Ultra-wealthy population set to grow by 37% in next five years

New data prepared for Knight Frank The Wealth Report shows that the number of ultra-wealthy people - with net assets of US$50 million or more - rose by 10% in 2017 – taking the global population to 129,730, with a combined worth of US$26.4 trillion.

The data provided by Wealth-X highlights that the ultra-wealthy population grew at a notably more rapid rate in 2017 than in the previous five years, when there was a cumulative 18% increase.

According to Knight Frank’s Michelle Ciesielski, head of residential research, Australia in Australia, the number of ultra-wealthy people rose by 9% in 2017 – taking the population to 1,260, with a combined worth of US$269 billion.

"This is equivalent to 5.2 ultra-wealthy individuals per 100,000 of the Australian population," she said.

“Over the next five years, the number of ultra-wealthy people in Australia is projected to increase by 37% to 1,720.

“This growth in Australia’s ultra-wealthy population can be attributed to several factors.

"Firstly, we’ve seen significant growth in prime property prices.

"Secondly, despite recent instability, the equities market has also seen gains over the past year.

“In addition, Australia is the third most-preferred global destination for the world’s ultra-high-net-worth individuals (UHNWIs) to emigrate, behind the UK and the US, according to Knight Frank’s annual Attitudes Survey, produced for The Wealth Report.

“Australia ranked in the top five destinations of where UHNWIs plan to buy prime property in 2018. Malaysia, Singapore, China, Hong Kong and the Philippines scored high on the Attitudes Survey for those planning to buy Australian prime property in 2018,” said Ms Ciesielski.

Globally, 34% of UHNWIs already hold a second passport and 29% are planning to purchase one, while 21% are considering emigrating permanently.

 Ultra-wealthy individuals (US$50m+) per 100,000 population across Asia Pacific

Source: Wealth-X, World Bank, Worldometers, Knight Frank Research