If you can say one thing about the global high-net-worth individual (HNWI) population, it is that they are exceptionally resilient. Why do I say this? The Capgemini RBC Wealth Management World Wealth Report found:

• Global HNWI population and wealth was more than 70 percent higher at year-end 2014 than year-end 2008 (the crisis low-point for HNWI wealth), representing almost 10 percent annual growth.

• The HNWI population has grown every year since 2008.

• All wealth categories showed strong growth, with HNWIs in the $1 million to $30 million category growing most, at just over 72 percent during 2008–2014.

There have been, however, several winners and losers across markets. Looking at the top 25 markets by HNWI population (representing more than 90 percent of the global total), we can see three clear categories of performance.

On the one hand, the winners include markets characterized by global financial centers (Hong Kong, Singapo