Thousands joined the ranks of the ultra-high net-worth last year in a buoyant year for wealth, according to new figures.

A Knight Frank study shows a 6 per cent rise in the number of people with assets of more than $30m (£26.5m).

That number has now passed the half-million mark to reach 513,244.

Equity market and property price gains helped improved the fortunes of the club, the Guardian reports.

The UK saw a 4 per cent increase in UHNWs.

The Knight Frank study expects significant future growth to come from the likes of India, Egypt, Vietnam, China and Indonesia, as the total number of UHNWs should hit 650,000 – an increase of 27 per cent – by 2024.

Wealth managers were particularly optimistic last year – 63 reported an increase in their clients’ wealth compared to only 11 per cent saying it had fallen.

However, already in 2020, coronovirus fears have wiped billions off markets, and global growth figures have been revised down by international bodies.