- Global ultra-wealthy population jumps over 300 per cent since 2021
- UK billionaire count drops to 156, biggest fall in 37 years
- Policy shifts, mobility and weaker investment appeal drive the change
A fresh global wealth snapshot shows just how sharply fortunes are rising. The number of individuals worth at least $30m (£22m) has surged from 162,191 in 2021 to 713,626 now, an increase of more than 300 per cent, according to analysis by Knight Frank. The billionaire population, currently at 3,110, is projected to grow by 25 per cent to 3,915 by 2031.
This rapid expansion is being fuelled largely by technology-led wealth creation. As Liam Bailey of Knight Frank reportedly said in a news report, the ability to scale businesses faster, particularly in sectors like artificial intelligence, is accelerating how quickly large fortunes are built.
But Britain is not keeping pace. The UK’s billionaire count has dropped from 165 to 156, according to the Sunday Times Rich List, marking the sharpest decline in the list’s 37-year history. At the same time, reports of wealthy individuals relocating have increased, pointing to a shift that is gradual but visible.
So what is driving this divergence?
1. A tax system that is no longer welcoming
The UK’s decision to abolish the non-dom regime has had a measurable impact. High-net-worth individuals who previously benefited from favourable tax treatment are reassessing their positions.
Data indicates that the UK has seen one of the highest net outflows of millionaires globally in recent years, with several thousand high-net-worth individuals estimated to have left. Growth in the UK’s ultra-wealthy population has also lagged behind global trends, even as the worldwide $30m+ segment expanded by more than 300 per cent over the same period.
The change is not just about tax rates. It reflects a shift in how predictable and competitive the system appears to global wealth holders.
2. The ultra-rich are no longer tied to one place
Mobility is playing a bigger role than ever. Knight Frank’s analysis shows that while global billionaire numbers are set to rise by 25 per cent, the distribution of that wealth is becoming more fluid.
Ultra-high-net-worth individuals are increasingly relocating to jurisdictions that offer a combination of tax efficiency, political stability and investment opportunities. Countries like the UAE have seen a net inflow of thousands of millionaires in a single year, positioning themselves as alternatives to traditional centres like London.
As Rory Penn of Knight Frank reportedly said, the number of markets where wealthy individuals feel comfortable basing themselves is narrowing, even as their ability to move increases.
3. London’s property market is no longer the default choice
Property has long been central to the UK’s wealth appeal. London, in particular, attracted global capital through its prime real estate market. That advantage is weakening.
Recent data shows prime London property prices declining by around 4.7 per cent over the past year, placing it among the weaker-performing luxury markets globally. At the same time, transaction costs, including higher stamp duties, have increased the overall cost of investing.
In contrast, cities such as Dubai and Tokyo have recorded stronger growth in prime property values, drawing interest from international investors. Given that real estate often acts as a base for broader wealth allocation, this shift has direct implications for where the ultra-rich choose to settle.
4. Wealth is growing faster elsewhere
The redistribution of wealth is becoming more visible in country-level data. Saudi Arabia is expected to see its billionaire population rise from 23 in 2026 to 65 by 2031. Poland is projected to grow from 13 to 29, while Sweden could increase from 32 to 58.
At a regional level, Asia Pacific is on track to overtake North America in billionaire share. By 2031, it is expected to account for 37.5 per cent of the global total, compared with 27.8 per cent for North America.
These figures underline a broader shift. Wealth is expanding globally, but its centre of gravity is moving towards regions offering faster growth and more competitive conditions.
5. Inequality pressures are shaping policy decisions
The rise in global wealth has also intensified scrutiny. According to the World Inequality Report, fewer than 60,000 people, around 0.001 per cent of the world’s population, control three times as much wealth as the entire bottom half of humanity.
At the same time, Oxfam estimates that billionaires collectively hold $18.3tn. This concentration of wealth has led to increasing calls for higher taxation and tighter regulation.
In the UK, such pressures have translated into policy changes. While these aim to address inequality, they also influence how attractive the country remains for high-net-worth individuals.
A shift with long-term implications
Britain still hosts a significant number of wealthy individuals and remains a major financial centre. Data from the Statista wealth study shows a substantial base of high-net-worth individuals in the UK, even if growth is slower compared with global trends.
But the direction is becoming clearer. Global wealth is rising rapidly, driven by new industries and expanding markets. At the same time, the UK is seeing a relative decline in its share of that wealth.
This is not a sudden collapse. It is a gradual repositioning. As mobility increases and new wealth hubs emerge, the UK is no longer the automatic destination it once was.
