New research from Knight Frank, based on Forbes data, shows which countries will add the most billionaires over the next five years. Some of the results are surprising. The countries growing the fastest are not always the ones you’d expect.
Saudi Arabia tops the list. The country had 23 billionaires in 2026. By 2031, that number is expected to jump to 65. That’s a rise of 183%, the biggest jump of any country in the study. Poland comes next, with its billionaire count expected to more than double, going from 13 to 29.
Key Takeaways
- Saudi Arabia is set to grow faster than any other country, with its billionaire count nearly tripling by 2031.
- Smaller markets are seeing the biggest percentage jumps, but India still adds the most billionaires in raw numbers.
- Europe shows up more than any other region on this list, and the Nordic countries in particular are growing at a fast pace.
Top Countries by Forecast Billionaire Growth (2026–2031)
The rankings are based on forecasts from Knight Frank Research, using billionaire data from Forbes. The estimates show how billionaire populations are expected to change between 2026 and 2031. The forecast is based on countries with at least 500 ultra-high-net-worth individuals (UHNWIs) and includes only countries with more than five billionaires in 2026.
| Country | Billionaires (2026) | Expected Billionaires (2031) | Growth |
|---|---|---|---|
| 🇸🇦 Saudi Arabia | 23 | 65 | 183% |
| 🇵🇱 Poland | 13 | 29 | 123% |
| 🇸🇪 Sweden | 32 | 58 | 81% |
| 🇦🇺 Australia | 48 | 85 | 77% |
| 🇩🇰 Denmark | 12 | 21 | 75% |
| 🇯🇵 Japan | 43 | 71 | 65% |
| 🇲🇽 Mexico | 24 | 39 | 63% |
| 🇵🇭 Philippines | 16 | 26 | 63% |
| 🇳🇴 Norway | 17 | 26 | 53% |
| 🇮🇳 India | 207 | 313 | 51% |
| 🇦🇹 Austria | 12 | 18 | 50% |
| 🇮🇩 Indonesia | 33 | 49 | 49% |
| 🇿🇦 South Africa | 10 | 14 | 40% |
| 🇪🇸 Spain | 38 | 53 | 40% |
| 🇲🇾 Malaysia | 13 | 18 | 39% |
| 🇸🇬 Singapore | 63 | 85 | 35% |
| 🇮🇹 Italy | 61 | 82 | 34% |
| 🇨🇦 Canada | 49 | 65 | 33% |
| 🇹🇷 Turkey | 35 | 46 | 31% |
| 🇧🇷 Brazil | 51 | 67 | 31% |
The Fastest-growing Countries By Billionaires
After Saudi Arabia and Poland, a group of countries is set to grow at a fast rate. Sweden is expected to grow by 81%, moving from 32 billionaires to 58. Australia follows close behind, growing by 77%, from 48 to 85. Denmark, Japan, Mexico, and the Philippines all sit in a similar range, each expected to grow between 60% and 75%.
What connects most of these countries is that they are starting from a smaller base. It’s easier to grow by a large percentage when you don’t have many billionaires to begin with. A country that goes from 12 billionaires to 21 sees a big percentage jump, even though the actual number of new billionaires is small.
Big markets are still growing, just more slowly
Then there are the countries that already have a large number of billionaires. These countries are still growing, but the percentage gains look smaller simply because their starting numbers are already high.
India has 207 billionaires, far more than any other country on the list. By 2031, that number is expected to reach 313. That’s 106 new billionaires, more than any other country will add in raw numbers, even though the percentage growth is “only” 51%.
Singapore, Italy, and Canada show a similar pattern. Singapore is expected to go from 63 to 85 billionaires, a growth rate of 35%. Italy moves from 61 to 82, and Canada climbs from 49 to 65.
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Which region is growing the fastest
Europe shows the most billionaires, with seven countries on the list: Poland, Sweden, Denmark, Norway, Austria, Spain, and Italy. But growth across Europe is uneven. Poland is racing ahead, while Italy and Spain are growing at a much slower, steadier pace.
The Nordic countries stand out as a group. Sweden, Denmark, and Norway are all in the top half of the list, each growing between 53% and 81%.
The Middle East has only one country on the list, but it’s the standout name: Saudi Arabia, with the fastest growth of anyone. Southeast Asia also has a solid cluster, with the Philippines, Indonesia, Malaysia, and Singapore all showing healthy, if more moderate, growth.
Africa and Latin America barely make an appearance, with just three entries between them: South Africa, Mexico, and Brazil. Mexico is actually one of the stronger performers in this group, growing 63%, while South Africa and Brazil sit further down the list with steadier, lower growth.
Why is this happening
A few things seem to be driving this shift. Wealth in the Gulf region has been rising fast, helped by energy income and big government investment plans in Saudi Arabia. There has been rapid growth in Eastern European economies such as Poland. Even in the mature economies such as Sweden, Australia, and Japan, rising asset values, along with well-established local companies, are aiding more people in joining the billionaire club.
Meanwhile, countries that already have a lot of billionaires, like India, the US-adjacent markets, and parts of Western Europe, are still adding wealth. It’s just that their growth shows up more in raw numbers than in percentages.
Conclusion
The data shows that the countries creating the most new billionaires, in percentage terms, are not always the richest countries today. They are often the ones catching up. At the same time, countries that already lead in billionaire counts, like India, are still pulling ahead in absolute terms, just at a steadier pace.
