According to Knight Frank's 2020 Wealth Report, the number of super wealthy individuals across the world is still increasing. The global UHNWI population (individuals with a net worth of $30 million or more) grew 6.4 percent last year and it now stands at 513,244. That is expected to climb by another 27 percent by 2024. The United States has 270,575 UHNWIs - more than Europe and Asia combined and almost half the global total.
Even though it is home to the most super individuals by far, the U.S. is not expected to grow its population significantly over the coming five years. Growth between 2019 and 2024 is forecast to be 22 percent, making it the country with the 87th fastest growing UHNWI population. Over the same period, India's super-rich population is forecast to grow 73 percent. Despite geopolitical tensions and a slowdown in India's economy, Knight Frank expects the UHNWI population to climb from 5,986 to 10,354.
By comparison, Egypt and Vietnam have smaller super rich populations, though they will post the second and third fastest growth rates at 66 and 64 percent by 2024 respectively. Even though the COVID-19 outbreak may have an impact on China, Knight Frank place it fourth on the list. Its super rich population is forecast to climb from 61,587 to 97,082 over the next five years, a 58 percent increase.