Explosion in number of UK's super-rich revealed in one graph

Asia will eclipse Britain with the growth in the number of ultra-wealthy

(Statistia-Independent)

The UK is set for a huge increase in super-rich people, with the number of ultra-high-net-worth Individuals (UHNWIs) set to boom in the next decade, according to a report.

Britain is expected to be home to 12,310 UHNWIs by 2026, an increase of 30 per cent from the 9,470 in the country in 2016.

But the UK's growth pales in comparison to rising numbers of the ultra-wealthy in Asia, where economies are booming.

Property consultants Knight Frank, who conducted the research, estimated the number of UHNWIs would grow globally by 43 per cent by 2026, though significant disparities are expected between different regions.

The company classifies UHNWIs as people with at least $30m (£24.2m) in assets.

Despite concerns over Brexit, London is expected to be the main draw for the super-rich.

“In a European context, London is without doubt the dominant city for the wealthy,” Liam Bailey head of research Knight Frank, told the Guardian.

“London is just more accessible for more wealthy people, it is more convenient, more connected and more open than other cities. London attracts talent from around the world, and it will continue to do so.”

While the UK is expected to host large numbers of the super-rich into the future, the European continent is anticipated to see a similar number as 2016 or less.

Meanwhile, one of the biggest increases in UHNWIs will be in a purportedly Communist country – Vietnam. The South East Asian nation will nearly triple its number of super-rich within ten years, rising from 200 in 2016 to 540 in 2026.

Other Asian nations will also see large UHNWI increases. India’s share will rise 150 per cent from 6,740 in 2016 to 16,850 in 2026.

And China - another country with a communist government - will have 34,340 UHNWI by 2026, up 140 per cent from 14,310 in 2016.

Asian countries are seeing increasing numbers of super-rich, as new markets open up and Western economies and politics falter.

A gathering of the super-rich, financiers and economists at the World Economic Forum in Davos earlier this year heard that rising global inequality contributed to the disruptions of Brexit and Donald Trump.

Rising wealth disparity and inequality was seen by 750 risk experts as the most important factor in assessing global developments over the next decade.