Europe is expected to strengthen its position in the global billionaire landscape over the next five years, with the region’s share of the world’s wealthiest individuals set to rise slightly as billionaire numbers continue to surge worldwide.

According to Knight Frank’s 2026 Wealth Report, the global billionaire population is projected to increase from 3,110 in 2026 to 3,915 by 2031, representing a 26% rise. This follows a 14% increase over the previous five years, when the number of billionaires climbed from 2,723 in 2021.

Europe is forecast to play a significant role in that expansion. The continent’s billionaire count is expected to grow from 780 in 2026 to 994 by 2031, an increase of 27%. That would lift Europe’s share of the global billionaire population from about 25% to 25.4%.

Knight Frank’s global head of research, Liam Bailey, said the figures reflect a major shift in wealth creation patterns across the world, even amid economic uncertainty and geopolitical instability.

Within Europe, Poland is expected to record the fastest growth. Its billionaire population is projected to more than double, rising from 13 to 29 by 2031. Sweden follows with an 81% increase, from 32 to 58 billionaires, while Denmark is expected to see its total rise from 12 to 21. Norway is also forecast to post strong growth, increasing from 17 to 26 billionaires.

Austria is projected to record a 50% rise, while Spain’s billionaire population is expected to grow by 40%, reaching 53. Italy, one of Europe’s largest economies, is forecast to increase from 61 to 82 billionaires by 2031. Turkey is also expected to see notable growth, rising from 35 to 46 billionaires.

The report highlights the growing prominence of the Nordic region, with three of Europe’s four fastest-growing billionaire markets located there.

Globally, Saudi Arabia is expected to record the strongest growth, with its billionaire population rising by 183%, from 23 to 65. India is forecast to lead in total billionaire numbers among the fastest-growing markets, reaching 313 by 2031.

Asia-Pacific will remain the world’s largest billionaire region, accounting for 36% of the global total in 2026. North America, while continuing to add billionaires in absolute terms, is expected to see its global share decline from 31% to 27.8% by 2031.

Knight Frank’s Rory Penn said the world’s wealthiest individuals are becoming increasingly selective about where they invest and live. Security, political stability and the rule of law are now among the most important considerations for ultra-high-net-worth families.

As wealth continues to expand across regions, Europe appears poised to remain a key destination for both capital and the world’s richest investors.

Global oil markets were thrown into fresh turmoil this week after the United Arab Emirates formally announced its withdrawal from OPEC and the broader OPEC+ alliance, ending decades of membership and adding new uncertainty to an already fragile energy landscape.

The UAE’s departure, which takes effect on Friday, comes at a time when oil markets are already under intense strain from the ongoing conflict involving Iran and the continued blockade of the Strait of Hormuz, one of the world’s most critical energy chokepoints.

Initial market reaction was swift. Oil prices fell between 2% and 3% as traders anticipated that the UAE, freed from OPEC production quotas, could boost output and add more crude to global supplies. The prospect of increased production from one of the world’s largest exporters briefly eased fears of tight supply.

However, those losses were quickly reversed as geopolitical concerns returned to the forefront. By Wednesday, US benchmark West Texas Intermediate crude had climbed above $105 a barrel, while Brent crude rose past $112, both roughly 4% above their post-announcement lows.

The UAE’s decision follows years of friction with Saudi Arabia and other OPEC members over production limits. Abu Dhabi has invested heavily in expanding its oil capacity through the Abu Dhabi National Oil Company, aiming to raise output to five million barrels per day. Under OPEC quotas, much of that new capacity remained unused.

Analysts say the move reflects Abu Dhabi’s determination to prioritise national interests over collective production discipline.

The exit also represents a major challenge for OPEC, removing its third-largest producer and raising questions about the group’s long-term cohesion. Without the UAE, OPEC’s ability to coordinate supply and influence prices may become more complicated, especially during periods of geopolitical instability.

Compounding the uncertainty is the ongoing closure of the Strait of Hormuz. The waterway, which handles a substantial share of global oil and liquefied natural gas shipments, remains blocked amid tensions between Iran and the United States.

Iran has proposed reopening the strait as part of a broader agreement that would require the lifting of the US naval blockade and an end to hostilities. President Donald Trump has described Tehran’s latest offer as improved but has not accepted the terms, insisting on a broader settlement over Iran’s nuclear programme before sanctions are eased.

Energy analysts warn that the prolonged disruption in the Gulf has already removed a significant portion of global oil supply from the market, creating one of the most serious energy shocks in decades.

Despite the uncertainty, major international oil companies have benefited from higher crude prices. Firms such as BP, Shell, Chevron and ExxonMobil are expected to see stronger cash flows as elevated prices boost revenues.

For now, traders are balancing the possibility of increased UAE production against the far greater risk posed by continued instability in the Middle East.