Image courtesy of Michael Kors
The population of ultra-high-net-worth individuals dipped 3 percent from 193,100 in 2014 to 187,500 in 2015, according to a report by Knight Frank.
Even with the slight drop, the 2015 UHNW population marks a 61 percent increase in the demographic since 2005, which had only been 116,800 people. Understanding the attitudes, behavior and market concentration of wealthy individuals, as discussed in Knight Frank?s tenth annual ?Wealth Report 2016,? can help luxury brands fine tune business strategies while dictating the state of the industry?s largest scope.
?Despite longer term growth, data from 2015 shows the first annual dip in the global ultra-wealthy population since the financial crisis,? said Grainne Gilmore, head of UK residential research at Knight Frank. ?Last year, only 34 out of the 91 countries for which individual data is compiled saw a rise in the numbers of UHNW individuals.? Where the UHNW roam

When broken down into regions, North America is home to the largest concentration of UHNW individuals, with 69,300 people with at least $30 million in net assets. Europe places second with 46,200 and Asia comes in third with a population of 41,100 UHNW individuals.
Over the next 10 years, Knight Frank predicts that the global population of UHNW individuals will rise by 41 percent to 263,500 in 2025. While growth will be slower than in the preceding decade, Knight Frank forecasts that Asia will overtake Europe as the second largest concentr...