Knight Frank Wealth Report Series 2023: 69.5 Million HNWs, 579,000 UHNWs & 2,629 Billionaires in 2022, Top 10 APAC Countries with Most HNWs are China, Japan, Australia, Taiwan, South Korea, India, Hong Kong, Singapore, New Zealand & Thailand

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Knight Frank Wealth Report Series 2023: 69.5 Million HNWs, 579,000 UHNWs & 2,629 Billionaires in 2022, Top 10 APAC Countries with Most HNWs are China, Japan, Australia, Taiwan, South Korea, India, Hong Kong, Singapore, New Zealand & Thailand

27th May 2023 | Hong Kong

Knight Frank has released the Knight Frank Wealth Report Series 2023, providing key insights into global wealth populations, billionaires, UHNWs & HNWs in 2022 and in 2027 (5 years time).  In 2022, there are 69.5 million HNWs, 579,000 UHNWs and 2,629 billionaires in the world, and forecast in 2027 (5 years time) to have 109 million HNWs, 744,000 UHNWs, and 3,372 billionaires.   The Top 5 Countries with most HNWs in 2022 are United States (25.1 million), China Mainland (10.3 million), Germany (3.3 million), France (3.1 million), Canada (3 million).  The Top 10 APAC Countries with most HNWs in 2022 – China Mainland (10.3 million), Japan (2.9 million), Australia (2.2 million), Taiwan (839,000), South Korea (798,000), India (797,000), Hong Kong SAR (730,000), Singapore (570,000), New Zealand (403,000), Thailand (104,000).  The Top 5 Southeast Asia Countries with most HNWs in 2022 are Singapore (570,000), Thailand (104,000), Malaysia (85,000), Vietnam (69,000), Indonesia (36,000).   The Top 5 Countries with most UHNWs in 2022 are United States (204,000), China Mainland (93,000), Germany (28,000), France (27,000), Japan (24,000).  The Top 10 APAC Countries with most UHNWs in 2022 are China Mainland (93,000), Japan (24,000), Australia (17,000), India (13,000), Taiwan (7,300), South Korea (6,900), Hong Kong SAR (6,000), Singapore (4,200), New Zealand (3,300), Vietnam (1,100).  The Top 5 Southeast Asia Countries with most UHNWs in 2022 are Singapore (4,200), Vietnam (1,100), Malaysia (659), Thailand (944), Indonesia (510).  The Top 10 highest net worth required to be in top 1% of country are Monaco ($12.4 million), Switzerland ($6.6 million), Australia ($5.5 million), New Zealand ($5.2 million), United States ($5.1 million), Ireland ($4.3 million), Singapore ($3.5 million), France ($3.5 million), Hong Kong SAR ($3.4 million), United Kingdom ($3.3 million).  The Top 10 Countries UHNW Highest Growth in the next 5 years (2027) are Hungary (+74%), Turkey (69%), Poland (+66%), New Zealand (+64%), India (+58.4%), South Korea (+58%), Philippines (+58%), Sweden (+50.9%), China Mainland (+49.8%), Malaysia (+44.8%).  See below for key summary & findings.  View report here | View Knight Frank Wealth Report 2023

” 69.5 Million HNWs, 579,000 UHNWs & 2,629 Billionaires in 2022, Top 10 APAC Countries with Most HNWs are China, Japan, Australia, Taiwan, South Korea, India, Hong Kong, Singapore, New Zealand & Thailand “

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HNW (High net worth) – more than USD 1 million
UHNW (Ultra high net worth) – more than USD 30 million
Billionaire – more than USD 1 billion

Christine Li, Knight Frank Head of Research APAC: “According to the latest issue of The Wealth Report by Knight Frank, the Asia-Pacific (APAC) population of ultra-high-net-worth individuals (UHNWIs) declined by 5.7% in 2022, after a record climb of 7.5% in 2021. Despite so, 3 out of 10 markets that saw the fastest-growing UHNWIs globally were from Singapore, Indonesia, and Malaysia at 7.0% – 9.0%. Taking the longer view, the wealth story remains compelling as the region will continue to lead the pack in the unending wealth expansion with plenty more opportunities for UHNWs to discover.” 

Victoria Garrett, Knight Frank Head of Residential APAC: “While the UHNW population contracted last year, the number of high-net-worth individuals (HNWIs), those with US$1m or more in net assets, expanded by 2.9% to almost 70 million worldwide.

The top three countries for HNWIs’ growth were Malaysia, Brazil and Indonesia. Additionally, 100 prime residential markets globally saw average price growth of 5.2% and luxury investment assets grew 16%. The top 10 global locations for forecast growth are dominated by European and Asian economies. The region’s economic growth story will remain urban-centric, and its residential investment landscape will continue to be defined by its prime urban cores. Underpinned by its high rates of urbanisation, investors can look forward to a more sustainable growth trajectory and wealth preservation profile.” 

Knight Frank Wealth Report Series 2023

Knight Frank has released the Wealth Report Series 2023, providing key insights into global wealth populations, billionaires, UHNWs & HNWs in 2022 and in 2027 (5 years time).

HNW (High net worth) – more than USD 1 million
UHNW (Ultra high net worth) – more than USD 30 million
Billionaire – more than USD 1 billion

Key Summary:

1. Global HNW Population – 69.5 million (2027: 109 million)
2. Global UHNW Population – 579,000 (2027: 744,000)
3. Billionaires Population – 2,629 (2027: 3,372)
4. Asia HNW Population – 17.4 million (2027: 31.3 million)
5. Asia UHNW Population – 150,000 (2027: 210,000)
6. Top 5 Countries with most HNWs in 2022 – United States (25.1 million), China Mainland (10.3 million), Germany (3.3 million), France (3.1 million), Canada (3 million)
7. Top 10 APAC Countries with most HNWs in 2022 – China Mainland (10.3 million), Japan (2.9 million), Australia (2.2 million), Taiwan (839,000), South Korea (798,000), India (797,000), Hong Kong SAR (730,000), Singapore (570,000), New Zealand (403,000), Thailand (104,000)
8. Top 5 Southeast Asia Countries with most HNWs in 2022 – Singapore (570,000), Thailand (104,000), Malaysia (85,000), Vietnam (69,000), Indonesia (36,000)
9. Top 5 Countries with most UHNWs in 2022 – United States (204,000), China Mainland (93,000), Germany (28,000), France (27,000), Japan (24,000)
10. Top 10 APAC Countries with most UHNWs in 2022 – China Mainland (93,000), Japan (24,000), Australia (17,000), India (13,000), Taiwan (7,300), South Korea (6,900), Hong Kong SAR (6,000), Singapore (4,200), New Zealand (3,300), Vietnam (1,100)
11. Top 5 Southeast Asia Countries with most UHNWs in 2022 – Singapore (4,200), Vietnam (1,100), Malaysia (659), Thailand (944), Indonesia (510)
12. Top 10 highest net worth required to be in top 1% of country – Monaco ($12.4 million), Switzerland ($6.6 million), Australia ($5.5 million), New Zealand ($5.2 million), United States ($5.1 million), Ireland ($4.3 million), Singapore ($3.5 million), France ($3.5 million), Hong Kong SAR ($3.4 million), United Kingdom ($3.3 million) 
13. Top 10 Countries UHNW Highest Growth in the next 5 years (2027) – Hungary (+74%), Turkey (69%), Poland (+66%), New Zealand (+64%), India (+58.4%), South Korea (+58%), Philippines (+58%), Sweden (+50.9%), China Mainland (+49.8%), Malaysia (+44.8%)

Key Summary Select Countries HNW Population in 2022 & 2027:

1. United States – 25.1 million / 36.8 million
2. China Mainland – 10.3 million / 20.8 million
3. India – 797,000 / 1.6 million
4. Australia  – 2.2 million / 3.7 million
5. Hong Kong – 730,000 / 1.1 million
6. Singapore – 570,000 / 815,000
7. Switzerland – 1 million / 1.5 million
8. UAE – 134,000 / 198,000
9. Saudi Arabia – 134,000 / 185,000
10. Monaco – 14,000 / 22,000

Knight Frank Wealth Report Series 2023

1) Global HNW, UHNW, Billionaire Population

Global HNW Population in 2022 (2027):

• HNW – 69.5 million (109 million)
• UHNW – 579,000 (744,000)
• Billionaires – 2,629 (3,372)

Global HNW Population in 2022:

• 2017 – 48.7 million
• 2022 – 69.5 million
• 2027 – 109 million 

UHNW Population in 2022:

• 2017 – 402,000
• 2022 – 579,000
• 2027 – 744,000

Billionaires Population in 2022:

• 2017 – 2,087
• 2022 – 2,629
• 2027 – 3,372

2) HNW Insights

Top 20 Countries with Most HNWs in 2022:

1. United States – 25.1 million
2. China Mainland – 10.3 million
3. Germany – 3.3 million
4. France – 3.1 million
5. Canada – 3 million
6. Japan – 2.9 million
7. United Kingdom – 2.8 million
8. Australia – 2.2 million
9. Italy – 2 million
10. Spain – 1.4 million
11. Switzerland – 1 million
12. Taiwan – 839,000
13. South Korea – 798,000
14. India – 797,000
15. Hong Kong SAR – 730,000
16. Singapore – 570,000
17. Brazil – 525,000
18. Sweden – 460,000
19. New Zealand – 403,000
20. Ireland – 308,000

Top 14 APAC Countries with Most HNWs in 2022:

1. China Mainland – 10.3 million
2. Japan – 2.9 million
3. Australia – 2.2 million
4. Taiwan – 839,000
5. South Korea – 798,000
6. India – 797,000
7. Hong Kong SAR – 730,000
8. Singapore – 570,000
9. New Zealand – 403,000
10. Thailand – 104,000
11. Malaysia – 85,000
12. Vietnam – 69,000
13. Indonesia – 36,000
14. Philippines – 20,000

Selected Countries HNW Population in 2022

1. UAE – 134,000
2. Saudi Arabia – 134,000
3. Monaco – 14,000

Top 20 Countries with Most HNWs in 2027 (5 years time):

1. United States – 36.8 million
2. China Mainland – 20.8 million
3. Germany – 4.9 million
4. Canada – 4.7 million
5. France – 4.5 million
6. United Kingdom – 4.2 million
7. Australia – 3.7 million
8. Japan – 3.3 million
9. Italy – 2.8 million
10. Spain – 2 million
11. India – 1.6 million
12. South Korea – 1.5 million
13. Switzerland – 1.5 million
14. Taiwan – 1.2 million
15. Hong Kong SAR – 1.1 million
16. Sweden – 834,000
17. Singapore – 815,000
18. New Zealand – 807,000
19. Brazil – 793,000
20. Ireland – 519,000

Top 14 APAC Countries with Most HNWs in 2027 (5 years time):

• China Mainland – 20.8 million
• Australia – 3.7 million
• Japan – 3.3 million
• India – 1.6 million
• South Korea – 1.5 million
• Taiwan – 1.2 million
• Hong Kong SAR – 1.1 million
• Singapore – 815,000
• New Zealand – 807,000
• Malaysia – 164,000
• Thailand – 158,000
• Vietnam – 112,000
• Indonesia – 56,000
• Philippines – 42,000

Selected Countries HNW Population in 2027 (5 years time):

1. UAE – 198,000
2. Saudi Arabia – 185,000
3. Monaco – 22,000

3) UHNW Insights

Top 20 Countries with Most UHNWs in 2022:

1. United States – 204,000
2. China Mainland – 93,000
3. Germany – 28,000
4. France – 27,000
5. Japan – 24,000
6. Canada – 23,000
7. United Kingdom – 23,000
8. Australia – 17,000
9. Italy – 17,000
10. Switzerland – 16,000
11. India – 13,000
12. Spain – 12,000
13. Taiwan – 7,300
14. South Korea – 6,900
15. Hong Kong SAR – 6,000
16. Brazil – 5,600
17. Singapore – 4,200
18. Sweden – 4,100
19. New Zealand – 3,300
20. Mexico – 2,800

Top 14 APAC Countries with Most UHNWs in 2022:

1. China Mainland – 93,500
2. Japan – 24,000
3. Australia – 17,000
4. India – 13,000
5. Taiwan – 7,300
6. South Korea – 6,900
7. Hong Kong SAR – 6,000
8. Singapore – 4,200
9. New Zealand – 3,300
10. Vietnam – 1,100
11. Malaysia – 659
12. Thailand – 944
13. Indonesia – 510
14. Philippines – 319

Selected Countries UHNW Population in 2022:

1. Saudi Arabia – 994
2. UAE – 945
3. Monaco – 111

Top 20 Countries with Most UHNWs in 2027 (5 years time):

1. United States – 253,000
2. China Mainland – 131,000
3. Canada – 32,000
4. Germany – 30,000
5. France – 27,000
6. United Kingdom – 26,000
7. Australia – 24,000
8. Japan – 21,000
9. India – 19,000
10. Switzerland – 18,000
11. Italy – 17,000
12. Spain – 12,000
13. South Korea – 9,900
14. Taiwan – 8,400
15. Brazil – 8,000
16. Hong Kong SAR – 7,200
17. Singapore – 5,200
18. New Zealand – 5,200
19. Sweden – 5,100
20. Mexico – 3,700

Top 14 APAC Countries with Most UHNWs in 2027 (5 years time):

1. China Mainland – 131,000
2. Australia – 24,000
3. Japan – 21,000
4. India – 19,000
5. South Korea – 9,900
6. Taiwan – 8,400
7. Hong Kong SAR – 7,200
8. Singapore – 5,200
9. New Zealand – 5,200
10. Vietnam – 1,295
11. Malaysia – 1,044
12. Thailand – 1,007
13. Indonesia – 651
14. Philippines – 493

Selected Countries UHNW Population in 2027:

1. UAE – 1,289
2. Saudi Arabia – 1,202
3. Monaco – 140

4) Top 1% Net worth in Countries

Net worth required to be in Top 1 % in respective countries / territories:

1. Monaco – $12.4 million 
2. Switzerland – $6.6 million 
3. Australia – $5.5 million 
4. New Zealand – $5.2 million 
5. United States – $5.1 million 
6. Ireland – $4.3 million 
7. Singapore – $3.5 million 
8. France – $3.5 million 
9. Hong Kong SAR – $3.4 million 
10. United Kingdom – $3.3 million 
11. Italy – $2.6 million 
12. Spain – $2.5 million
13. Japan – $1.7 million
14. UAE – $1.6 million 
15. China Mainland – $960,000
16. Czech Republic – $880,000
17. Saudi Arabia – $740,000
18. Romania – $587,000
19. Malaysia – $485,000 
20. Brazil – $433,000
21. Mexico – $175,000
22. India – $175,000
23. South Africa – $109,000
24. Philippines – $57,000
25. Kenya – $20,000

5) Global HNW & UHNW Population Insights

HNW Population in 2022 / 2027:

• Global – 69.5 million / 109 million
• Americas – 29.3 million / 43.3 million
• Europe – 18.9 million / 27.7 million
• Asia – 17.4 million / 31.3 million
• Australasia – 2.6 million / 4.6 million
• Middle East – 1 million / 1.8 million
• Africa – 131,000 / 164,000

UHNW Population in 2022 / 2027:

• Global – 579,000 / 744,000
• Americas – 241,000 / 302,000
• Europe – 155,000 / 187,000
• Asia – 150,000 / 210,000
• Australasia – 20,000 / 30,000
• Middle East – 8,800 / 11,000
• Africa – 2,300 / 2,600

UHNW Growth in 2022 / 2027 (5 years growth):

• Global: -3.8% / +28.5%
• Americas: +0.2% / +25.6%
• Europe: -8.5% / +20%
• Asia: -6.5% / +39.8%
• Australasia: +0.7% / +44.3%
• Middle East: +16.9% / +33.2%
• Africa: +6.3% / +12.7%

Top 10 Countries HNW Growth in 2022:

1. Malaysia: +27.7%
2. Brazil: +24.2%
3. Indonesia: +22.5%
4. Uganda: +19.4%
5. Tanzania: +15.7%
6. UAE: +15%
7. Mexico: +12.8%
8. Canada: +12.8%
9. Nigeria: +12.7%
10. Philippines: +10.3%

Top 10 Countries UHNW Growth in 2022:

1. UAE: +18.1%
2. Tanzania: +13.9%
3. Brazil: +11.2%
4. Nigeria: +10.7%
5. Saudi Arabia: +10.4%
6. Malaysia: +0.4%
7. Indonesia: +9%
8. Singapore: +6.9%
9. Turkey: +6.2%
10. Canada: +6%

Top 10 Countries UHNW Growth in the next 5 years (2022 to 2027):

1. Hungary: +74.4%
2. Turkey: +69.1%
3. Poland: +66.9%
4. New Zealand: +64.7%
5. India: +58.4%
6. South Korea: +58%
7. Philipines: +58%
8. Sweden: +50.9%
9. China Mainland: +49.8%
10. Malaysia: +44.8%

About Knight Frank
Knight Frank LLP is the leading independent global property consultancy, serving as our clients’ partners in property for 126 years. Headquartered in London, Knight Frank has more than 16,000 people operating from 385 offices across 52 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Firm, please visit knightfrank.com.

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