Engaging Ultra High Net Worth Individuals through Personalized Wealth Management and Strategic Investment

Quick takeaways:

• Ultra high net worth individuals are rare but powerful: Just 1.1% of the global millionaire population controls 32% of total HNW wealth, or $49.2 trillion
• North America in the lead: The region grew 11.9% in 2023 to 161,280 individuals, accounting for 38% of global UHNW wealth
• UHNW wealth is concentrated at lower tiers: Nearly 80% hold between $30M and $100M, with a median wealth of $51M
• Trust and personalization are must-haves: UHNWIs expect bespoke solutions, curated experiences, and engagement through passions and philanthropy. Not generic outreach.
• Relationship intelligence drives access: Referrals and warm introductions are the most reliable way to reach UHNWIs, who on average are connected to 10 other ultra-wealthy individuals
• Future growth is strong: The global UHNW population is projected to reach 587,650 individuals by 2028, adding $19 trillion in new wealth

Introduction

Business development in wealth management is challenging in any market, but when it comes to ultra high net worth individuals (UHNWIs), defined as individuals with $30 million or more in net worth, the stakes are higher. Just a handful of warm prospects can mean the difference between exceeding growth targets or falling short. According to Altrata’s World Ultra Wealth Report 2024, the global UHNW population grew 7.6% in 2023 to reach 426,330 individuals, with a combined wealth of $49.2 trillion. This exclusive group now represents just 1.1% of the world’s millionaire population, yet controls 32% of total HNW wealth.

Winning their trust requires time, patience, and highly personalized engagement. This article explores what sets UHNWIs apart, what wealth managers need to know, and how you can adopt the “Discover, Research, Engage framework” to cultivate meaningful, long-term relationships.

Who are ultra high net worth individuals and why they matter

UHNWIs are not just defined by their wealth. They also wield significant influence. They drive change across markets, philanthropy, and culture.

Key characteristics include:

• Wealth concentration: Nearly 80% of UHNWIs hold between $30M and $100M, with a median wealth of $51M
• Philanthropy: The ultra wealthy contribute around $190B annually to philanthropy, accounting for 38% of all global individual giving
• Luxury and lifestyle: They account for 30% of global luxury goods spending, approximately $118B annually
• Investment clout: With $38 trillion in investable assets, UHNWIs represent 32% of global AUM

For wealth managers, this means UHNW clients are high-value and high-impact.

The challenges of engaging ultra high net worth individuals

Unlike broader HNW segments, UHNW relationships require an elevated approach. Wealth managers face several hurdles.

1. Sifting through scarcity and concentration. Almost three-quarters of the world’s UHNWIs reside in just 10 countries, led by the US (147,950 individuals = one-third of the global UHNW class).
2. Considering regional differences. Growth patterns vary. North America’s UHNW population expanded 11.9% in 2023, while China experienced its second straight year of decline.
3. Audiences demand exclusivity. UHNWIs expect hyper-personalized solutions, curated experiences, and an understanding of their passions.
4. It takes time and patience. These relationships often take years to develop, but their lifetime value is immense.

The global UHNW population: current distribution and future growth

Understanding the global distribution of UHNWIs is essential for wealth managers seeking to prioritize their efforts. As of 2023, the ultra wealthy population stood at 426,330 individuals worldwide, with a collective net worth of $49.2 trillion. North America dominates the landscape, home to 161,280 UHNWIs (38% of the global total) and nearly $18.6 trillion in wealth. Europe follows with 111,540 UHNWIs, while Asia, despite decades of rapid growth, recorded only a modest rebound in 2023 with 110,630 individuals. Together, these three regions account for nearly 90% of the global UHNW population.

Regional variations tell a story of shifting wealth dynamics. Latin America and the Caribbean posted the fastest growth in 2023, surging by 18.2% to nearly 14,000 UHNWIs, while the Middle East and Africa saw declines due to weaker commodity prices and political instability. Meanwhile, global cities are becoming ever more important hubs: by 2028, 42% of the world’s UHNWIs will reside in the top 50 wealth hubs, up from 38% in 2015.

Looking ahead, the global UHNW population is forecast to reach 587,650 individuals by 2028, adding $19 trillion in new wealth. North America will remain the leading region, rising to 39% of the global share, while Asia will see the fastest average annual growth at 7.4%, led by India’s emerging wealth centers in Bengaluru, Hyderabad, and Delhi. Europe, by contrast, will grow more slowly, and its global share is projected to slip to 25%. For wealth managers, this means balancing strategies between the established bases of North America and Europe and the fast-growing but more complex markets of Asia and Latin America.

UHNW population by region: 2023 vs. 2028 forecast

The projected expansion of UHNW wealth underscores both opportunity and complexity for wealth managers. By 2028, UHNWIs will control $68.2 trillion, up from $49.2 trillion in 2023, with the largest absolute gains coming from North America (adding $9.3T) and Europe (adding $6.6T). Asia, while smaller in total, will see the fastest proportional growth at 7.4% annually, driven largely by India’s emerging wealth hubs.

This distribution highlights two critical imperatives: wealth managers must maintain strong coverage in established centers like the US and Europe, where wealth is deepest, while also developing strategies for high-growth but more fragmented markets across Asia and Latin America. The firms that balance these priorities—capitalizing on scale in mature regions while positioning early in fast-rising economies—will be best placed to capture the next wave of UHNW opportunity.

The numbers from a wealth growth perspective

While population growth is important, wealth managers should also pay attention to the distribution of wealth itself, which is even more concentrated than headcount. In 2023, North America’s 38% share of UHNWIs accounted for nearly 38% of total UHNW wealth ($18.6T), while Asia’s 26% of the population held just 25% of wealth ($12.3T). Europe’s UHNWIs, meanwhile, represented 26% of the population but 26.3% of total wealth ($12.9T).

By contrast, Latin America has a small but growing wealthy population. 3.3% of UHNWIs are there, holding 3.6% of global wealth. This illustrates a critical point for wealth managers: the regions with the largest number of UHNWIs are not always the same as those with the greatest concentration of assets, making it essential to balance prospecting strategies between market size and wealth depth.

UHNW wealth by region: 2023 vs. 2028 forecast

Looking ahead at opportunities for growth

An important takeaway from the two charts above is that the UHNW population is projected to grow by 161,000 individuals over five years and their collective wealth is expected to expand by $19 trillion. Geographically, North America and Asia will drive most of that growth. Despite volatility, the outlook for UHNW wealth creation is strong.

Trends to keep tracking:

• North America will remain dominant, rising to 39% of UHNW share
• Asia will see the fastest growth at an average annual rate of 7.4%, driven by India’s rise
• Within a few years, 42% of UHNWIs will live in the top 50 wealth hubs, up from 38% in 2015

For wealth managers, these trends are significant for opportunity and competition. UHNW engagement will rely more than ever on being informed, agile, and trusted.

Discover, research, engage: your framework for UHNW prospecting

1. Discover: find the right prospects

Discovery is about identifying UHNWIs who can have the greatest impact.

• Screen existing databases: On average, systematic screening uncovers five UHNW individuals per 1,000 records
• Leverage referrals: UHNWIs typically have close ties to an average of 10 other UHNWIs
• Make emotional connections: Engagement succeeds when aligned with values, passions, and philanthropy; not just financial products

2. Research: turn data into insight

UHNWIs dismiss generic approaches. Detailed preparation is non-negotiable.

• Human-verified intelligence provides confidence in accuracy
• Profiles that reveal liquidity, philanthropy, and lifestyle help qualify prospects
• Relationship mapping highlights pathways for warm introductions

3. Engage: build meaningful connections

UHNW engagement requires exclusivity and authenticity.

Teams engaging UHNWIs should strive to:

• Host curated events instead of broad gatherings
• Personal invitations stand out amid mass marketing noise
• Equip teams with intelligence before every interaction and follow up promptly with tailored touchpoints

Case study: UNHCR Switzerland

Even organizations outside traditional wealth management face similar obstacles when connecting with UHNWIs.

The challenge: UNHCR Switzerland managed a donor database of nearly 40,000 donors, but their manual prospecting process was inefficient and often missed hidden capacity. They needed to identify UHNW and very-high-net-worth donors more accurately and engage them with relevant outreach.

The solution: By applying advanced wealth-screening tools, they uncovered 350 high-value donor matches and 700 additional medium-priority prospects within their existing records. They integrated these insights into Salesforce, ensuring donor intelligence was available directly in their CRM workflows.

The impact: This allowed UNHCR Switzerland to prioritize their best opportunities, personalize outreach, and engage more effectively. The result was a faster path to high-value relationships and a more efficient use of team resources.

Lesson for wealth managers: Even well-developed databases may hide untapped UHNW potential. Systematic discovery, coupled with relationship intelligence, can reveal opportunities that traditional methods overlook.

Ultra High Net Worth investment strategies

UHNW clients require a broader lens than traditional wealth management.

• Alternatives: Private equity, venture capital, and direct investments dominate portfolios
• Legacy planning: Structuring vehicles like foundations and trusts to manage succession
• Global diversification: In 2023, North America accounted for 38% of global UHNW wealth ($18.6T), while Asia represented 25% ($12.3T). Successful strategies must navigate multi-jurisdictional risks.
• Next-gen focus: Education, governance, and intergenerational wealth transfer are critical priorities

Action items for wealth managers

• Treat UHNW engagement as relationship-first, not just transactions
• Use verified intelligence to ensure accuracy when approaching prospects
• Map philanthropic, professional, and lifestyle networks to uncover shared connections
• Segment engagement into priority tiers (high-value now vs long-term cultivation)
• Design investment strategies that integrate financial, personal, and legacy goals

More complexity, higher rewards

UHNWIs represent one of the most complex yet rewarding client segments in wealth management. They are scarce, globally mobile, and highly influential. Success requires going beyond traditional prospecting and focusing on long-term partnerships that shape the future of your firm.

Our team specializes in engaging ultra high net worth individuals. Connect with the team when it’s convenient for you.