Global real estate consultancy Knight Frank just released their 20th edition of The Wealth Report, which always makes for a worthwhile read. 

The report aims to shed light on key issues affecting how UHNWIs and HNWIs live, work and invest.

If you’re wondering why a property company publishes an in-depth report on the world’s wealthy, read our interview with Liam Bailey, their Global Head of Research who has been around since their first report back in 2007. 

Covering the growth of wealth and “the rich economy” to housing markets, luxury trends and even a dedicated family office survey, The Wealth Report 2026 is packed with insights. 

Here’s a few that stand out.

An interesting stat: for the past five years, 89 people crossed the US$30 million threshold every day, taking the global UHNWI population to 713,626.

The US accounted for 41% of new entrants, which also dominates the UHNW population at 37%.

When it comes to billionaires, they’re more globally dispersed. 3,110 worldwide, with the APAC region having the most at 1,116, then North America at 965. Maturing economies are expected to lead billionaire growth over the next five year period, notably Indonesia, Saudi Arabia, Poland, and Vietnam.

Plutonomy, the model where the ultra-wealthy command an outsized and growing share of global wealth, has deepened over the past 20 years.

What does this mean? In short, the rich are getting richer, and in property, that means a rise of trophy homes, marquee residential developments and spread of capital across global hubs. 

Servicing the demands of these ultra‐wealthy while investing in the super-luxury market, particularly branded residences, elite hotels and private clubs, seems a sound strategy. And yet, current volatility is reducing the number of places where people are investing, meaning capital is concentrating in core hubs like New York, Florida, Dubai, London and Singapore. 

Knight Frank notes the influence of family offices, with over 10,000 worldwide. The report highlights their growing focus on collaboration and co‐investment with peers in order to share expertise, spread risk and access larger opportunities. It quotes one family office saying they’d “never lead on an opportunity”, preferring to co‐invest for reassurance in deal selection (sounds familiar).

Amidst the current economic uncertainty, the report highlights portfolio diversification and an ongoing reliance on private banks and wealth advisors, while suggesting the agility of single family offices could be their biggest advantage.

Otherwise the family office section reinforces existing knowledge: 

Prime real estate growth was 3.2% globally last year, led by Tokyo at 58.5% and Dubai at 25.1%. On the opposite end, Guangzhou and Shenzhen were two of the bottom three markets, reducing at 12.2% and 7.2% respectively, reflecting the property slump in China.

Trends shaping prime real estate shifts globally include scarcity in move-in-ready housing in global luxury markets where well‐priced turnkey homes are attracting intense competition. There’s also the rapid expansion in branded residences, the rising tax and growing regulatory demands, these latter variables helping to accelerate global wealth mobility. Wealth hubs are now actively competing against each other. 

Wealth mobility is also affecting the types of properties purchased, with buyers taking more prime properties at lower cost ($15M) and less debt rather than single marquee properties at more than double that.

The UK losing their 200‐year‐old non‐dom tax regime has likely contributed to both London’s fall in average annual prime residential price, down 4.7%, with movement of primary residencies to Dubai, Monaco, Switzerland and Italy. While Milan is benefitting from Italy’s annual €300,000 flat-tax regime, it hasn’t reflected in prime property prices, up less than a percent in the last year. 

The report notes that since the Middle East conflict erupted, safe havens are very much back in demand, as are lifestyle markets like Marbella, Tuscany and the Alps.

The Wealth Report 2026 has a vineyards section that highlights some of the challenges reshaping the global wine production map, noting changing drinking habits and a shift to quality over quantity. It states these have had an adverse impact on some established wine‐growing regions, while creating opportunities for forward‐looking winemakers and investors. Oddly, their ‘Regions to Watch’ highlight most of the world’s best-known regions (Napa! Champagne! Tuscany!) rather than new or unheard of areas, with the exception of Tasmania, Sussex and Georgia.

Noteworthy statistic: at least 21% of HNWI investable wealth is now allocated to directly owned commercial property - up from just 2.6% 20 years ago. The general rise in wealth is a key contributor, but also awareness of the contribution that CRE can make portfolios. 

The report highlights the increasing importance of private members clubs to the world’s wealthy. As a third space, they provide a ready-made base for dealmaking and socializing, especially for a mobile wealthy class making short trips to major cities. As new hubs of wealth emerge globally, it notes the club boom that took hold in London and New York is spreading to Miami, Milan, Singapore and beyond.

Conspicuous consumption has been replaced by value‐driven and experience‐based spending. This shift from goods to experiences also crosses into product purchases themselves, which are now focused on more than the product, but also life-changing moments and engaging the senses. 

Demand for the luxury experience is reflected in offerings like the Discover Collection, structured as a membership‐led hospitality network rather than a conventional hotel group. Even historically famous members’ clubs are expanding with wellness offerings. Amidst it all is the idea that personal growth is the ultimate aspiration.

Luxury collectibles are finding their feet again, with innovative formats like fractional ownership providing greater access to things like rare curiosities (think fossils, minerals, meteorites and… dinosaurs), sports memorabilia and automobiles. The Knight Frank Luxury Investment Index (KFLII) suggests that, after several years of falling values, luxury assets may be about to turn a corner.

Download the full Knight Frank Wealth Report 2026.

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