The number of dollar billionaires is rising and shows no signs of slowing down.The global billionaire population has grown from 2,723 in 2021 to 3,110 in 2026, a 14% increase in just five years.
The pace is expected to accelerate. According to Knight Frank’s Wealth Report from 2026, the number of billionaires will rise by 26% over the next five years, reaching 3,915 by 2031.
Europe is set to be one of the key drivers of that growth. The number of European billionaires is projected to climb from 780 in 2026 to 994 by 2031, a rise of 27%.
“We are witnessing one of the most significant shifts in global wealth distribution in modern history,” Liam Bailey, global head of research at Knight Frank, said.
But which countries will see the biggest rise in the number of billionaires? And how does Europe’s billionaire growth compare to the Americas?
The report tracks the top 20 countries with the fastest forecast growth. Eight are European, dominated by the Nordic countries.
Among all 20, Saudi Arabia tops the list with a 183% surge, going from 23 to 65 billionaires by 2031.
Nordic countries dominate European growth
Poland leads Europe. Its billionaire count is set to more than double, rising from 13 to 29, a 123% increase.
Sweden ranks second in Europe and third globally, with 81% growth from 32 to 58. Denmark follows, with numbers climbing from 12 to 21, a 75% rise.
Norway adds to the Nordic dominance, with billionaires rising from 17 to 26, a 53% increase. Three of the four fastest-growing European countries are from the Nordics.
Austria will see a 50% rise, from 12 to 18 billionaires. Spain follows with 40% growth, reaching 53 by 2031. Italy, another major European economy, will see its billionaire count climb from 61 to 82.
Turkey, an EU candidate country, is projected to record 31% growth, rising from 35 to 46.
These rankings are based on five-year growth rates. That is why major economies such as the UK, Germany and France do not feature. Germany, for example, led Europe with 171 billionaires in 2025, according to Forbes.
When the same 20 countries are ranked by total billionaire numbers in 2031, India leads with 313, followed by Australia and Singapore with 85 each.
Among European countries on the list, Italy tops the rankings with 82 billionaires. Sweden is expected to reach 58, surpassing Spain at 53.
Bailey pointed out that despite huge geopolitical shocks and inflationary pressures, private capital has shown extraordinary resilience. Their latest results reflect a deep structural acceleration in wealth creation worldwide.
Billionaire numbers: Europe vs the Americas
Asia-Pacific leads the world in billionaire numbers. Its 1,116 billionaires account for 36% of the global total in 2026.
The Americas follow at 34%, split between North America at 31% and Latin America at 3%. Europe accounts for a quarter of the world’s billionaires.
By 2031, Europe’s billionaire count will climb from 780 to 994, approaching the 1,000 mark. Its global share will edge up slightly to 25.4%.
North America will add billionaires in absolute terms, rising from 995 to 1,089. But its share will slip from 31% to 27.8%, making it the only region to see its share fall.
“What we are seeing on the ground is that wealth creation is rising against a more complex global economic backdrop,” Rory Penn, chair of the Private Office at Knight Frank, said.
“The ultra-wealthy are becoming markedly more mobile, yet the list of markets where they feel genuinely comfortable investing or basing their families has narrowed.”
Security and the rule of law
The report emphasises that the most sophisticated families now divide their wealth across multiple offices — typically the Americas, Europe and Asia Pacific. This diversification is driven by a profound need for security and the rule of law.
“Despite high taxes and political inconsistency in the UK, some prominent families still flock to London because ‘the rule of law still holds firm’, even as other global investors increasingly view Europe as ‘a museum, not somewhere to invest’, as one Australian mining billionaire put it.”