The global number of High-Net-Worth Individuals (HNWIs)—defined as those with assets exceeding $10 million – grew by 4.4% in 2024, rising to 2,341,378 from 2,243,300 the previous year, according to Knight Frank’s The Wealth Report 2025.

At the $10 million+ level, the United States houses nearly 39% of the world’s wealthy individuals, almost double the share of China. In the $100 million+ bracket, this figure rises to more than 40%.

The US leads:

• US: 905,413 (38.7% of global total)
• China: 471,634 (20.1%)
• Japan: 64,988 (5.2%)
• India: 85,698 (3.7%)
• Germany: 56,205 (3%)
• South Africa 5,212

All regions experienced growth, with North America leading at 5.2%. Asia saw the second-largest increase at 5%, followed by Africa with a 4.7% rise.

Other regions, such as Australasia (3.9%), the Middle East (2.7%), Latin America (1.5%), and Europe (1.4%), also showed positive gains.

Africa, in particular, is emerging as a growing hub for wealth creation. An increasing number of individuals are joining the $10 million-plus wealth club, driven by a young population, rich natural resources, and improving infrastructure.

Knight Frank believes that Africa is well-positioned to outperform in future wealth creation, particularly in terms of growth, if not in absolute numbers.

“A fast-growing young population, rich natural resources, rapidly improving infrastructure, and significant foreign investment provide strong foundations, while the potential for significant growth in consumption from an expanding middle class is creating opportunities for entrepreneurs across manufacturing and services,” the report noted.

“Economic dynamism is vital for wealth creation. Regional economies lacking it occupy lower positions in our Wealth Sizing Model,” said Patrick Gower, Researcher at Knight Frank.

Knight Frank’s 2025 The Wealth Report revealed that prime residential property prices continued their upward trajectory in 2024, rising by 3.6%, a slight increase from 3.3% in 2023.

Of the 100 markets tracked in Knight Frank’s Prime International Residential Index (PIRI), 77 recorded positive annual price growth. Asian markets dominated the top six spots, with Seoul, South Korea, leading at 18.4%.

The top five also included:

• Manila, Philippines (17.9%)
• Dubai, UAE (16.9%)
• Riyadh, Saudi Arabia (16.0%)
• Tokyo, Japan (12.1%)

Cape Town ranked 32nd, seeing a 5.1% increase in prime residential prices in 2024.

“It is no surprise that Cape Town has continued to show a steady growth of 5.1%,” said Nick Gaertner, Director and COO of Knight Frank South Africa. “Lifestyle offerings and affordability have proven to be a constant attraction for foreigners seeking second homes, and the city is high on the list for many holidaymakers across Europe.”

“We have also seen a surge in demand from the local South African market since the elections in June last year, with many families relocating to the Mother City from other provinces,” Gaertner added. “In the coming 12 months, we expect prices to continue rising as demand significantly outstrips supply.”

The report also showed that five of the ten collectibles sectors tracked posted growth in 2024, despite the modest uptick in some markets.

Notably, the art market experienced an 18.3% drop year-on-year, while the wine sector saw a 9.1% decline. However, South Africa is benefitting from both of these collectibles markets.

South Africa has particularly benefited from the rise in online sales. Unlike traditional live sales, which are often confined to cities like London, New York, and Hong Kong, online platforms transcend borders.

“Online is particularly important for new audiences in emerging markets, but there are also opportunities for cross-border purchasing,” said Lindsay Dewar, COO of ArtTactic. “For example, in South Africa, the art market is growing, but it may seem stagnant from an external perspective due to the weakness of the rand against the dollar. You can buy an artwork from Strauss [a respected local auction house] and have it shipped for a much better price than the same item in New York.”

Meanwhile, while the global wine market struggles, the Stellenbosch region just outside Cape Town is performing well. Knight Frank noted that global wine consumption has decreased by 12% since its peak in 2007, with production falling by 20% over the past 20 years. Despite these global trends, Stellenbosch remains an exception, with vineyard values rising by 3% in 2024—one of the best performances worldwide.

After hitting a peak in 2023, vineyard prices in Marlborough, New Zealand, dropped by 33%. In contrast, Essex in the UK was the best-performing region, although its production of 2 million bottles per year pales in comparison to Stellenbosch’s 170 million bottles.

With a hectare of land costing US$80,000 (R1.4 million), Stellenbosch is also considered one of the more affordable wine-growing regions globally.