Financial markets had a turbulent ride last year, with both the S&P 500 and Dow Jones industrial average ending lower in 2015, the worst performance since 2008. China's benchmark index fell 45 percent in the span of three months leading to August.
"Sharp falls in the oil price also had a notable effect on the ultra-wealthy in many Middle Eastern and some African countries," said Andrew Amolis, head of research at New World Wealth which provided data for Knight Frank's Wealth Report.
The greenback strength also worsened the declines in local currency wealth for many UHNWIs when their net worth was expressed in dollar terms.
However, it's not all doom and gloom. The UHNWIs long-term growth trend is still positive for the next decade, although at a slower pace compared to 2005-2015.
By 2025, the global population of UHNWIs will shoot up 41 percent from to 263,483, with the ultra-rich to emerge mostly from the United States, China and India, the report said.
The United States is expected to add 19,714 more individuals to the super-rich club by 2025, a 30 percent growth from 2015. Meanwhile China and India, the two largest countries in the world by population, will see increases of 75 percent and 105 percent respectively to their UHNWI community in the next decade.
"Asia especially has been fertile ground for the growth in the number of UHNWIs, with more individuals surpassing the $30 million barrier than in any other region over the last ten years," said Nicholas Holt, head of research for Asia Pacific at Knight Frank.
What's interesting is that the new wealth creation in Asia has impacted the age profile of Asia's UHNWI community, said Holt who added that Chinese UHNWIs are on average 10 years younger than their Swiss counterparts.