The number of high-net-worth individuals (HNWIs – individuals with more than US$10m in assets) globally rose by 4.4% in 2024 to 2,341,378 from 2,243,300 a year earlier, according to Knight Frank.

All regions saw an uptick, but North America led with growth of 5.2%, the data revealed.

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

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$10m+ level, the US is home to almost 39% of all wealthy individuals, nearly twice the level of China. In the US$100 million+ bracket, the figure rises to over 40%. Despite Knight Frank’s forecast that Asia will outpace North America in wealth creation over the next four years, there is no realistic challenge to US dominance

The population of individuals worth at least US$100 million climbed 4.2%, surpassing the 100,000 mark for the first time.

America’s position as the world’s primary hub for wealth creation remains unchallenged. Almost 40% of the world’s HNWI population live in the US, compared with 20% for its nearest rival, China. Japan is the only other nation to boast a share of wealthy individuals larger than 5%. It’s perhaps unsurprising, then, that the US led the world in wealth creation during 2024 with a 5.2% expansion in its population of HNWIs. Asia was close behind with growth of 5%, followed by Africa, which saw a 4.7% surge, albeit from a much lower base. Australasia’s HNWI population rose 3.9%, helped by its access to both Asian and North American markets.

The population of individuals worth at least US$10m in the Middle East rose 2.7% last year, placing the region fifth. Almost 10% of its population of HNWIs fall into our US$100 million-plus category, a far larger proportion than any other region, which hints at the scale of wealth generated by legacy energy economies. Many of the region’s largest economies, most notably Saudi Arabia, are seeking to diversify away from oil and gas by investing heavily in tourism and hospitality, technology and innovation, biotechnology and renewable energy.