In 2023, the global population of individuals with a net worth of $30 million or more increased by 8%, reaching a total of 426,330 people. This group, known as ultra-high-net-worth (UHNW) individuals, saw their combined wealth grow by 7% to a staggering $49 trillion. The United States played a significant role in this growth, with a 13% increase in the ultra-high-net-worth population, now accounting for a third of the world’s UHNW population.
Looking ahead, the World Ultra Wealth Report 2024 predicts a 38% growth in the UHNW population over the next five years, reaching a total of 587,650 individuals. This expansion will also lead to a $19 trillion increase in their combined fortunes, presenting opportunities for businesses catering to the ultra-wealthy. The report highlights the rapid growth in the market for personal luxury goods and lifestyle services, driven by the diverse interests and demands of the global UHNW population.
In 2023, the ultra-wealthy contributed significantly to the global economy, accounting for $118 billion in luxury spending, a third of the total. They also possess $38 trillion in investable assets and allocate $190 billion to charitable giving, representing 38% of all philanthropy. This demonstrates the influence and impact of the ultra-high-net-worth individuals on various sectors of the economy.
New York stands out as the city with the largest population of individuals worth $30 million or more, with 16,630 residents falling into this category. Hong Kong follows closely behind with 12,546 individuals, while Los Angeles and Tokyo have 8,955 and 6,445 ultra-high-net-worth individuals, respectively. These regions serve as hubs for the ultra-wealthy, attracting individuals with significant financial resources.
The growth of the ultra-high-net-worth population presents both opportunities and challenges for businesses and industries around the world. Understanding the trends and behaviors of this demographic is essential for companies looking to tap into this lucrative market segment. As the global economy continues to evolve, the influence of the ultra-wealthy is likely to expand, shaping consumer preferences, investment strategies, and philanthropic initiatives on a global scale.