The Rise of Asia's Super Rich Population.

Despite seeing an 11 percent fall in its number of ultra wealthy people in 2022, Asia still has more people in the group than Europe. Ultra wealthy people are defined here as those who each have a net worth in excess of $30 million.

According to Altrata's World Ultra Wealth 2023 report, Asia's number of ultra wealthy people overtook the figure in Europe for the first time back in 2019. Analysts predict that Asia's global share of ultra high net worth individuals will continue to grow in the coming years and could hit 29 percent by 2027, up from just 15 percent in 2004. This will be at the expense of Europe, which is anticipated to see its share of global UHNW individuals decline from 41.4 percent of 2004 to 25 percent by 2027.

While ultra wealthy populations are set to increase across all world regions, Asia is forecast to see the strongest growth over the next five years, surging from...