Understanding the Evolution of Global Wealth

In an era where affluence is evolving at an unprecedented pace, understanding the shifting dynamics of global wealth is crucial for luxury brands and businesses. The Knight Frank Wealth Report 2025 offers a deep dive into the behaviours, investments and aspirations of the world’s most affluent individuals – insights that will define the future of luxury.

From the growing influence of next-generation wealth to the enduring power of property and the rise of new wealth hubs, this year’s report uncovers the key forces driving high-net-worth and ultra-high-net-worth individuals. For luxury leaders, these insights provide a roadmap to refine strategies, engage the world’s most discerning clients and stay ahead in an increasingly competitive and conscious luxury landscape.

Global Wealth Expansion: The Rising Number of HNWIs & UHNWIs

HNWIs Surge by 4.4% in 2024

In 2024, the number of individuals with net assets exceeding US$10 million increased by 4.4%, bringing the global total to over 2.3 million people.

North America Leads Global Wealth Growth

North America remains the dominant hub for high-net-worth individuals, seeing a 5.2% rise in HNWIs, reinforcing its leadership position.

U.S. Wealth Dominance: Home to 40% of the World’s Millionaires

The United States continues to lead in wealth accumulation, housing nearly 40% of individuals with net worths of $10 million or more.

• This equates to approximately 905,413 HNWIs, underscoring the country’s significant influence in global wealth distribution.
• The U.S. luxury market remains a key focal point for brands, as affluent Americans continue to invest in property, art and sustainable luxury experiences.

Emerging Markets: Africa’s Future Wealth Potential

While the U.S. leads in wealth growth, Africa is emerging as a future wealth hub. The continent’s young population, natural resources and foreign investments position it for substantial economic expansion.

• Wealth growth in Africa is expected to accelerate over the next decade.
• Luxury brands should monitor investment shifts and rising affluence in key African markets.

Property: A Core Investment for Ultra-Wealthy Individuals

40% of UHNWIs Prioritise Property Investments

Property remains a cornerstone investment for UHNWIs, with 40% viewing property as a long-term asset.

London’s Appeal in 2025

Despite price adjustments in recent years, cities like London continue to attract wealthy investors, offering more value than in previous years.

Next-Generation Wealth: The Shift in Luxury Spending

Younger Affluent Consumers Drive Change

The report highlights the growing influence of younger wealthy individuals on luxury markets.

Key Trends Among Next-Gen Wealth Holders:

Experiential luxury – Travel, wellness and exclusive events are gaining traction over traditional status symbols.

Sustainable investments – Ethical luxury and ESG-focused portfolios are top priorities.

Digital assets – Cryptocurrency, blockchain and NFTs are reshaping asset allocation.

Final Thoughts: What This Means for the Future of Luxury

These insights emphasise the evolving landscape of global wealth and luxury investment. As the world’s affluent individuals reshape their investment strategies, spending habits and values, luxury brands must adapt and innovate to stay relevant.

For those in the luxury industry, understanding these shifts is crucial for tailoring marketing strategies and engaging with HNWIs and UHNWIs effectively.

Explore the full report for deeper insights into the future of luxury investment.

Sources: Knight Frank Wealth Report 2025, SECNewgate, Business Insider