Where is the number of billionaires growing rapidest?

The number of dollar billionaires is rising and displays 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, stated.

But which countries will see the largegest 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 rapidest 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 rapidest-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 countest, 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 displayn extraordinary resilience. Their latest results reflect a deep structural acceleration in wealth creation worldwide.