The number of very-high-net-worth (VHNW) individuals — those with a net worth of between $5 million and $30 million — increased 10 percent to 2.7 million last year, following a muted growth of just 1 percent in 2018, according to Very High Net Worth Handbook 2020 by Wealth-X.
This was a sharp acceleration in growth from just 1 percent in 2018, and the combined net worth of VHNW individuals increased by more than 10 percent, to $26.6 trillion.
The world’s largest wealth hub, North America, led the way, with both the number of VHNW individuals and their collective net worth rising by around 15 percent. Double-digit growth was also recorded in Asia and Africa. There was below-average growth of the VHNW population and collective net worth in Europe and the Pacific, although both regions performed considerably better than the Middle East, which saw negligible increase