Rapid growth of UHNW population prompts management shift: Knight Frank

Australia continues to see rapid growth in the number of ultra-high-net-worth (UHNW) individuals and it's spurring a shift away from "blind" investing, Knight Frank said.

According to Knight Frank's The Wealth Report 2026, Australia is currently ranked fourth globally for billionaire growth, now home to some 16,460 UHNW individuals - those with a net worth of more than US$30 million ($41.9m). It's also expected the population will grow by a further 60% over the next five years,

Globally, there are 713,626 UHNWIs currently, and that figure is set to grow close to one million in 2031.

Australia's UHNWI population growth rate of 32.5% over the past five years only lagged Indonesia (+82%), Saudi Arabia (+63%), Poland (+63%) and Vietnam (+59%). However, the rate is set to almost double to 58.5% by 2031, outpacing anticipated global growth of 32.9% in the same period.

Knight Frank head of private office, Australia Ari Petrovs said the projected growth in Australia reinforces the country's position as a significant wealth market globally despite growing uncertainty and volatility.

"Australia is increasingly viewed as a safe harbour for capital in an unpredictable world, given its economic and sovereign stability, and of course its location," Petrovs said.

"That stability is becoming a key part of our appeal to globally mobile wealth, particularly as geopolitical and economic uncertainty grows elsewhere.

"This expansion is being driven by more than just rising asset prices. There is a deep economic diversification driving it - from resources and agriculture through to finance, business services and technology. These economic engines have created a depth of wealth that outstrips many comparable economies."

To support the rapid growth, more are using family office style structures, while targeting direct investment in real estate, infrastructure, energy and value-add assets to manage their wealth, he added.

"Private wealth in Australia is becoming more sophisticated and more strategic; gone are the days of blind investing," Petrovs said.

"Individuals and families are seeking the best experience and expertise to augment their internal teams, where trust matters most.

"Trophy assets for long-term holds will always be of interest, but private capital is now playing the full spectrum of the risk curve, to match preferred capital returns and the speed of recycling. Turbulent times always awaken private capital, and we expect its impact and importance to only increase."