Europe’s ultra-rich club is growing fast. The number of people with at least $30 million (€25.7m) in wealth — known as ultra-high-net-worth individuals or UHNWIs — rose by 26% in Europe over the last five years. That means 37,428 new members joined this exclusive group between 2021 and 2026 according to Knight Frank’s Wealth Report 2026.
So, which European countries have the most ultra-rich people? And where did their numbers grow the fastest?
More than 710,000 people worldwide hold at least $30 million (€25.7m) in net wealth. Almost a quarter of them, 25.8%, live in Europe. The continent’s ultra-high-net-worth individual (UHNWI) population grew from 146,525 in 2021 to 183,953 in 2026 according to Knight Frank’s Wealth Report 2026.
Germany has the most ultra-rich
Germany leads Europe with 38,215 UHNWIs. The UK ranks second with 27,876, followed by France with 21,528. No other European country crosses the 20,000 mark. Switzerland has 17,692 and Italy 15,433.
The figure drops sharply beyond the top five. Spain, one of Europe’s largest economies, is home to 9,186 ultra-rich individuals. Sweden counts 6,845 and the Netherlands 5,077. Denmark (4,657), Turkey (4,208), Austria (4,188) and Poland (3,017) follow.
The number falls below 3,000 elsewhere. Norway has 2,460, Czechia 2,270, Ireland 2,196, Portugal 2,187 and Finland 1,317. All other European countries remain below 1,000.
Russia, which sits outside the EU, EU candidacy and EFTA, has 8,399 UHNWIs.
Germany saw the highest absolute rise between 2021 and 2026, adding 9,273 new members to the $30m+ wealth club. Switzerland (4,968), France (3,781) and the UK (3,005) also recorded significant increases.
New additions also ran into four digits in Italy (2,886), Spain (2,708), Turkey (2,034) and Poland (1,575).
Poland, Turkey and Romania saw the highest growth rates
Absolute numbers tell only part of the story. In percentage terms, the picture looks different. Poland’s ultra-rich population more than doubled, rising 109%. Turkey (94%) and Romania (93%) came close to that level.
Greece, Czechia and Portugal each recorded growth of at least 50%.
UHNWIs rose 42% in Spain, 32% in Germany, 23% in Italy and 21% in France. The UK posted the lowest increase among the major economies at 12%, while Sweden had the lowest rise of all countries in this group at 8%.
The rate of increase tends to be higher where the base number of ultra-rich is comparatively smaller.
“Europe also features strongly, with Sweden, Romania and Greece all posting robust gains. The picture is one of wealth broadening geographically, even as it continues to concentrate in a handful of global powerhouses,” the report said.
Liam Bailey, global head of research at Knight Frank, said the world is witnessing one of the most significant shifts in global wealth distribution in modern history.
Ultra-rich spread their lives and wealth across borders
“The US remains the dominant engine, but we are also seeing rising strength from India and a cohort of fast-maturing economies that are now shaping the global landscape,” he said.
The US leads the world in ultra-rich numbers by a wide margin, with 387,422 UHNWIs.
The report pointed out that rising tax and growing regulatory pressures are accelerating the global mobility of wealth. “UHNWIs are increasingly organising their lives across multiple
jurisdictions, with family offices actively managing tax, lifestyle and political risk,” it said.
The number of billionaires is also rising worldwide, including in Europe.