In a world reshaped by shifting markets, rising asset values, and expanding entrepreneurship, the geography of wealth is evolving. According to the Knight Frank Wealth Report 2025, the number of individuals with wealth exceeding US$10 million reveals surprising leaders—not just in traditional financial hubs, but increasingly across Southeast Asia.
While Europe and North America remain powerful wealth centers, ASEAN economies are quietly building their own high-net-worth momentum.
Mexico and Europe Lead the Global Count
Topping the global ranking is Mexico, with 18,184 individuals holding wealth above US$10 million. Its position reflects a combination of industrial expansion, cross-border trade advantages, and strong family-owned conglomerates.
European financial powerhouses follow closely. Switzerland registers 14,307 individuals, leveraging its long-standing reputation in private banking and wealth management. Belgium comes next with 13,973, supported by diversified industries and strong investment networks.
These three nations anchor the top of the ranking, demonstrating how established financial ecosystems continue to generate concentrated wealth.
Southeast Asia’s Wealth Surge
Where the story becomes especially compelling is in Southeast Asia.
Singapore leads the region with 9,674 ultra-wealthy individuals, cementing its role as ASEAN’s premier financial hub. Its low-tax environment, global connectivity, and political stability continue to attract entrepreneurs and investors from across Asia and beyond.
Close behind is Thailand, with 9,192 individuals. Thailand’s wealth is deeply tied to diversified conglomerates spanning retail, agriculture, hospitality, and manufacturing.
Indonesia ranks next with 8,120 individuals, reflecting the scale of its economy and a booming domestic consumer market. Jakarta’s business elite continues to grow alongside digital economy expansion and infrastructure development.
Meanwhile, Malaysia accounts for 7,490 individuals, supported by strong sectors in energy, palm oil, finance, and property development.
The region’s momentum does not stop there. Philippines records 5,748 wealthy individuals, buoyed by remittance flows, real estate growth, and expanding conglomerates. Vietnam follows closely at 5,459, highlighting its rapid transformation into one of Asia’s fastest-growing manufacturing and export-driven economies.
Together, these figures underscore ASEAN’s growing importance in global wealth distribution.
Beyond ASEAN: A Diverse Wealth Landscape
The remainder of the top 15 reflects a balanced global spread. The Netherlands (7,315), Sweden (7,133), and Türkiye(6,138) maintain strong representation, supported by stable industrial and financial systems.
Further down the list, New Zealand (5,512), South Africa (5,212), and Austria (5,168) illustrate how wealth clusters across both advanced and emerging markets.
The ASEAN Wealth Outlook
The prominence of Southeast Asian nations signals more than just rising fortunes—it reflects structural economic shifts. Expanding middle classes, digital entrepreneurship, foreign direct investment, and regional integration under ASEAN frameworks are creating fertile ground for wealth creation.
Singapore continues to anchor regional capital flows, but Indonesia, Vietnam, Thailand, Malaysia, and the Philippines are increasingly shaping the next wave of Asian wealth.
As global capital becomes more mobile and Asia’s economic gravity strengthens, Southeast Asia is no longer merely an emerging story—it is an established force in the world of high-net-worth individuals.
