Asia's ultra rich individuals wealthier by 7% vs America's

Europe stays strong at the top spot.

Knight Frank, the independent global property consultancy, recently launched the ninth edition of The Wealth Report 2015. The report tracks the growing super-rich population in 108 cities across 97 countries.

According to a release from Knight Franck, in 2014, around 15 people a day joined the ranks of the ultra-wealthy, or those with a net worth of over US$30m. This growth is set to continue in the coming decade, with the global population of ultra-high-net-worth individuals (UHNWIs) forecast to climb by 34% to a total of almost 231,000.

Around the world in 2014, Asia saw the largest rise in its wealth population compared to other regions across all wealth brackets.

Most notably on a regional level in 2014, Asia overtook North America as the region with the second-largest increase in UHNWIs – some 1,419 people moved past the $30m+ mark in Asia in 2014, after an increase of fewer than 1,000 in 2013.

Standing strong, Europe held onto the top spot with the most new entrants of 1,834 people joining the UHNWI bracket over 2014.

The ultra-wealthy in Asia now also hold more in total wealth with net assets of $5.9tn – 7% more than those in North America with $5.5tn. However, with a $6.4tn treasure chest, European UHNWIs still control the most wealth. Come 2024, Asia will overtake North America in UHNWI population by 11%.

Here's more from Knight Frank:

Mr Liam Bailey, Global Head of Research at Knight Frank, says, “The most rapid growth in wealth will be seen in the likes of Ho Chi Minh City, Jakarta, Mumbai, and Delhi. One fifth of the 100 global cities assessed in The Wealth Report are expected to see greater than 100% growth over the next decade, all of which are in Asia or Africa.

“The geographic concentration of wealth remains a key trend – with 10% of all additional growth in UHNWIs taking place in just five cities – Singapore, Hong Kong, New York, London and Mumbai over the next decade.”

Mr Nicholas Holt, Head of Research for Asia Pacific, says, “The rise of Asia and its subsequent impact on prime property within the region and beyond has been one of the key narratives highlighted in The Wealth Report. This growth in wealth is certainly impacting prime residential markets across Asia and Australasia, with the region’s key cities and second home destinations seeing strong price growth over the last five years. This is despite interventions by policy makers in a number of markets, designed to slow price growth and curb foreign ownership.

“Over the past nine years, the hunger for knowledge has only increased, especially from our clients here in Asia Pacific, where UHNW property investors are becoming increasingly confident and are looking to diversify their property portfolios by exploring new asset classes and locations.”

Alice Tan, Head of Consultancy & Research for Singapore, says, “Singapore’s strengthening position as a regional financial and transportation hub, coupled with stable and pro-business Government have attracted MNCs to relocate their regional operations here.

These strong attributes have also attracted many UHNWIs to relocate and invest in Singapore especially in the real estate sector. The cooling measures implemented by the Government have brought stability to both the residential and commercial sectors.

“In fact, the demand for commercial, in particular office space, has been on the rise as more MNCs relocate their operations here. Off late we noticed that both family and institutional funds have shown greater interest to invest in commercial property as rental yields are higher compared to residential property and the outlook for rental growth is broadly positive for 2015."