Dubai: If you’re wondering where you can find most of the world’s ultra-rich, look no farther than Europe.
As of 2014, the European region has the highest number of wealthy residents, at more than 60,000, which represents more than one-third (35 per cent) of the global multimillionaire population.
According to Knight Frank’s Wealth Report, which was produced in collaboration with WealthInsight, the second-biggest hub of multimillionaires in the world is North America, which accounts for 26 per cent, followed by Asia (24 per cent) and Latin America (6 per cent).
The Middle East makes an appearance at fifth place, accounting for 4 per cent of the multimillionaire population in the world.
The rest of the ultra-rich individuals can be found in Australasia (2 per cent) and Russia and CIS countries (Commonwealth of Independent States).
Knight Frank’s report noted that the multimillionaire population in Europe will continue to be higher than anywhere else in the world over the next ten years. By 2024, 33 per cent of the multimillionaires will come from this region.
Asia’s share of the multimillionaire population, however, is expected to increase from 24 per cent to 27 per cent in 2024, overtaking North America as the second-largest home for the wealthy.
Within Europe, Switzerland hosts the biggest concentration of multimillionaires, accounting for 5 per cent. Second on the list are United Kingdom and Norway (4 per cent each), followed by Netherlands, Sweden and Germany (3 per cent each) in the third place.
As of 2014, there were a total of 172,850 multimillionaires in the world. The number is forecast to reach 230,773 in 2024.
The growth of the multimillionaire population over the next few years will be driven by better global economic outlook coupled with government initiatives that support businesses.
“The prosperity of entrepreneurs, who constitute 48 per cent of ultra-wealthy individuals globally, will also contribute to economic recovery through the creation of jobs and higher wages,” Ouliana Vlasova, head of content at WealthInsight.
