Altrata’s latest World Ultra Wealth Report – the 12th powered by Wealth-X data – provides our comprehensive analysis of the global ultra high net worth (UHNW) population. This exclusive group of wealthy individuals, each with a net worth in excess of $30m, has grown steadily in size and influence over the past decade. Their collective wealth now totals an immense $49trn — more than the combined GDP of the US and Chinese economies.
Wealth-X’s comprehensive database on the wealthy and its detailed Wealth and Investable Assets Model provide unrivaled insight into the world’s UHNW population, its characteristics and the constantly changing landscape of wealth creation, making it an essential resource for any organization looking to prospect for and engage with individuals in this exclusive demographic.
The ultra wealthy hold an outsized proportion of wealth
In 2023, the global population of high net worth (HNW) individuals, each with wealth in excess of $1m, totaled an estimated 38.1 million individuals. Within this wealthy population, the ultra wealthy class of 426,330 individuals is a highly exclusive segment, representing just 1.1% of the HNW population but holding a substantially larger share of wealth. At $49.2trn in 2023, the collective net worth of the UHNW population accounted for 32% of wealth held by all HNW individuals.
Our data (going back to 2004) shows that the ultra wealthy have accounted for a remarkably stable share of the global HNW population and its combined net worth over the past two decades.
Key Findings that are explored in the report:
- In 2023, the global ultra high net worth (UHNW) population increased by 7.6% to a high of 426,330 individuals.
- Growth in North America outpaced that in Europe and especially Asia.
- The US posted double-digit growth in UHNW numbers, while second-ranked China recorded a second consecutive annual fall.
- The global ultra wealthy population will expand across all regions over the next five years.
- Three of the top 10 fastest-growing UHNW cities over the next five years will be in India. Reflecting the country’s status as one of the world’s fastest-growing economies, the UHNW population in Bengaluru, Hyderabad and Delhi are all expected to grow at an annual average rate of 14-16%.
- The world’s major cities will be an increasingly important base for wealth generation. By 2028, we forecast that almost 42% of the ultra wealthy class will be based in one of the top 50 UHNW cities, up from 38% in 2015.
Maeen Shaban is Director of Research and Analytics at Altrata, and an expert in understanding the wealthy and influential, specifically their populations, growth and trends across the globe. He is a lead author of Altrata’s main thought leadership publications, including the World Ultra Wealth Report, the Billionaire Census and the Global Gender Diversity report. Maeen continues to work on custom analytics projects with clients such as J.P. Morgan, Goldman Sachs, Rolls Royce, L’Oréal and the Bill & Melinda Gates Foundation. He holds a First Class Honours degree in Financial Engineering, has completed CFA Level II and conducted post graduate research on sovereign offshore investment strategies.