This was a resilient performance set against the backdrop of a global pandemic and the deepest contraction in world economic output for a generation.

All remaining five regions, in contrast, posted falls in the size of their VHNW class and combined wealth.

The majority of top ranking Asian countries performed strongly, in contrast to Hong Kong. A notable feature was their more eective management of the pandemic than most of their global peers.

Ongoing Brexit-related damage, poorly performing equity markets and pandemic-related economic weakness all contributed.

We expect a rebalancing of growth among VHNW regions, following a five-year period in which growth has been powered mainly by North America and Asia.

It takes time to create and/or accumulate significant wealth. The UAE, Bangladesh and Qatar have the youngest VHNW populations— they represent economies where wealth creation has been fairly recent.