The global population of individuals worth $30 million or more, known as ultra-high-net worth (UHNW) individuals, saw an 8% increase in 2023. According to Altrata’s World Ultra Wealth Report 2024, there are now 426,330 UHNW individuals worldwide. Their collective wealth surged by 7% to a staggering $49 trillion, driven primarily by a year-end stock rally. The United States experienced significant growth in its ultra-high-net-worth population, with a 13% increase to 147,950 individuals. This means that the U.S. now holds a third of the world’s ultra-high-net-worth population.
Looking ahead, the UHNW population is expected to grow by 38% over the next five years, reaching 587,650 individuals. Their combined fortunes are projected to rise by $19 trillion, creating new opportunities for companies catering to the ultra-wealthy. The market for personal luxury goods and lifestyle services has expanded rapidly, driven by diverse interests and demands of the global UHNW population. There is also a growing emphasis on family wealth transfer planning and legacy transition among first-generation wealth holders.
The ultra-wealthy contributed significantly to luxury spending in 2023, accounting for $118 billion or about a third of the global luxury market. With $38 trillion in investable assets, they play a pivotal role in the global economy. Additionally, the UHNW population is responsible for $190 billion in charitable giving, representing 38% of all philanthropy efforts globally.
New York boasts the largest concentration of individuals worth $30 million or more, with 16,630 UHNW residents. Hong Kong follows closely behind with 12,546 individuals, while Los Angeles and Tokyo have 8,955 and 6,445 UHNW individuals, respectively. These regional hubs highlight the concentration of wealth in key financial centers around the world.
The rise of the ultra-wealthy has significant implications for the global economy, luxury market, and philanthropic endeavors. As the UHNW population continues to grow, companies catering to their unique demands will have unprecedented opportunities for growth and expansion. It is essential for businesses to understand the evolving needs and preferences of the ultra-wealthy in order to capitalize on this lucrative market segment.