The number of people worth $30 million or more is growing, reversing a 2015 trend that saw a steep decline in the ultra-high-net-worth population, a new report says.

The World Ultra Wealth Report 2017 reveals there are 226,450 individuals worth $30 million or more around the world. That signifies a rise of 3.5 percent from 2015 levels and represents $27 trillion in assets. In 2015, the ultra-high-net-worth population fell more than 7 percent.

The report forecasts that the UHNW population will continue to rise and reach 299,000 people by 2021. “UHNW wealth is projected to rise to $35.7 trillion, which implies an additional $8.7 trillion of newly created wealth over the next five years,” according to the report published by Wealth-X, a consultancy providing sales, marketing, strategy and compliance solutions to the financial service and luxury sectors.

New York City is the top home to the UHNW population, with 8,350 individuals. That’s an increase of 9 percent from 2015. North America and Asia are leading global growth rates for the wealthy. Latin America, meanwhile, is seeing a significant drop in wealth creation, the report finds.

In terms of assets, the biggest share is in cash, according to the report. Total liquid assets stood at $9 trillion at the end of 2016.

“Currency movements were a key driver of UHNW wealth trends in 2016, contributing to solid gains in the U.S., Japan, India and Indonesia, but generating substantial losses in the U.K., Russia, Mexico and Brazil,” the report says. “Buoyed by a stronger dollar, rising equity markets and a robust tech sector, the U.S. consolidated its dominant position as the world’s leading UHNW country.”

There are significant implications for the ultra-high-net-worth wealth market in the coming years that include a movement toward increasing global transparency and rising philanthropic engagement, the report notes. In addition, how UHNW individuals spend their money is changing, with rapid advances in technology and growing demand for “experiential” luxury, the report says.

To download a free copy of The World Ultra Wealth Report 2017, go to wealthx.com.