The report reveals that the number of HNWIs, defined as individuals with more than US$10 million in assets, increased by 4.4% to 2,341,378 in 2024 versus 2023.

This growth was observed across all regions worldwide, with North America leading the way at a robust growth rate of 5.2%. Asia recorded the second-highest increase at 5%, closely followed by Africa at 4.7%. Other regions also experienced gains, including 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: “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.”

The US remains the world's primary hub for wealth creation, housing nearly 39% of all wealthy individuals with assets of US$10 million or more—almost twice the level of China. In the US$100 million+ bracket, this figure rises to over 40%. Despite forecasts suggesting Asia will outpace North America in wealth creation in the coming years, the US currently faces no credible challenge to its dominance.

The report also highlighted that the population of individuals worth at least US$100 million grew by 4.2%, surpassing the 100,000 mark for the first time.