An IMGW News Report
Despite years of geopolitical turmoil and financial volatility, the world’s wealthy have proved remarkably resilient. According to Knight Frank’s Wealth Report 2025, the number of individuals worth more than US$10 million expanded by 4.4% over the past year, reaching more than 2.3 million people globally. The United States retains its status as the pre-eminent wealth engine, home to nearly 39% of these individuals – almost twice as many as mainland China.
Shares of Global HNWIs:
- United States ~39%
- Mainland China ~20%
- Japan ~5%+
- Rest of Asia ~15%
- Europe ~20%
- Other ~1%
Yet while North America continues to dominate, Asia is not far behind. The region’s population of high-net-worth individuals (HNWIs) grew by 5% in 2024, powered by surging equity markets, a revival of entrepreneurial activity, and renewed confidence following China’s abandonment of its zero-Covid policy. India now ranks fourth globally, with more than 85,000 people worth at least US$10 million.
Europe, by contrast, remains burdened by demographic decline and overregulation. The continent recorded only 1.4% growth in its HNWI population last year. Former Italian Prime Minister Mario Draghi has highlighted the European Union’s relative stagnation, noting that it produced 13,000 new regulations in five years—more than double the US tally—while grappling with an ageing workforce and muted investment appetite.
Where Wealth is Rising Fastest – High-Net-Worth Individual Growth in 2024
| Region/Country | HNWIs (US$10m+) Growth 2024 | Share of Global HNWIs | Key Trends |
|---|---|---|---|
| United States | +5.2% | ~39% | Strong equity markets, AI boom, luxury property surge |
| Mainland China | +5.0% | ~20% | Post-Covid rebound, tech wealth creation |
| India | Not specified (4th largest) | — | Rapid entrepreneurial growth, rising property demand |
| Europe (overall) | +1.4% | ~20% | Regulation drag, demographic decline |
| Africa | +4.7% | ~1.8% | Young population, infrastructure investment |
| Dubai prime property | +170% (since 2020) | — | US$1m grew to US$2.7m in 5 years |
| Miami prime property | +90% (since 2020) | — | US$1m grew to US$1.9m in 5 years |
| Family Offices (global) | — | — | 44% plan to increase real estate allocations |
| Golden Visas | — | — | Portugal, Spain, Greece attracting wealthy migrants |
Prime property markets have mirrored these shifts. The Prime International Residential Index shows that US$1 million invested in Dubai’s luxury housing in 2020 would have been worth US$2.7 million by early 2025. Miami also fared well, with a notional investment growing to US$1.9 million. This reflects a broader trend: the mobility of wealth is fuelling exceptional demand in certain gateway cities. Miami, Palm Beach, and Aspen have become magnets for domestic and international buyers seeking lifestyle, tax advantages, and remote-working flexibility.
“The United States retains its status as the pre-eminent wealth engine, home to nearly 39% of these individuals—almost twice as many as mainland China”
Meanwhile, Knight Frank notes that more than 44% of global family offices plan to increase allocations to real estate over the next 18 months. Direct ownership already accounts for 22.5% of the average family office portfolio, underscoring property’s dual appeal as both a wealth preservation strategy and a hedge against inflation.
The demand for residency-by-investment programmes continues to surge. Golden Visas have gained traction as UHNWIs seek to enhance mobility and access favourable tax regimes. Portugal’s digital nomad visa, Spain’s Start-up Law visa, and Greece’s residence permits are drawing a fresh cohort of wealthy migrants, though policymakers are grappling with rising housing costs and public unease about displacement. In Lisbon, rents climbed more than 40% over the past decade, while house prices rose 25%, exacerbated by foreign demand and the influx of remote workers.
In the United States, economic dynamism remains the decisive factor driving wealth creation. Even with high interest rates, the S&P 500 climbed more than 20% for a second consecutive year, buoyed by investor enthusiasm for artificial intelligence and risk assets. In 2024 alone, the number of Americans worth at least US$10 million expanded by 5.2%. Looking ahead, the US is forecast to maintain its dominance, though Asia is expected to close the gap over the coming four years.
Africa, though still a minor player in absolute terms, has emerged as a relative outperformer. The continent’s HNWI population grew by 4.7% in 2024, supported by a young demographic profile, improvements in infrastructure, and growing foreign investment. While the region accounts for only 1.8% of global wealth holders, Knight Frank predicts a faster expansion rate than Europe or Latin America.
Prime Property – Exceptional Returns Since 2020
| Location | Value in 2020 | Value in 2025 | Growth |
|---|---|---|---|
| Dubai | US$1.0m | US$2.7m | +170% |
| Miami | US$1.0m | US$1.9m | +90% |
The report also highlights the intergenerational transfer of wealth as a key dynamic reshaping investment priorities. Baby boomers still control the majority of global wealth, but the Next Generation Survey – covering affluent individuals aged 18 to 35 – shows rising interest in sustainability, wellness, and experiential spending over traditional assets. While stocks and property remain the cornerstones of investment portfolios, younger investors are more likely to prioritise health and international travel.
Finally, Knight Frank flags looming risks. Trade wars, stubborn inflation, and mounting government deficits could yet disrupt wealth creation. With US debt exceeding US$36 trillion and tensions escalating in the Taiwan Strait, the report cautions that optimism should be tempered by an awareness of potential shocks.
Nevertheless, for those willing to look beyond the turbulence, the long-term prospects remain compelling. From the surge in luxury residential demand to the steady expansion of residency-by-investment programmes, 2025 promises further proof that in the global wealth arena, mobility and adaptability are the ultimate currencies.
A question of Lifestyle
Lifestyle considerations are playing an ever-greater role in wealth deployment among the next generation of affluent individuals. Knight Frank’s Next Generation Survey reveals that nearly half of respondents would rather invest in experiences – such as wellness, international travel, and family activities – than traditional luxury goods. Yet when pressed to name their most desirable assets, prime real estate retained the crown.
According to the survey, 29.8% of wealthy millennials and Gen Z respondents ranked high-end property as their top luxury aspiration, followed closely by luxury cars (27.8%) and private jets (15.1%). Art collections, superyachts, and fine wine also maintained niche appeal, underscoring how lifestyle choices are evolving but still orbit the familiar symbols of wealth.
Real estate tops the luxury asset list for the Next Gen (% of respondents)
| Luxury Asset | % of Respondents |
|---|---|
| High-end real estate | 29.8% |
| Luxury car | 27.8% |
| Private jet | 15.1% |
| Art collection | 12.4% |
| Superyacht | 8.9% |
| Wine collection | 4.4% |
| Other | 1.6% |
Source: Knight Frank Research
Sectors to Watch:
Where Private Capital is Heading Next
The appetite for property remains undimmed among the world’s wealthy, but the nature of real estate investment is evolving rapidly. Knight Frank highlights five sectors poised to attract significant private capital over the next 18 months, each reflecting structural shifts in economies and societies.
- Logistics continues to benefit from the relentless rise of e-commerce and global supply-chain diversification. Warehousing and fulfilment centres are in high demand, particularly near major cities and transport hubs. Investors increasingly prize modern, sustainable logistics facilities that can command premium rents and remain resilient to economic shocks.
- Living sectors, encompassing multifamily rental housing and purpose-built student accommodation, are emerging as institutional-grade asset classes. Chronic undersupply, demographic trends, and affordability pressures have created an acute need for new stock, particularly in European and Asian cities where build-to-rent penetration remains below 1% of the total rental market.
- Life sciences real estate is another standout opportunity. The sector is buoyed by rising healthcare spending, an ageing population, and the convergence of technology and medicine. Specialist laboratory spaces, innovation campuses, and biomanufacturing hubs are attracting deep pools of private and institutional capital.
- Data centres have grown from a niche sector to a core infrastructure asset. Demand is soaring amid the AI boom and cloud migration, yet the market faces constraints linked to power availability, grid connections, and planning approvals. Investors see an opportunity in regions where supply is lagging behind digital consumption.
- Hospitality is staging a post-pandemic resurgence. Luxury resorts, branded residences, and experiential travel properties are enjoying renewed interest as high-net-worth individuals place greater value on lifestyle and wellness. For developers and investors, the focus has shifted toward projects blending hospitality with private ownership components.
Together, these five sectors illustrate how real estate is becoming more operational, specialised, and tech-enabled – qualities that resonate strongly with investors searching for growth, yield, and long-term relevance.
