Every year the Knight Frank Wealth report forecasts the number of people that will accumulate assets. This year the annual forecasts predict that people with assets worth $30 million or more will grow b 43% over the next 10 years. This will be higher than the general population growth by 2026. It is predicted the super rich individuals will explode over the next decade and most of this will be based in Asia.
The New World Wealth predicts that Asia’s super rich population will double by 2026 and be more than 88,000. Also, India and China will see an increase of 150% to 140% of the wealth. While technology, media, entertainment and health care in China are expected to grow rapidly and produce super rich people, others are predicted to show a gradual increase over the decade. Vietnam has the highest growth rate at 170% and the small population will produce ultra wealthy people.
Apart from Asia, North America is predicted to show a growth rate of 31% and 96,000 people are going to be super rich. North America is currently home to most of the wealthiest people around the world and they are expected to continue this trend for the next ten years. Canada is also expected to have a 50% growth which will reflect its growing status as safe heaven due to political upheaval.
The people who are gaining wealth are expected to save money in local or global banks and will be investing in properties. Almost one third plan to invest offshore through real estate over the next two years.
This investment in property from other countries and foreign investments has caused a sharp increase in the property and home prices in main cities of Canada, Australia, U.K., and New Zealand.
