According to a recent report by Knight Frank, the number of billionaires in Europe is projected to rise significantly over the next five years, while the share of billionaires from the United States is expected to decline. The report forecasts that the number of billionaires in Europe will increase from 780 to 994, marking a 27% growth.
The global billionaire population is also on the rise, with estimates suggesting an increase from 2,723 in 2021 to 3,110 by 2026, representing a 14% growth over five years. Knight Frank’s analysts anticipate an even more aggressive acceleration, predicting that the number of billionaires could reach 3,915 by 2031.
“We are witnessing one of the most significant shifts in the distribution of global wealth in modern history,” stated Liam Bailey, head of global research at Knight Frank.
Poland and the Scandinavian countries are leading this growth in Europe. Poland is expected to see its billionaire count more than double, increasing from 13 to 29, which represents a remarkable 123% rise. Meanwhile, Scandinavian nations are also experiencing substantial growth:
- Sweden: an increase of 81% (to 58 billionaires).
- Denmark: a rise of 75% (to 21 billionaires).
- Norway: a growth of 53% (to 26 billionaires).
Other rapidly growing markets include Austria (50%), Spain (40%), and Italy, which is projected to have 82 billionaires by 2031, surpassing many of its neighbors.
In contrast, North America is experiencing a peculiar situation. While the absolute number of billionaires is expected to grow from 995 to 1,089, their share of the global market is projected to decline from 31% to 27.8%. This trend is unique to the region, as Europe continues to strengthen its position, with its share expected to rise to 25.4% by 2031.
“We are seeing that wealth creation is increasing amidst a more complex global economic context,” explained Rory Penn, head of Knight Frank’s private office. He noted that ultra-wealthy individuals are becoming more mobile, although the list of safe havens for their investments is shrinking. Modern wealthy families are diversifying their assets across offices in America, Europe, and Asia, as capital preservation becomes increasingly critical.
The United Kingdom serves as an interesting case study. Despite high taxes and political uncertainty, London remains an attractive destination for investment due to its stable legal framework. As one Australian mining billionaire remarked, Europe may still appear to some as a “museum rather than a place for investment.” However, for those who value regulatory stability, European markets remain a top priority.
A report by Knight Frank indicates that the number of billionaires in Europe will grow significantly by 2026, while the U.S. share of global billionaires is projected to decline. The findings highlight a shift in wealth distribution, with notable increases in countries like Poland and those in Scandinavia.