major stock market indices in 2015 in US dollar terms best reflects this.
According to the report, the total number of UHNWIs is expected to rise by 41% to 263,500 by 2025, while the growth is set to be significantly slower than the previous 10 years.
The report shows that the ranks of Asian UHNWIs are set to expand by 66% over the next decade, compared with 27% growth in Europe.
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By GlobalDataIn North America, which is home to the highest number of UHNWIs, the number of UHNWI will increase 21,000 in 10 years, far below the 27,000 people in Asia who are expected to see their wealth exceed $30m by 2025.
In 2015, 34 of the 91 countries for which individual data is collected saw an increase in UHNWIs.
The Wealth Report also included data from other wealth brackets, including millionaire and, for the first time, multi-millionaire populations, which are defined as those with net assets over £10m.
The report found that currently there are 13 million millionaires across the globe, up from 8.7 million in 2005. The global millionaire population hold net assets worth around $66trillion.
According to New World Wealth, over 1 million new millionaires are due to be created in the next decade in each of these regions including Asia (+1.6 million), North America (+1.4 million) and Europe (+1 million).
The global population of millionaires is expected to reach more than 18 million by 2025.
Over the next decade, the US is set to create 1.25 million millionaires compared with 490,500 in China, 253,500 in the UK and 247,800 in India.
Over the next 10 years, Asia-Pacific region will see 63% growth in the number of multi-millionaires, which means that the population with $10m or more in net assets will outnumber that in Europe in 2025.
The report said that the numbers of billionaires in Asia and the US over the next decade will be 832 and 840 respectively, while Europe will be home to around 569 billionaires in 2025.
In the last 10 years, the UHNWI population in India rose by 340% to 6,020 people against the global growth of 61% to 1,87,468 people.
The report said that India will account for 5% of the total UHNWI population and 6% of the billionaire population across the world by 2025.
New World Wealth head of research Andrew Amoils said: "Some of the biggest fallers included Canada, which ended the year down 24%, Singapore, where equities fell 20% and South Africa with a fall of 23%.
"The only notable risers were Japan, Denmark and Hungary, all countries that saw a rise in the number of UHNWIs during the year. Variable market performance was accompanied by lower growth in some property markets around the world. Sharp falls in the oil price also had a notable effect on the ultra-wealthy in many Middle Eastern and some African countries.
"Only two major currencies strengthened against the US dollar in 2015 – the Japanese yen and the Israeli shekel. All other major currencies depreciated, some considerably.
"This fluctuation in currency has certainly contributed to some people slipping into lower wealth brackets as measured by US dollars."
