The Asia-Pacific region is poised to become the global leader in wealth creation and will account for nearly half ( 47.5% ) of all new high-net-worth individuals ( HNWIs ) between 2025 and 2028, according to a new report.

Despite a listless global economy in 2024, the number of HNWIs ( individuals with assets exceeding US$10 million ) rose by 4.4%, reaching 2.34 million worldwide. Asia saw a 5% growth rate, outpacing Europe and trailing only North America’s 5.2% expansion. This momentum is expected to accelerate, with an anticipated 8.7% increase in Asia’s HNWI population by 2028, Knight Frank says in its 2025 Wealth Report.

Twin engines of wealth

China remains the dominant wealth hub in Asia, accounting for nearly 20% of the world’s HNWI population. India is also emerging as a formidable contender, with a 12% rise in its billionaire population from 2023 to 2024, adding 26 new billionaires in just one year. This marks a significant rise from just seven new Indian billionaires in 2019.

“Asia-Pacific is becoming the epicentre of global wealth creation. While China and India are the clear leaders, Malaysia and Indonesia are also gaining traction, driven by their youthful, digitally connected populations and increasing global market integration,” says Christine Li, head of research at Knight Frank Asia-Pacific.

The report also highlights Singapore’s growing role as a premier wealth hub. The city-state, despite its compact geography, now hosts 9,674 individuals with US$10 million or more, making up 0.4% of the world’s HNWIs. This concentration of wealth solidifies Singapore’s status and attractiveness as a business-friendly, politically stable financial centre.

Entrepreneur-led wealth

While North America still dominates global wealth creation, holding 40% of the world’s HNWIs, Asia’s rapid rise signals a fundamental shift in financial power. However, geopolitical tensions, regulatory changes, and market volatility could still pose risks.

Knight Frank sees Asia’s structural strengths, including high savings rates, technological innovation, and strong domestic consumption, continuing to drive wealth accumulation.

With half of the world’s new HNWIs expected to come from Asia by 2028, the region is on track to redefine global investment trends, luxury markets, and financial services.

The rapid rise of entrepreneur-led wealth in emerging economies like India, Indonesia, and Malaysia could also signal a shift from traditional Western financial dominance to an increasingly Asia-centric wealth landscape.