The number of billionaires globally is forecast to reach nearly 4,000 by 2031, driven by accelerating wealth accumulation among the super-rich.
According to Knight Frank analysis, there are currently 3,110 billionaires worldwide, with this figure expected to rise by 25% over the next five years, taking the total to 3,915.
The multimillionaire class is also expanding rapidly, with the number of people worth at least $30m rising from 162,191 in 2021 to 713,626 today – an increase of more than 300%, Knight Frank found.
Oil-rich Saudi Arabia is expected to see the fastest growth in billionaire numbers, with the population set to more than double from 23 in 2026 to a forecast 65 in 2031.
The gap between the world's richest and poorest continues to grow, with fewer than 60,000 people controlling three times as much wealth as the entire bottom half of humanity, according to the World Inequality report.
There have been growing calls for global leaders to increase taxes on the super-rich, amid concern they are also buying political influence.
The Tesla chief executive, Elon Musk, is the richest person in the world, with a net worth of $785.5bn, according to the Forbes rich list.
North America is home to just under a third of the global billionaire population, but forecasts suggest it will be overtaken by Asia Pacific by 2031, with billionaires from this region expected to account for 37.5% of the total by then.