In 2023, the global population of individuals worth $30 million or more saw a significant 8% increase, as reported by Altrata’s World Ultra Wealth Report 2024. The total number of ultra-high-net worth individuals now stands at 426,330, with their collective wealth soaring to $49 trillion, driven largely by a year-end stock rally.
The United States played a major role in this surge, with the ultra-high-net-worth population in the country witnessing a 13% increase to reach 147,950 individuals. With this growth, the U.S. now accounts for one-third of the world’s ultra-high-net worth population.
Looking ahead, the report forecasts a further 38% growth in the UHNW population over the next five years, reaching a total of 587,650 individuals. Additionally, their combined fortunes are expected to rise by $19 trillion, presenting a lucrative opportunity for businesses catering to the ultra-wealthy segment.
The report highlights a rapid expansion in the market for personal luxury goods and lifestyle services, driven by the diverse interests and demands of the global UHNW population. This trend is also reflected in the high-end real estate sector, along with a growing emphasis on family wealth transfer planning and legacy transition among first-generation wealth holders.
In 2023, the ultra-wealthy segment contributed significantly to global luxury spending, accounting for $118 billion or approximately one-third of total luxury expenditures. Moreover, these individuals possess $38 trillion in investable assets, constituting a significant portion of the world’s total investable wealth. Additionally, they are responsible for $190 billion in charitable giving, representing 38% of all philanthropic donations.
New York boasts the highest concentration of individuals worth $30 million or more, with 16,630 residents falling into this category. Hong Kong follows closely behind with 12,546 ultra-high-net-worth individuals, while cities like Los Angeles and Tokyo also feature prominently on the list, with 8,955 and 6,445 individuals, respectively.
The rise of ultra-high-net worth individuals in 2023 has reshaped consumer trends, market dynamics, and philanthropic activities on a global scale, offering unique opportunities and challenges for businesses and organizations seeking to engage with this affluent segment of society.
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