A new analysis by real estate consultancy Knight Frank projects that the number of billionaires worldwide could rise to nearly 4,000 within the next five years. The firm’s report indicates that the current global billionaire population stands at 3,110 and is expected to grow by 25 percent to 3,915 by 2031. The study also found a sharp increase in multimillionaires, with individuals holding assets worth at least 30 million dollars rising from 162,191 in 2021 to 713,626 globally.

Knight Frank’s head of research, Liam Bailey, attributed the rapid wealth expansion to profits from the technology sector, particularly artificial intelligence. He noted that business scalability has reached record levels, enabling faster accumulation of wealth through technology and AI. The report highlights that Saudi Arabia is expected to see the fastest growth in billionaires, from 23 in 2026 to 65 by 2031, while Poland and Sweden will also experience significant increases.

The findings come amid widening global inequality. The World Inequality Report shows that 0.001 percent of the world’s population controls more than three times the total wealth of the poorest groups, while Oxfam reported a record number of new billionaires last year.