The number of UHNWIs grew despite the pandemic Knight Frank’s Wealth Sizing Model reveals that, globally, the number of UHNWIs (ultra-high net-worth individuals) grew by 2.4% in 2020 to more than 520,000. While this was roughly one-third the rate of growth seen in 2019, it is a far stronger expansion than we would have predicted in the first half of the year, given the impact of
Covid-19.

The model’s results reflect the views of the respondents (leading private bankers and wealth advisors) to our latest Attitudes Survey, undertaken during Q4 2020.

Half said their clients’ wealth had increased in the last year. Those with North American clients were the most optimistic, with 73% citing an increase and a further 23% seeing stability. The region’s UHNWI population now sits at 190,085, almost 4% higher than at the end of 2019. The regions which were seemingly able to control the virus the best, Asia and Australasia, were the strongest performers with growth of 12% and 10% respectively.