The world’s ultra high net worth (UHNW) population showed muted growth in 2018, rising by 0.8 percent to 265,490 individuals, according to Wealth-X in its 7th edition of its annual World Ultra Wealth Report, which analyzes the state of the population (those with $30 million or more in net worth)
This subdued increase comes on the heels of a year of significant growth the prior year, when the population increased by nearly 13 percent.
The combined net worth of the UHNW population saw a decrease for the first time in three years, falling by 1.7 percent in 2018 to $32.3 trillion, implying a modest drop in the average net worth of the UHNW class, in part due to a late-year slump in investor sentiment and global equity markets.
Despite these findings, the World Ultra Wealth Report 2019 forecasts robust growth for the UHNW population, with a projected population increase to 353,550 individuals possessing a total combined wealth of $43 trillion by 2023.
Further key insights from the Wealth-X World Ultra Wealth Report 2019 include:
- All seven regions of the globe saw a drop in ultra wealth: regional declines ranged from a marginal dip in the Middle East to a drop of 7 percent in Latin America and the Caribbean. Net worth in Asia fell at a faster rate than in both North America and Europe.
- Population growth varied significantly across regions: there was robust growth in the UHNW populations of the Middle East, alongside a modest expansion of ultra wealthy numbers in North America and Europe. The other four regions posted falls in population, led by a 6 percent drop in Latin America and the Caribbean.
- The United States continues to lead in UHNW population: the leading country for UHNW individuals in 2018, the US accounts for a 31 percent global share. This compared with 9 percent for second-placed China, and nearly 7 percent for third-placed Japan.
- New York regained its status as the world’s leading UHNW city from Hong Kong: in 2018 the top 10 UHNW cities accounted for 18.9 percent of the global ultra wealthy population. Modest ultra wealthy growth in New York was sufficient for it to regain the top spot as Hong Kong wealthy were impacted by the slump in Asian stocks and a softening Chinese economy.
- Hong Kong has, by far the highest density of ultra wealthy individuals: at 1,364 for every million adults, Hong Kongs’ UHNW population density was considerably higher than the next-ranked countries of Switzerland, Luxembourg and Singapore – all established financial- services hubs – and more than four times the density of the US.
- Women make up a larger portion of the global ultra wealthy population than ever before: the number of ultra wealthy women increased to nearly 39,000, equivalent to a record- high share of 14.6 percent. Among UHNW individuals below the age of 50, women account for almost one in five.
Visit https://www.worldultrawealthreport.com to download the full report.
