Insights into Global Wealth and Investment Trends for 2024

The world’s ultra-wealthy population is on the rise, with a total of $483 billion (€443.5 billion) waiting to be invested in 2024. According to a report by real estate consultancy firm Knight Frank, the number of ultra-high-net-worth individuals (UHNWIs) – those with a net worth of $30 million (€27.6 million) or more – has increased to 626,619 globally.

The growth in wealth is led by North America and the Middle East, with the number of ultra-wealthy individuals rising by 7.2% and 6.2% respectively. Europe lags behind in new wealth generation, but remains home to the wealthiest 1%. Latin America, on the other hand, saw a decrease in the number of wealthy individuals.

In terms of investments, the report suggests that strategic sectors such as technology, energy, and defense are expected to see growth in 2024. Additionally, the property market is expected to recover after a tough year in 2023, with more than a fifth of global UHNWIs planning to buy residential property.

AI and climate change are also playing a significant role in real estate investments, with a focus on sustainability and energy efficiency. The report highlights the increasing demand for properties in low-risk areas and energy-efficient buildings.

Luxury collectibles such as rare whisky, classic cars, and handbags are seeing a decline in the market, while art, jewelry, and watches continue to rise, albeit with expected volatility.

Looking ahead, the report predicts a 28.1% increase in the number of wealthy individuals globally by 2028, with growth driven primarily by Asia. More than two-thirds of UHNWIs anticipate growth in their wealth this year, with younger individuals showing more confidence.

Overall, the world’s wealthiest individuals are looking towards strategic investments in 2024, with a focus on technology, sustainability, and real estate.