The report does not, however, decompose how much of the change in the millionaire headcount is attributable to currency movement. The figure is accurate, the stock converts cleanly into a flow, and global luxury accommodation demand is genuinely growing. A distinction between industry demand and firm demand — growth in the former is not evidence of the latter. The recommendation I would offer is therefore a measured one: in luxury hotel development decisions, return macro wealth data to its proper role. Knight Frank, The Wealth Report 2025: https://apac.knightfrank.com/hubfs/Research Reports/Residential/Report PDFs/Knight Frank_The Wealth Report 2025.pdf.