_Knight Frank launches The Wealth Report 2026 (20th edition)

April 23, 2026

From left to right - Ho-Pin Tung and William Lau

Knight Frank, the leading independent global property consultancy, today launched its landmark 20th edition of The Wealth Report, which reveals a dramatic acceleration in global wealth creation despite substantial geopolitical uncertainty, concerns over rising interest rates and uneven economic performance. The world’s ultra high net worth individual (UHNWI, US$30m+) population increased by 162,191 between 2021 and 2026 - equivalent to 89 new UHNWIs every day - bringing the global total to 713,626.

Report highlights:

Global UHNW population rises from 551,435 to 713,626 between 2021 and 2026.
Asia-Pacific holds nearly 31% of global UHNWIs, with China remaining the second largest wealth hub globally.
Asia-Pacific leads global billionaire population, with 1,116 billionaires.
Hong Kong UHNWI population is forecast to grow by 25% over the next five years, ranking 19th globally.
Global prime residential prices rose 3.2% in 2025, outperforming mainstream housing for a second year
Asia Pacific prime residential performance diverged: with Tokyo surged (+58.5%), while the Chinese mainland adjusted and
Hong Kong fell 2.1%, reflecting shifting UHNWI demand.
UHNWIs are increasingly organising their lives across multiple jurisdictions.
Global buying power declined: with US$1 million purchasing less prime residential space in most global cities between 2020 and 2025.
Hong Kong prime residential prices remained stable, ranked as the world’s second most expensive luxury residential market for the 19th consecutive year.

Global Wealth Distribution

Source: The Wealth Report 2026, page 8 & 10

According to The Wealth Report, Knight Frank’s flagship report, the global UHNW population is projected to rise from 551,435 in 2021 to 713,626 by 2026, with the US accounting for 41% of all new UHNWIs and increasing its global share from 33% in 2021 to 35% in 2026.

Asia‑Pacific holds nearly 31% of the world’s UHNWIs, with China remaining the second‑largest wealth hub globally. Looking ahead, Indonesia (+82%), Saudi Arabia (+63%), Poland (+63%) and Vietnam (+59%) are forecast to lead five‑year UHNW population growth, while Hong Kong (+25%) ranks 19th globally.

The global billionaire population is expected to reach 3,110 in 2026, led by Asia‑Pacific with 1,116 billionaires, ahead of North America’s 965.

Further ahead, Australia’s UHNW population is set to rise by nearly 60% by 2031, reflecting deep economic diversification. Commenting on the findings, Liam Bailey, Global Head of Research at Knight Frank, said: “We are witnessing one of the most significant shifts in global wealth distribution in modern history. While the US remains dominant, India and a group of fast‑maturing economies are increasingly shaping the global landscape. Despite geopolitical shocks and inflation, private capital has shown extraordinary resilience. Our latest results reflect a deep structural acceleration in wealth creation worldwide. Political volatility, tax reform and heavier regulatory friction mean capital is concentrating into a smaller group of cities that offer both opportunity and predictability.

Rory Penn, Chair of the Private Office at Knight Frank, added: “What we are seeing on the ground is that wealth creation is rising against a more complex global economic backdrop. The ultra‑wealthy are becoming markedly more mobile, yet the list of markets where they feel genuinely comfortable investing or basing their families has narrowed.”

Ho‑Pin Tung, Director and Head of Private Office, Hong Kong, said: “Hong Kong’s ultra high net worth population is projected to grow by 25% over the next five years, underscoring its enduring strength as a global wealth hub. Now ranked as the world’s second-largest ultra-wealth city after New York, Hong Kong continues to attract and anchor global capital. In a mature market, this growth reflects sustained confidence in Hong Kong as a long-term base for managing and deploying wealth, supported by its stability, competitive tax regime, strong policy incentives and global connectivity, alongside a strategic push into the family office sector, with more than 3,300 family offices now established in the city."

Knight Frank’s Prime International Residential Index

Source: The Wealth Report 2026, page 24

Of the 100 markets tracked in Knight Frank’s Prime International Residential Index (PIRI), average prime prices rose by 3.2% in 2025, outperforming mainstream housing markets for the second consecutive year. In total, 73 markets recorded positive annual price growth, with price divergence widening significantly as strong gains were increasingly concentrated in select global cities.

Asia‑Pacific posted an average growth of 3.6%, but performance varied sharply. Tokyo led globally with a 58.5% surge driven by demand for high‑quality new‑build stock, while parts of the Chinese mainland continued to adjust, with Guangzhou recording a 12.2% price decline amid softer sentiment. Hong Kong prime price slipped 2.1% over the year.

An important emerging trend is the impact of ultra‑mobility on buying patterns. A growing number of UHNWIs spending fewer than 90 days per year in traditional hubs and driving demand for super‑prime rental properties.

Liam Bailey, Editor of The Wealth Report comments: “In many markets, prime residential property has pulled away from the broader housing sector, underpinned by the strength of wealth creation. While mainstream markets remain exposed to wider economic pressures, the pace at which wealth is being generated is helping to keep demand for luxury property more resilient, even against recent volatility in debt costs.”

“UHNWIs are increasingly organising their lives across multiple jurisdictions, with family offices actively managing tax, lifestyle and political risk. As a result, established hubs such as London are shifting towards a ‘dip-in, dip-out’ model: places to spend time for business, culture and connectivity rather than permanent residence,” he added.

William Lau, Senior Director, Head of Residential Agency, said, “While Hong Kong saw prime prices edge down by 2.1%, activity at the super‑prime end strengthened markedly. The city recorded one of the highest volumes of US$10 million-plus transactions globally, with 81 deals completed in Q4 2025. This was supported by improved market liquidity, sustained inflows of wealth from the Chinese mainland, increased participation from foreign buyers and the continued impact of talent admission schemes. Together, these factors reinforce Hong Kong’s position as a key gateway for regional and cross‑border capital. We expect this momentum to continue through the rest of 2026.”

What Can You Buy for US$1 Million?

Source: The Wealth Report 2026, page 27

Knight Frank provides a comparative guide to the amount of prime residential space US$1 million can buy today versus five years ago, highlighting how buying power has shifted across major global cities.

Between 2020 and 2025, the spending power of US$1 million fell sharply across many prime residential markets, reflecting strong price growth and tightening supply. The largest contractions were seen in Dubai (‑66%), followed by Tokyo (‑41%), Miami (‑40%) and Los Angeles (‑28%), reflecting intense prime market appreciation. Geneva, Singapore and Milan also experienced notable declines in affordability.

In contrast, a small number of markets bucked the global trend. London (+7%) and Melbourne (+4%) recorded modest improvements in spending power, meaning US$1 million could purchase more prime residential space in 2025 than in 2020.

Hong Kong remained broadly flat over the five‑year period. Despite this stability, Hong Kong has ranked as the world’s second‑most expensive luxury residential market on a price‑per‑unit basis for the 19th consecutive year, underscoring the city’s structural supply constraints and long‑term investment appeal. While challenges persist in the broader residential market, Hong Kong’s luxury sector remains well-positioned for resilience, supported by its role as a key global wealth centre.

Overall, the findings underline how rapid wealth creation, limited prime supply and sustained international investor demand have eroded US‑dollar buying power across many of the world’s leading residential markets.