Retail in Asia


Asia’s ultra-wealthy population to grow by 33 percent by 2026

If 2020 saw the fortunes of the wealthy remain resilient, then 2021 saw them accumulate. According to The Wealth Report 2022 released on 1st March by Knight Frank, Asia’s population of ultra-high-net-worth individuals (UHNWIs), defined as those with net assets of US$30 million or more (including their primary residence), rose by 7.2 percent in 2021 and is expected to grow by 33 percent by 2026.

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In 2021, the top five gainers for UHNWIs, in absolute terms, were the US (+ 13 percent), the UK (+ 11 percent), France (+10 percent), Japan (+8 percent) and the Chinese mainland (+6 percent).

Over the next five years, Knight Frank forecasts that the global UHNWI population will grow by a further 28 percent. By region, Asia and Australasia are expected to see the biggest growth. Both are expected to witness a 33 percent uptick from 2021 to 2026. Taking a ten-year view (2016 to 2026), it forecasts that the global UHNWI population will more than double from 348,355 to 783,615. Asia will surpass Europe as the second largest wealth hub, the report indicated. North America remains in pole position.

Source: Knight Frank Wealth Sizing Model

During that time (2016 to 2026), it is predicted that Singapore will have witnessed a 268 per cent growth in its UHNWI population to almost 6,000. This growth rate ranks Singapore in second place after New Zealand (+ 270 percent) while China ranks third (+ 256 percent).  Australia (+ 194 per cent) and Malaysia (+ 183 percent) are also among the Top 10 risers.

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The Wealth Report 2022 is Knight Frank’s flagship annual publication, offering a unique perspective on global wealth, prime property and investment. Highlighting the issues that matter to UHNWIs, The Wealth Report is the ultimate guide to prime property markets, global wealth distribution, the threats and opportunities for wealth, commercial property investment opportunities, philanthropy and luxury spending trends.