_Australia’s billionaire club expands at one of the fastest rates globally: Knight Frank’s The Wealth

• Australia ranks 4th globally for billionaire growth, with the population set to grow by 77% by 2031
• Australia’s population of ultra-high-net-worth individuals (UHNWIs) — those with a net worth of US$30 million+ — forecast to rise by nearly 60% over the same period, putting it in 5th place globally
• Global wealth creation has accelerated, as 89 new UHNWIs are created around the world each day

Australia – Australia has one of the world’s fastest-growing wealthy populations, with numbers set to surge over the next 5 years, according to Knight Frank’s landmark 20th edition of The Wealth Report, released today.

The research reveals Australia ranks 4th globally for billionaire growth, with its billionaire population forecast to grow by around 77% over the next five years, rising from 48 in 2026 to 85 by 2031.

The growth in the number of billionaires reflects a broader expansion in Australia’s private wealth. Knight Frank’s The Wealth Report 2026 forecasts Australia’s population of ultra-high-net-worth individuals (UHNWIs) — those with a net worth of US$30 million+ — will climb by almost 60% over the same period, reaching 26,095 individuals by 2031, equivalent to nearly one in every 1,000 Australians.

Australia’s projected rate of UHNWI population growth is nearly double the 32.5% over the past five years, and puts it in 5th place globally behind Indonesia (+82%), Saudi Arabia (+63%), Poland (+63%) and Vietnam (+59%).

Global growth in wealth populations

Knight Frank’s The Wealth Report 2026 reveals a dramatic acceleration in global wealth creation despite substantial geopolitical uncertainty, concerns over rising interest rates and uneven economic performance.

The world’s UHNWI population increased by 162,191 between 2021 and 2026 - equivalent to 89 new UHNWIs every day - bringing the global total to 713,626. By 2031 it is forecast to grow to 948,241.

The global billionaire population reaches 3,110 in 2026 and is forecast to grow to 3,915 by 2031.

Asia-Pacific holds nearly 31% of global UHNWIs, coming second behind North America, at 37%, with this proportion set to be 28.7% in 2031 as the North American figure surges to 42.6%.

However, Asia-Pacific is home to the largest share of billionaires, at nearly 36%, with this proportion set to rise to 37.5% by 2031.

Australia punching well above its weight in the global wealth landscape

Knight Frank Australia Partner, Head of Private Office, Australia Ari Petrovs said the projected growth in Australia’s ultra-wealthy population reinforced the country’s position as a significant and rapidly growing wealth market - not just in APAC, but globally.

“Australia punches well above its weight in the global wealth landscape,” he said.

“This expansion is being driven by more than just rising asset prices. There is a deep economic diversification driving it — from resources and agriculture through to finance, business services and technology. These economic engines have created a depth of wealth that outstrips many comparable economies.

“In a world where wealth is becoming more mobile, Australia stands out for the diversity and durability of its wealth creation story.”

Knight Franks The Wealth Report 2026 report highlights a shift in how the wealthiest individuals are choosing to live and invest. Ultra-wealthy Australians are increasingly adopting globally mobile lifestyles, spreading their time across multiple cities and regions while maintaining Australia as a core base.

“Australia is increasingly viewed as a safe harbour for capital in an unpredictable world, given its economic and sovereign stability, and of course its location,” Mr Petrovs said.

“That stability is becoming a key part of our appeal to globally mobile wealth, particularly as geopolitical and economic uncertainty grows elsewhere.”

The research also noted there was an increasing professionalisation of private wealth, with more ultra wealthy Australians using family office style structures and targeting direct investment in real estate, infrastructure, energy and value-add assets.

“Private wealth in Australia is becoming more sophisticated and more strategic; gone are the days of blind investing,” Mr Petrovs said. “Individuals and families are seeking the best experience and expertise to augment their internal teams, where trust matters most.

“Trophy assets for long-term holds will always be of interest, but private capital is now playing the full spectrum of the risk curve, to match preferred capital returns and the speed of recycling.  Turbulent times always awaken private capital, and we expect its impact and importance to only increase.”

Significant shift in global wealth distribution globally

Knight Frank’s Global Head of Research Liam Bailey said: “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. 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.

“Political volatility, tax reform and heavier regulatory friction mean capital is concentrating into a smaller group of cities that offer both opportunity and predictability. In this new landscape, the most sophisticated families are diversifying across multiple hubs, often maintaining strategic footholds in London, New York, Dubai and Singapore to balance opportunity, security and access.”

Rory Penn, chair of the Private Office at Knight Frank, added: “What we are seeing on the ground is that wealth creation is rising against a more complex global economic backdrop. The ultra-wealthy are becoming markedly more mobile, yet the list of markets where they feel genuinely comfortable investing or basing their families has narrowed.”

-Ends-

Definitions:

Ultra-high-net-worth individual (UHNWI) – Someone with a net worth of US$30 million or more.

For further information, please contact:

Vanessa De Groot – Marketing & Communications, Knight Frank

Vanessa.degroot@au.knightfrank.com +61 410 460211

Notes to Editors

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, the Knight Frank network has 600+ offices across more than 50 territories and more than 20,000 people. The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants. For further information about the Firm, please visit www.knightfrank.com.