Report: The number of highly affluent people in Japan will contract in 5 years

Japan’s number of highly affluent people in Japan is expected to contract by 1.8% in the 5 years to 2027, with Japan being the only G7 country to record a decline during this period, a report by a British real estate consulting firm has concluded.

According to Knight Frank’s report, Japan will still be home to the second-largest number of highly affluent individuals, with a net worth of at least $30 million, in Asia after the Chinese mainland, Kyodo News reported.

Japan’s third largest economy will be estimated at 21,000 and 859 in 2027, compared with 22 and 259 in 2022.

A Knight Frank official attributed the potential decline to a decline in Japan’s population.

Japan’s population is expected to decline from 125 million in 2022 to 122 million in 2027, a 2.3% decline according to the National Institute for Population and Social Security Research.

The number of highly affluent people worldwide declined by 3.8% in 2022 compared to the year before, with many people’s wealth falling under a series of “shocks” that have hurt the global economy, such as the Russian-Ukrainian war, and high inflation, which has significantly raised interest rates.

According to the regions, the number of highly affluent people in Asia is expected to rise by 39.8% to 210 thousand during 2027.

The number on the Chinese mainland will also rise by about 50% from about 88 thousand in 2022 to 132 thousand in 2027.