Key findings from Knight Frank's 2015 Wealth Report relate to a rise in the number of ultra-wealthy people in Asia, highlighting broader trends in the wealth management sector.

Around the world in 2014, Asia logged the biggest spike ultra high net worth individual population compared to other regions, and in this respect is set to overtake North America in the next ten years, according to Knight Frank's Wealth Report 2015.

The report, in its ninth edition, tracks UHNWI populations in 108 cities across 97 countries.

Knight Frank, the property consultancy, defines UHNWIs as those with a net worth of at least $30 million. On this basis, some 1,419 individuals joined Asia's UHNWI ranks last year, behind Europe (1,834). The ultra-wealthy in Asia now also hold 7 per cent more in total wealth than those in North America, with net assets of $5.9 trillion and $5.5 trillion respectively. However, UHNWIs in Europe still control the most, with $6.4 trillion.

Knight Frank predicts that Asia will have overtaken North America in UHNWI population terms by 11 per cent in 2024.

The world's geographic concentration of wealth remains “a key trend,” said Liam Bailey, global head of research at Knight Frank. Over the next decade, 10 per cent of all additional growth in UHNWIs will occur in five cities: Singapore, Hong Kong, New York, London and Mumbai, Bailey said.

Alice Tan, Knight Frank's head of consultancy and research for Singapore, pointed to the country's strengthening position as a regional financial and transportation hub, which has attracted many UHNWIs to relocate and invest in Singapore – particularly in the real estate sector.

The wealth management industry has observed a strengthening of ties between the US and Asia as a part of a wider trend of globalization whereby individuals – particularly wealthy ones – are increasingly international, with business and personal interests abroad. Financial needs, at both the enterprise and individual level, have become more complex, creating enormous opportunity in the sector. This is further reinforced when considering how the sector’s landscape differs across various global regions, driven, among other factors, by rates of wealth creation.

“Over the past nine years, the hunger for knowledge has only increased, especially from our clients here in Asia-Pacific, where UHNW property investors are becoming increasingly confident and are looking to diversify their property portfolios by exploring new asset classes and locations,” added Nicholas Holt, head of research for Asia-Pacific at Knight Frank.

Indeed, in its 2013 Global Wealth Market white paper, Datamonitor predicted that the number of global millionaires will hit 9.9 million by 2017, with the US and Asia-Pacific regions expected to surface as the strongest performers.

Meanwhile, according to Knight Frank's latest Attitudes Survey, family succession issues are the number one worry, with 85 per cent of global respondents saying their clients are concerned about the handover of family wealth to the next generation. For China and Hong Kong, political interference stood out as the top concern.