According to the survey, the global UHNW population rose from 551,435 to 713,626 between 2021 and 2026. The US created 41 per cent of all new UHNWIs, lifting its total global share from 33 per cent to 35 per cent between 2021 and 2026. India expanded rapidly, recording 63 per cent UHNWI growth, with a further 27 per cent expansion forecast by 2031, the survey adds. Indonesia (+82 per cent), Saudi Arabia (+63 per cent), Poland (+63 per cent) and Vietnam (+59 per cent) also lead five-year projections in terms of rate of growth.

The survey shows that Asia-Pacific holds nearly 31 per cent of global UHNWIs, with China remaining the second-largest wealth hub globally. Australia’s UHNW population is also set to rise nearly 60 per cent by 2031, reflecting economic diversification.

In the Middle East, wealth rose from 2.4 per cent to 3.1 per cent of global UHNWIs and will maintain its share through 2031. The global billionaire population reached 3,110 in 2026, with Asia-Pacific home to the largest share.

“We are witnessing one of the most significant shifts in global wealth distribution in modern history. The US remains the dominant engine, but we are also seeing rising strength from India and a cohort of fast-maturing economies that are now shaping the global landscape,” Liam Bailey, global head of research at Knight Frank, said: “Despite huge geopolitical shocks and inflationary pressures, private capital has shown extraordinary resilience. Our latest results reflect a deep structural acceleration in wealth creation worldwide.”

Luxury investment market
The same report reveals that The Knight Frank Luxury Investment Index (KFLII) recorded a marginal -0.4 per cent decline in 2025, signalling stabilisation after two years of broad correction across several collectible categories. Strength returned to segments focused on rarity, cultural significance and exceptional provenance, reflecting a more disciplined and selective global collector base.

Sales of Impressionist art surged +13.6 per cent, driven by major single-owner sales and standout results including Gustav Klimt’s Portrait of Elisabeth Lederer, which achieved $236.4 million – the highest-ever price for a modern artwork sold at auction. Watches rose +5.1 per cent, led by strong demand for Patek Philippe’s Aquanaut and Nautilus models, and continued resilience from Rolex, the report shows.

Classic car values fell -3.7 per cent, though halo models – such as the Ferrari F50 – remained in fierce demand, with US and European auctions achieving notable results. Whisky declined by -10.9 per cent, while Champagne and Burgundy continued their post-boom corrections following exceptional pandemic-era growth. Super-Tuscans remained the most resilient wine category, showing slight annual gains despite market softness elsewhere, the survey adds.

Fancy colour diamonds held their ground, with blue diamonds appreciating in the fourth quarter, the report reveals. Luxury resale trends shifted toward patina and provenance, with collectors increasingly seeking well-loved, storied pieces - exemplified by the $10.1 million sale of Jane Birkin’s personal Hermès Birkin bag.

“After a cycle defined by extraordinary highs followed by rapid readjustment, the luxury investment market is now entering a more rational and more discerning phase,” Bailey said. “Collectors are increasingly prioritising rarity, provenance and cultural resonance - and younger generations are reshaping ownership models through digital and fractional platforms.”

Prime International Residential Index (PIRI 100)
The same report covers Prime International Residential Index (PIRI 100) showing price performance across 100 global luxury housing markets. It reports a 3.2 per cent average rise in prime prices in 2025, outperforming mainstream housing markets for the second consecutive year.

It shows that 73 out of 100 prime markets recorded price growth in 2025. Tokyo leads globally with a 58.5 per cent surge in prime new-build apartment values while Dubai rose 25.1 per cent, maintaining its position in 2025 as the world’s most active $10m+ market with 500 super-prime sales.

The Middle East (+9.4 per cent) was the best-performing region; Latin America/Caribbean (+4.7 per cent), Asia-Pacific (+3.6 per cent), Europe (+3.3 per cent) also saw steady gains. North America declined by -0.9 per cent, driven by price falls in Canada, the report shows. Future hotspots include Mumbai (+8.7 per cent), Brisbane (rapid luxury growth), Miami (+67 per cent over five years), and Hong Kong (super-prime rebound)

“In many markets, prime residential property has pulled away from the broader housing sector, underpinned by the strength of wealth creation,” Bailey said. “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.”

Commercial real estate
The report also shows a turning point for global commercial real estate (CRE) as $144 billion of institutional capital prepares to re-enter the market in 2026. The shift comes with private capital still in the lead. Investors including high net worth individuals and family offices have been the largest buyers of global CRE for five consecutive years, deploying $464 billion in 2025 compared to $347 billion from institutional investors, the report states.

Europe is seeing a return of large-scale transactions, led by offices. Private investors deployed $18.9 billion into European offices over the year, with the sector now the most targeted globally for 2026. In Asia-Pacific, cross-border HNWI investment has returned to its highest level since 2019, with Chinese mainland capital accounting for 46 per cent of buying interest. At the same time, Singapore-based capital is rotating back towards domestic markets in response to currency volatility, creating both returning cross-border demand and deeper local liquidity in core markets such as Singapore and Hong Kong. India’s CRE market has been reshaped by domestic capital. As foreign investment slowed post-Covid, domestic participation increased from 11 per cent of total private equity investment to nearly 26 per cent in 2025, the report shows.

“Institutional buyers are returning to real estate, but private capital continues to set the pace, supported by its flexibility and speed of execution. What has changed over the past decade is the level of sophistication among private investors,” Nick Braybrook, global head of capital markets at Knight Frank, said. “Commercial real estate is now viewed as a core component of a diversified portfolio, capable of delivering income, value creation and relative stability. As the market resets, those able to move decisively will be best placed to capture opportunities.”