Croatia’s number of very wealthy individuals and households – with assets above $30 million – is double the European average in relation to the rest of the population.

Croatia, known for its long coast line and baroque style buildings, has long been a sophisticated trading society. The country which is located along the Adriatic Sea has a population of just over 4 million people. Despite a relatively small population, the country also has a surprisingly high number of affluent residents. Croatia’s number of UHNWIs or ultra high-net-worth-individuals is double the overall European average.

According to 'The Wealth Report' released recently by Knight Frank, an international consulting firm, Croatia has 120 super-millionaires, defined as people with assets over $30 million. The report by the consultancy looks at wealth factors and trends around the globe for individuals, countries and cities.

Knight Frank is a London-based global real estate consultancy which operates in over 55 countries world-wide. The firm has released The Wealth Report since 2009 which covers aspects of global wealth including prime real estate value, economic output, luxury spending and an individual wealth index.

Of the 120 individuals who qualified for the ‘heavyweight’ category in Croatia, 11 of the UHNWIs had over $100 million in net assets. The country has just under 12,000 millionaires overall who feature in the lightweight category, having over $1 million in total net assets. As this data refers to the number of Croatians who are currently registered in the country, the number of millionaires and super-millionaires would be much higher if it took into account the number of Croatian diaspora.

The figures show that the number of super rich individuals in Croatia has grown at a substantially quicker rate than the European average at 33% in the past year. The world average for growth in the same net worth bracket (>$30 million) is 42%, with the European average being considerably lower at 17%.

Across Europe, the number of wealthy European individuals grew at a lower rate than those in Asia and North America in the past year. This has led to Europe losing the second place behind North America with Asia rising in the rankings. Going forward the trend seems irreversible – in China alone, the ultra-wealthy population will double in the next half decade, and Japan, Indonesia and India will all see serious wealth growth in the same period.