The number of individuals in Europe with net wealth exceeding $30 million (€25.7 million) has surged by 26% over the past five years, according to Knight Frank's Wealth Report 2026. The continent now hosts 183,953 such ultra-high-net-worth individuals (UHNWIs), up from 146,525 in 2021, representing nearly a quarter of the global total of 710,000.
Germany Dominates, UK and France Follow
Germany holds the largest concentration of ultra-wealthy Europeans, with 38,215 UHNWIs. The United Kingdom ranks second with 27,876, followed by France with 21,528. No other European country surpasses the 20,000 mark. Switzerland counts 17,692, Italy 15,433, and Spain 9,186. Sweden has 6,845, the Netherlands 5,077, Denmark 4,657, Turkey 4,208, Austria 4,188, and Poland 3,017. Below 3,000, Norway has 2,460, Czechia 2,270, Ireland 2,196, Portugal 2,187, and Finland 1,317. All other European nations remain below 1,000. Russia, outside the EU and EFTA, has 8,399 UHNWIs.
In absolute terms, Germany added the most new members between 2021 and 2026: 9,273. Switzerland gained 4,968, France 3,781, and the UK 3,005. Italy added 2,886, Spain 2,708, Turkey 2,034, and Poland 1,575.
Poland, Turkey, Romania Lead Growth Rates
Percentage growth tells a different story. Poland's ultra-rich population more than doubled, rising 109%. Turkey (94%) and Romania (93%) came close. Greece, Czechia, and Portugal each recorded at least 50% growth. Spain saw a 42% increase, Germany 32%, Italy 23%, and France 21%. The UK posted the lowest increase among major economies at 12%, while Sweden had the smallest rise overall at 8%.
“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 noted.
Liam Bailey, global head of research at Knight Frank, described the current period as one of the most significant shifts in global wealth distribution in modern history. “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 globally with 387,422 UHNWIs.
The report highlights that rising tax and regulatory pressures are accelerating the cross-border mobility of wealth. “UHNWIs are increasingly organising their lives across multiple jurisdictions, with family offices actively managing tax, lifestyle and political risk,” it stated.
This trend mirrors broader shifts in European economic dynamics. For instance, Nordic nations lead Europe's billionaire growth, reflecting similar patterns of wealth concentration. Meanwhile, the continent's energy transition presents both opportunities and challenges for investors, as negative electricity prices surge across Europe, threatening renewables investment.
