The United States leads the world in the number of ultra-rich individuals, but it was China that saw the fastest gain in 2020, according to the latest Wealth Report by property consultancy Knight Frank.
It seems the Covid-19 pandemic did little to dampen the fortunes of the world’s wealthiest.
In China, its elite club of people whose net worth exceeds US$30 million, excluding their primary residence, grew by 16% in 2020 compared to an 11% growth in the number of Sweden’s ultra-rich residents and ahead of Singapore at 10%, according to the 13th edition of the report.
At the other end of the wealthy scale, Greece’s ultra-wealthy population declined by one-third.
“The number of UHNWI [ultra high net worth individuals] in China has grown by 137% in the past five years and is expected to grow by 46% in the next five years,” said Martin Wong, associate director of Greater China area research and consultancy, at Knight Frank.
“By 2025, the UHNWI population in China will reach over 103,000, which would put it firmly in second place worldwide.”
Over the next five years, the United States is forecast to remain the country with the highest number of wealthy individuals, growing by an expected 24% in the next five years to include more than 180,000 people, Wong said.
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