A powerful surge in global wealth creation is reshaping the global economy, with Asia-Pacific fast becoming the primary engine, and increasingly the centre of gravity, of that growth.

The number of ultra-high-net-worth individuals ( UHNWIs ), those with assets exceeding US$30 million, according to the latest Wealth Report from property consultancy Knight Frank, has climbed by more than 162,000 between 2021 and 2026. That sharp increase equates to roughly 89 new ultra-wealthy individuals created every day, pushing the global total to over 713,000.

While the United States remains the single largest contributor to new wealth, the report underscores a deeper structural shift noting that Asia is not only catching up, but increasingly setting the pace.

Asia-Pacific now accounts for nearly 31% of the global UHNWI population, with China maintaining its position as the world’s second-largest wealth hub. More notably, the region is home to the largest share of billionaires globally, an indicator, according to Knight Frank, of both capital concentration and the scale of entrepreneurial success across markets.

The real momentum, however, is unfolding beyond the traditional powerhouses. India’s ultra-wealthy population has expanded by 63% over the past five years, with further growth expected. Southeast Asia is also accelerating rapidly, led by Indonesia and Vietnam, where rising domestic economies, digital adoption and capital market development are driving new fortunes.

Highlighting the region’s expanding role, Craig Shute, Knight Frank Asia-Pacific’s CEO, notes: “Asia-Pacific has firmly established its place as a critical pillar of the global wealth landscape. The region continues to host the world’s largest concentration of billionaires, while wealth creation has expanded across an increasing number of markets, most notably in Southeast Asia.”

This broadening of wealth creation marks a significant departure from earlier cycles that were concentrated in a handful of global cities. Instead, capital formation is becoming more geographically diverse, supported by entrepreneurial ecosystems, maturing financial markets and rising intra-regional investment flows.

Asia’s family office pull

Singapore stands out as a key beneficiary of this shift. Positioned at the intersection of Southeast Asia, China, India and Australia, the city-state is increasingly functioning as a strategic hub for wealth structuring and capital deployment.

Its appeal lies in offering proximity to high-growth markets while maintaining regulatory stability and institutional trust, factors that are becoming more valuable in an era of geopolitical uncertainty.

At the same time, even as ultra-wealthy individuals become more mobile, the report notes, the number of cities considered “safe” for investment and residence is narrowing.

This, in turn, is driving a multi-hub strategy among wealthy families, with assets spread across financial centres like Singapore, Hong Kong, London and Dubai. Although the ongoing West Asian crisis may now be diluting the pull of the UAE hubs.

Global family office dynamics are also increasingly being reshaped by Asian competition and capital mobility. And, while London remains a critical advisory hub despite tax-driven outflows, the real strategic contest is in Asia where Hong Kong is regaining share through regulatory easing and Singapore retains its status as a “must-have” base for regional structuring and deployment.

This reflects a broader shift towards Asia, where proximity to growth markets, policy stability and capital deployment opportunities outweigh purely tax-driven considerations.

At the same time, emerging jurisdictions, from Italy’s inbound “lifestyle capital” model to offshore centres focused on asset protection, highlight how ultra-wealthy families are diversifying jurisdictional exposure, but increasingly with Asia as a core anchor rather than a satellite.

“What we are seeing on the ground is that wealth creation is rising against a more complex global economic backdrop,” adds Rory Penn, chair of Knight Frank’s private office. “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.”