Wealth Report

The Wealth Report 2024

Bradley Fitchew

01 Apr 2024 — 3 min read

Key Insights for CMOs Targeting HNW, VHNW, and UHNW Clients

The Knight Frank Wealth Report 2024 offers a treasure trove of insights for CMOs seeking to connect with High-Net-Worth (HNW), Very-High-Net-Worth (VHNW), and Ultra-High-Net-Worth (UHNW) clients. This year's findings highlight emerging opportunities, shifting priorities, and the evolving preferences of this discerning audience.

Here are five pivotal insights from the report and what they mean for marketing strategies targeting the affluent.

1. The Wealthy Population is Expanding, But the Growth is Uneven

Stat: The global UHNWI population grew by 4.2% in 2023, reaching 626,619 individuals, and is projected to increase by 28.1% by 2028. Asia leads the charge with a predicted 38.3% growth, driven by India (+50%) and mainland China (+47%).

What This Means for CMOs:
Growth markets such as Asia represent immense opportunities, but their distinct cultural contexts require tailored approaches. A one-size-fits-all strategy won’t suffice. Instead:

Localise campaigns with culturally nuanced content.
Focus on digital channels that resonate regionally, such as WeChat or TikTok in Asia.
Highlight exclusive investment opportunities in growth regions to appeal to cross-border clients.

2. Women Are Driving a New Wave of Wealth Creation

Stat: The number of female UHNWIs has risen by 38% in the last decade, a trend set to accelerate with younger generations taking the lead.

What This Means for CMOs:
Female wealth creators are no longer an untapped demographic—they are a force to be reckoned with. To engage effectively:

Craft campaigns that celebrate empowerment, sustainability, and curated luxury experiences.
Focus on platforms where women engage most, such as Instagram and Pinterest, with highly visual, story-led content.
Build trust by aligning with causes that matter, such as education, equality, or climate change.

3. Sustainability is Non-Negotiable

Stat: 65% of UHNWIs are actively working to reduce their carbon footprint, with energy-efficient homes and ethical investments topping their priorities.

What This Means for CMOs:
Wealthy clients increasingly demand brands that share their values. For marketers, this means going beyond greenwashing:

Showcase your ESG credentials with transparent, data-backed claims.
Highlight sustainable practices in product sourcing, packaging, and delivery.
Create engaging narratives around green luxury—think eco-conscious architecture, net-zero travel, and renewable energy solutions for affluent lifestyles.

4. Real Estate Remains a Cornerstone of Wealth

Stat: 22% of UHNWIs plan to purchase residential properties in 2024, many prioritising sustainable and energy-efficient homes.

What This Means for CMOs:
Real estate is more than an asset class—it’s an emotional and symbolic investment. Position your campaigns to capture this sentiment:

Use immersive technologies like virtual reality to offer clients a taste of exclusivity without leaving their homes.
Market properties not just as investments but as experiences—sanctuaries for families or opportunities to leave a legacy.
Integrate keywords like “sustainable luxury homes” into SEO strategies to capture interest in eco-conscious real estate.

5. The Future is Experiential

Stat: Even as tangible investments like real estate remain strong, affluent individuals are increasingly drawn to experiential luxury, from bespoke travel to rare, once-in-a-lifetime opportunities.

What This Means for CMOs:
Experiences drive emotional connections, and these connections build loyalty. To capitalise on this:

Create campaigns that invite wealthy clients to dream—whether it’s through cinematic content, behind-the-scenes access, or exclusive partnerships with experiential brands.
Leverage digital channels like Instagram and YouTube to showcase these moments in a way that resonates emotionally.
Collaborate with luxury concierge services to offer end-to-end solutions, from booking private jets to curating bespoke cultural tours.

In Conclusion

The wealthy audience is diverse, discerning, and demanding. The Knight Frank Wealth Report 2024 reinforces that success lies in understanding their evolving priorities—from sustainability to personalisation and experiential luxury. For CMOs, the message is clear: precision, authenticity, and innovation are the pillars of effective marketing to HNW, VHNW, and UHNW individuals. By aligning your strategies with these insights, your brand can not only capture attention but also foster enduring loyalty.