Malaysia may mint five more billionaires, add over 300 new wealthy people by 2031 — Knight Frank

Malaysia may mint five more billionaires and add over 300 new wealthy individuals by 2031, potentially bringing the total to 18 billionaires and 1,881 ultra-high-net-worth individuals with assets exceeding US$30 million. This growth is attributed to Malaysia’s economic expansion, despite global uncertainties and energy price fluctuations. The ringgit’s performance and an active capital market support this trend. The report highlights that Malaysia’s rise mirrors a global acceleration in wealth creation, with 89 new ultra-high-net-worth individuals added daily between 2021 and 2026 worldwide. Knight Frank’s Keith Ooi and Liam Bailey emphasize the extraordinary resilience of private capital amid geopolitical shocks and inflationary pressures, noting a historic shift in global wealth distribution.