Global HNWIs grow by 4.4% as family offices kick off real estate investments

According to Knight Frank's newly releasedAnnual Wealth Report 2025In 2024, global HNWIs (worth more than $10 million) have reached2.34 million peoplerelativelyGrowth of 4.41 TP3T in 2023.

Among them.Asia at a growth rate of 5%It became the second fastest growing region in the world, behind North America at 5.21 TP3T.

01

Asian HNWIs growing fast

Millionaires rise to 854,000

The Annual Wealth Report 2025 shows thatTotal number of Asian HNWIs has reached 854,465(math.) genussinoStill the largest number of HNWIs in Asia, the total net worth of its HNWIs has reached US$1.34 trillion, accounting for 20.1% of the global total, second only to the United States at 38.7%.

The countries following China, all from the Asia-Pacific region, areJapanese(5.2%) andIndia(3.7%).

The report predicts that this growth will accelerate further in the coming years, theAsian HNWIs are projected to grow by 8.7% by 2028.The main growth drivers areChina, India, Malaysia and Indonesia.

02

Reorientation of investments

Real estate allocations rise

In the face of heightened global economic uncertainty, family wealth management organizations are embarking on a new wave of real estate investment. The report states.Family offices are increasingly interested in real estate, largely because the sector offers both growth opportunities and wealth preservation.

The data shows that 28% family offices have increased their real estate allocations over the past 18 months. Despite macroeconomic uncertainty, approximately44%'s Family Office Plans Further Expansion of Real Estate Investments Over the Next 18 Months, only 10% plans to reduce its investment.

Currently, the family office's investments in the real estate sector are focused onoffice development(20%),luxury property(17%),industrial property(14%) andpub (public house)(12%).

In addition, family offices in Asia Pacific are gradually expanding their investment universe by actively engaging in high-growth sectors such as data centers and lifestyle-related real estate, suggesting a shift from traditional core and core-plus strategies toHigh-risk, high-return investmentsto capitalize on the market volatility associated with the recent rise in interest rates.

The continued growth of HNWIs in the Asia-Pacific region reflects theThe resilience of the region's economies and its ability to create wealth.Over the next few years, Asia-Pacific is expected to contribute nearly half of the world's new HNWIs, cementing its position as a core region for wealth growth.

Meanwhile, in the face of global market uncertainty, family offices have seen a rise in interest in real estate, thedriving up the proportion of family office allocations to real estate.Particularly in the office, luxury residential and industrial real estate sectors, this suggests that wealth managers are focusing more on stability and long-term returns.

In the face of the ever-changing global market, how HNWIs can balance their asset allocation and achieve long-term steady growth of their wealth will become a core issue in the future wealth management field.

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