The uber-wealthy still see gains on their assets

Dubai: The ranks of the wealthy — with assets of more than $30 million (Dh110 million) — was up by 5 per cent last year, according to the Wealth Report issued by Knight Frank.

An estimated 5,181 individuals saw their wealth rise beyond $30 million, while 53 became billionaires during the period, taking the total billionaire population to 1,844, the report adds.

Europe is home to the highest number of ultra high networth individuals, with 60,565, followed by North America and Asia, with 44,922 and 42,272 respectively, according to the data compiled for Wealth Report by WealthInsight.

“This balance is expected to change over the next decade, with forecasts showing that Asia will overtake North America as the second biggest hub for UHNWIs over the next 10 years,” the report says.

“The ultra-wealthy in Asia now hold net assets totalling $5.9 trillion, while those in North America hold $5.5 trillion, but Europe far outstrips both with holdings of $6.4 trillion. The longer-term forecast is for the global number of super wealthy to grow by 34 per cent over the next 10 years with the highest proportional growth coming from Africa (a 59 per cent increase) and then Latin America (50 per cent).”

India is one of 10 countries that Knight Frank’s report expects to see a 100 per cent increase in ultra high networth individuals.