_Knight Frank launches The Wealth Report 2025 (19th edition)

March 05, 2025

Now in its 19th year, The Wealth Report offers a unique global perspective on private wealth and prime property. This annual publication covers a wide range of topics, including global wealth distribution, the current and future landscape of billionaire wealth, the priorities and preferences of the new Generation of Wealth and the Prime International Residential Index.

Report highlights:

Asia saw the second highest increase in the number of high-net-worth individuals (HNWIs) across all regions in 2024, year on year.
Hong Kong SAR, ranks 10th, with 42,715 individuals in the US$10m+ category, accounting for 1.8% of the global US$10m+ population.
The Chinese mainland holds the second position in billionaire wealth, with a total value of US$1.34 trillion. Hong Kong SAR, on the other hand, ranks seventh with a billionaire wealth value of US$0.33 trillion.
Hong Kong ranked 89th out of 100 locations in terms of annual change in luxury residential prices, which saw a 2.2% year-on-year decline in 2024.
For the 18th consecutive year, Hong Kong’s luxury home prices remained the second highest in the world on a per-unit price basis, reflecting both scarcity and investment potential.
Knight Frank’s Next Generation Survey reveals that the younger affluent generation still favours traditional investments, such as stocks, property, and cash.

Global Wealth Distribution

Source: The Wealth Report 2025, page 14

According to The Wealth Report, Knight Frank’s flagship report – the number of high-net-worth individuals (HNWIs) – defined as individuals with more than US$10m in assets – rose by 4.4% globally in 2024, increasing from 2,243,300 a year earlier to 2,341,378.

While North America (5.2%) leads in the number of HNWI this year, growth was noted across all world regions. Asia saw the second highest increase at 5%, followed by Africa at 4.7%. Other regions also experienced gains: Australasia (3.9%), the Middle East (2.7%), Latin America (1.5%) and Europe (1.4%).

Liam Bailey, Global Head of Research at Knight Frank said: “While the global economy slowed through 2024, the resilience of the US helped prop up investor confidence. The trends powering wealth creation, including growth in financial markets led by equity markets and the bitcoin run, continued through 2024. And despite geopolitical tensions, resilient global trade further contributed to growth.”

At the US$10 million+ level, the US is home to almost 39% of all wealthy individuals, almost double that of the Chinese mainland. Hong Kong SAR, ranks 10th with 42,715 individuals in the US$10m+ category, accounting for 1.8% of the global population.

Martin Wong, Senior Director, Head of Research & Consultancy, Greater China at Knight Frank stated: “This underscores Hong Kong's significant economic influence and its role as a key financial center in Asia. With the recent launch of the New Capital Investment Immigration Scheme (New CIES) on March 1, 2024, there have been over 800 applications in the first ten months, with 240 applications verified as meeting the investment criteria – specifically, those who have invested HK$30 million in Hong Kong within the six-month timeframe. This scheme has attracted high-net-worth individuals, business elites, and innovative entrepreneurs, with an expected investment amount exceeding HK$24 billion. I believe Hong Kong will continue to attract high-net-worth individuals, reinforcing its status as a vital hub for wealth management and investment in the region.”

Africa is positioned for significant future wealth growth due to a burgeoning young population, abundant natural resources, and foreign investment, forecasting a 17.8% significant growth over the next 5 years.

Despite Knight Frank’s forecast that Asia will outpace North America in wealth creation over the next four years, the US remains firmly dominant.

The population of individuals with a net worth of at least US$100 million increased by 4.2%, surpassing the 100,000 mark for the first time.

Billionaires

The Wealth Report 2025, page 17

In partnership with Forbes, The Wealth Report has conducted an in-depth analysis of over 2,700 billionaires listed in Forbes' annual wealth rankings. This study examines the current and future landscape of billionaire wealth.

Currently, the finance and investment sector leads with 427 billionaires, while the technology sector boasts the highest total wealth at US$2.6 trillion across 342 billionaires. On average, billionaires are 65.7 years old, predominantly male (87%), and collectively hold US$12.4 trillion in wealth.

In terms of billionaire wealthy by market, the Chinese mainland ranks second, with a total value of US$1.34 trillion. This significant accumulation of wealth highlights the rapid economic growth in the region, making the Chinese mainland a major hub for billionaires driven by technological advancements. Hong Kong SAR, on the other hand, ranks seventh with a billionaire wealth value of US$0.33 trillion. Despite its smaller size compared to the Chinese mainland, Hong Kong remains a crucial financial center in Asia, thanks to its strategic location, robust financial infrastructure, and business-friendly environment, which continue to attract high-net-worth individuals.

Looking ahead, new industries and regions are shaping the next generation of billionaires and driving the future of global wealth. Surprisingly, manufacturing has produced more new billionaires than the tech sector over the past decade, with half of these new fortunes emerging from Chinese mainland, a testament to the nation’s industrial strength. Despite facing recent challenges, Chinese mainland continues to lead in the creation of new tech billionaires as well. New billionaires are generally younger, reflecting shifts in market conditions. Additionally, the proportion of female billionaires is on the rise, notably among the younger demographic. Wealth creation is becoming increasingly global, with significant growth observed in countries like India.

Next Generation Survey

Source: The Wealth Report 2025, page 20

Knight Frank’s Next Generation Survey, a first-of its-kind global study of 1,788 wealthy individuals aged 18 to 35, offers new insights into the priorities and preferences of the new Generation Wealth.

Work: Lower-income respondents tend to live closer to their offices, but as income increases, so does the distance from the workplace, with many high-net-worth individuals (HNWIs) working remotely. Notably, those earning over US$500,000 often pursue cross-border career opportunities.

Lifestyle: Nearly half of respondents indicated they would prefer to spend a financial windfall on experiences rather than possessions. The luxury industry is adapting by focusing on premium experiences, such as curated travel and wellness, particularly appealing to those earning over US$1 million. Real estate, however, remains the most desired luxury asset.

Housing: While 70% of respondents own property, renting is becoming more popular, especially among those earning US$500,000 to US$1 million, due to their high mobility. Rising interest rates have influenced many affluent young respondents to readjust their property purchase plans.

Investments: Despite the allure of cryptocurrencies and venture capital, the younger affluent generation still prefers traditional investments such as stocks, property, and cash. Investment preferences also show gender differences, with men leaning towards stocks and women favouring property and cash.

Prime International Residential Index

Source: The Wealth Report 2025, page 54

Of the 100 markets tracked in Knight Frank’s Prime International Residential Index (PIRI), 77 recorded positive annual price growth Asian and Middle Eastern markets dominate the first six spots in the ranking with Seoul (18.4%), Manilla (17.9%) and Dubai (16.9%) leading the list. Saudi Arabian markets performed strongly this year, with Riyadh (16%) and Jeddah (9.6%) both making the top six.

The Middle East (7.2%) led the way as the strongest-performing world region, followed by Latin America (6.3%) and Asia-Pacific (3.2%). Europe (2.5%) and North America (2.4%) trailed behind. With average growth of 3.7%, sunbelt markets led city markets (3.5%) and ski destinations (2.6%). The year's strong showing from resort markets continues the trend seen since the pandemic with nearly 30% growth in values in these markets, against 25% for ski markets, and cities lagging posting only 19% growth.

Martin Wong, Senior Director and Head of Research & Consultancy, Greater China at Knight Frank said, “In 2024, Hong Kong's prime property prices experienced a 2.2% year-on-year decline. However, with the government's relaxation of the investment immigration programme to include residential properties, transaction prices for properties valued over HKD 50 million are anticipated to increase. In addition to end-users, there is rising interest from investors eager to seize distressed sales opportunities within the luxury market. The luxury market has become an attractive avenue for wealth preservation and growth. The property market is expected to perform better in 2025, with luxury prices projected to remain stable throughout the year.”

Liam Bailey, Global Head of Research at Knight Frank said: “Even for prime markets, interest rates remain the key story. Rates are still very high in most developed markets compared with where they were as recently as 2022, but the past 12 months have seen central banks move decisively into a new era, with cuts outpacing rate rises for the first time in three years. While the direction of travel is positive for house prices and has supported the growth we have seen in over threequarters of markets, the reduction in debt costs is still not sufficient to turn this into a trend in most markets. It will take additional rate cuts during 2025 to restore momentum.”

What Can You Buy for US$1 Million?

Source: The Wealth Report 2025, page 56

Knight Frank provides a comparative guide to the amount of space you can purchase for US$1 million today versus ten years ago.

London experienced the highest increase in buying power, with a 43% improvement. This means that in 2024, US$1 million could buy significantly more prime residential space compared to 2014.

Dubai saw the most substantial decrease in buying power, with a 59% decline, compared to 10 years ago. This indicates a sharp reduction in the amount of prime residential space that US$1 million could buy in 2024 compared to 2014. Nevertheless, Hong Kong has a relatively minor change in buying power, with a decrease of 4%. Nevertheless, Hong Kong’s luxury home prices have remained the second highest in the world in terms of per unit price basis for the 18th year, which has reflected its scarcity and investment potential.

William Lau, Senior Director, Head of Residential Agency at Knight Frank Hong Kong says, "Despite the downturn in the overall residential market in Hong Kong, the luxury real estate sector has shown resilience. In 2024, total transactions of Hong Kong's super luxury properties (valued over HK$78 million) reached HK$37.87 billion, marking a 66% increase year on year. We anticipate continued growth in transactions for luxury properties, particularly those priced at HK$50 million or above in 2025, driven by policy support, potential interest rate cuts, and an improving economy. While challenges persist in the broader residential market, Hong Kong's luxury property sector is well-positioned for resilience, underscoring the lasting appeal of luxury real estate in one of the world's most dynamic markets."