The population of “ultra-high net worth” individuals – those with assets in excess of $30 million – is expected to grow by 27 percent over the next five years, to reach 650,000.

The analysis, carried out by Knight Frank in its Wealth Report 2020, found India would likely lead the way with an increase of more than 70 percent in its UHNW population, followed by Egypt and Vietnam. The only Western nations to make the top 10 in term of growth prospects were Sweden and New Zealand.

Out of the top 20 fastest growing countries presented in the report, six are located in Asia, five are in Europe – led by Swed...