Global Billionaires Projected to Hit 4,000 by 2031

The global number of billionaires is projected to reach nearly 4,000 by 2031, marking a 25 percent increase from the current 3,110, according to a report released Thursday by property consultancy Knight Frank. The forecast attributes this acceleration in wealth creation primarily to profits in the technology sector, particularly artificial intelligence, amid a broader surge in high-net-worth individuals worldwide.

Knight Frank's analysis highlights how advancements in AI and scalable business models have enabled rapid fortune-building. "The ability to scale a business has never been higher," said Liam Bailey, the firm's head of research. "That has fed into the ability to make big fortunes quickly, supercharged by tech and AI." The report notes that the United States leads in billionaire concentration, followed by regions like Asia-Pacific and Europe, which together account for the majority of global wealth.

Regionally, Saudi Arabia is expected to experience the most dramatic growth, with its billionaire count more than doubling to 65 from 23 this year. Poland's figure is forecast to rise to 29 from 13, while Sweden anticipates an 81 percent increase to 58 from 32. For...