Super rich population to grow by 34%

Private jetThe number of ultra high net worth individuals – the super rich with more than $30 million (€27 million) in assets – increased last year and is set to grow. Knight Frank, a property group, says the super rich grew by 5,200 globally in 2014 and will increase by 34% over the next ten years. Knight Frank's The Wealth Report 2015 also reveals that London remains the key home for the super rich and should be for the next ten years, though Singapore is closing the gap, with its population of highly wealthy people expected to grow by 54% in the same period. Over the decade to 2013 the UK saw the arrival of 114,100 super rich people, compared to Singapore, with 45,000. Knight Frank also notes that the UK tops The Big Spenders Index compiled by specialist luxury agency, Ledbury Research, with £8 billion (€11 billion) being spent on luxury goods each year. Knight Frank's own Luxury Investment Index rose by 10% in 2014, with classic car values performing extremely well with an increase of 16%. The private jet market is dominated by the US with 60% of private flights starting and ending there. However, Europe is the second largest market accounting for 25% of remaining private jet flights. Earlier this year Oxfam released a report stating that in two years, the wealthiest 1% of the population will own more than the rest of the world combined. ©2015 funds europe

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