The Ultra High Net Worth Individuals (UHNWI) count will see an upward climb with a predicted growth of 27 per cent in the next five years to 2024, taking the population to just under 650,000, according to Knight Frank’s Wealth Report 2020.

The Gulf Cooperation Council (GCC) will also see a growth in UHNWI numbers with the real estate consultancy firm predicting that their number is expected to see a rise by 26 per cent.

According to Taimur Khan, Associate Partner at Knight Frank Middle East, the rate of wealth creation in the region (GCC) was expected to remain strong. “Over the next five years we expect the number of HNWIs ($1m+) to increase by 12 per cent on average and UHNWIs ($30m+) by over 26 per cent over the same period.”

The report further adds that Saudi Arabia will account for 57 per cent, while the UAE will account for 23 per cent of the UHNWIs over the five-year period.

The Middle East is currently home to 16,581 UHNWIs, up from 10,043 in 2014, a 41 per cent increase. While, 31,000 additional UHNWIs were created globally in 2019, an increase of 6.4 per cent. North America, home to an additional 13,911, dominates with more than double the UHNWI population of Europe in 2019 at 4,682. The number of UHNWIs created in Asia in 2019 significantly outpaced that in Europe with an extra 11,788 UHNWIs created.

According to the report, out of the top 20 fastest growing countries, six are located in Asia – led by India (73 per cent growth), five are in Europe – led by Sweden (47 per cent growth) – and three are in Africa, led by Egypt (66 per cent growth). The UK sits in 11th position with predicted growth of 31 per cent over the next five years.

According to Liam Bailey, Global Head of Research at Knight Frank, the prediction for 2024 sees Asia becoming the world’s second-largest wealth hub, surpassing Europe, with a forecast five-year growth of 44 per cent. “However, even after such a steep rise, it will remain half the size of North America’s UHNWI population, which is predicted to increase by 22 per cent over the same period,” she said.

“It’s exciting to see how wealth is developing across Asia and, with the number of ultra-wealthy in India, Vietnam, China and Malaysia outpacing many other markets over the next five years, it will be interesting to see how this impacts the global property market.” She added. Property accounts for a large proportion of total UHNWI wealth, almost a third according to the Knight Frank Attitudes Survey.