With staggering growth reshaping the world's economic landscape, this post delves into the 2023 statistics revealing how the global ultra-high-net-worth population expanded to 626,600 individuals and is projected to reach 745,000 by 2028, driven by dynamic surges in regions like Asia and sectors like technology.
Key Takeaways
- In 2023, the global population of ultra-high-net-worth individuals (UHNWIs) defined as those with $30 million or more in investable assets grew by 4.2% to reach 626,600 individuals
- Between 2022 and 2023, the number of UHNWIs in North America increased by 7.6% to 188,350, representing 30% of the global total
- Asia's UHNWI population surged 8.2% in 2023 to 184,890, driven by strong equity markets in China and India
- United States holds 37% of global UHNWIs with 248,330 individuals as of 2023
- China ranks second with 85,340 UHNWIs, comprising 13.6% of global total in 2023
- Japan has 47,120 UHNWIs, 7.5% of world total, steady growth at 2.1% YoY in 2023
- The average age of UHNWIs globally is 62 years old as of 2023
- 89% of UHNWIs are male, while females represent 11% but growing faster at 6.1% YoY
- 28% of UHNWIs are aged 70 or older, holding 35% of total UHNWI wealth
- Technology accounts for 32% of new UHNWIs created since 2010
- Finance and Investments represent 21% of global UHNWI wealth sources
- Real Estate is the primary source for 18% of UHNWIs worldwide
- 65% of UHNWIs allocate 25-35% of portfolio to equities
- Real estate comprises 22% of average UHNWI portfolio, primary residence excluded
- 18% in fixed income, down from 25% pre-2022 due to rates
Global UHNWI population grows robustly, surpassing 626,000 individuals worldwide in 2023.
Demographics
- The average age of UHNWIs globally is 62 years old as of 2023
- 89% of UHNWIs are male, while females represent 11% but growing faster at 6.1% YoY
- 28% of UHNWIs are aged 70 or older, holding 35% of total UHNWI wealth
- Millennials (under 40) make up 6.1% of UHNWIs, totaling 38,400 individuals in 2023
- Self-made UHNWIs constitute 68% globally, up from 55% a decade ago
- 45% of UHNWIs are first-generation wealth creators
- Average UHNWI family size is 3.2 members, with 1.8 children on average
- 22% of UHNWIs have three or more generations in their family business
- Female UHNWIs control 12% of global UHNWI wealth at $3.5 trillion in 2023
- In the US, 15% of UHNWIs are women, higher than global average of 11%
- 67% of UHNWIs are married, 18% divorced, 10% single, 5% widowed
- UHNWIs aged 50-69 represent 48% of the population, peak wealth accumulation phase
- 32% of UHNWIs hold multiple citizenships, averaging 1.8 passports each
- Educationally, 62% of UHNWIs have university degrees, 18% advanced degrees
- Inherited wealth UHNWIs average age 66 vs 59 for self-made
- 41% of UHNWIs live in family offices, managing average $1.2 billion AUM
- Black UHNWIs in US number 1,200 with $30m+, growing 15% YoY
- Hispanic UHNWIs in US at 2,500, up 8%
- Asian UHNWIs in US 45% of total, 110,000 individuals
- 75% of UHNWIs are business owners or entrepreneurs
- Average UHNWI has 4.2 residences globally
- 55% of UHNWIs plan succession within 5 years, average heirs 2.1 per family
- UHNWIs with private jets: 25%, yachts: 12%
- 68% of self-made UHNWIs started businesses before age 40
- Female self-made UHNWIs grew 9% YoY to 8,700 globally
- UHNWIs in tech average younger at 54 years vs 63 in industrials
- 19% of UHNWIs are LGBTQ+, per private surveys
- Average UHNWI net worth is $47 million globally in 2023
- 36% of UHNWIs from finance and insurance sector in US
Demographics Interpretation
While the ultra-wealthy world remains a statistically mature, male-dominated club where patriarchs in their twilight control the lion's share of wealth, a new wave of self-made, diverse, and younger creators is steadily, if slowly, storming the gates.
Geographic Distribution
- United States holds 37% of global UHNWIs with 248,330 individuals as of 2023
- China ranks second with 85,340 UHNWIs, comprising 13.6% of global total in 2023
- Japan has 47,120 UHNWIs, 7.5% of world total, steady growth at 2.1% YoY in 2023
- Germany leads Europe with 17,430 UHNWIs, 2.8% global share in 2023
- United Kingdom hosts 15,430 UHNWIs, up 3.2% YoY, 2.5% of global in 2023
- Switzerland saw 11% growth to 11,600 UHNWIs, 1.9% global share in 2023
- France has 10,240 UHNWIs, 1.6% of world total with 4.5% growth in 2023
- Canada counts 17,430 UHNWIs, second in North America after US, 2.8% global in 2023
- India with 13,780 UHNWIs ranks 10th globally, 2.2% share, 12% growth in 2023
- Australia holds 6,670 UHNWIs, 1.1% global, strong in APAC-Oceania
- Brazil leads Latin America with 12,200 UHNWIs, 1.9% world share in 2023
- Singapore has 9,720 UHNWIs, key wealth hub with 11.2% YoY growth
- South Africa dominates Africa with 8,100 UHNWIs, 1.3% global in 2023
- UAE counts 6,300 UHNWIs, leading Middle East with 9.8% growth
- Hong Kong has 12,540 UHNWIs, 2% global share despite 2.1% decline in 2023
- Italy's 7,890 UHNWIs grew 3.7%, 1.3% of world total in 2023
- Russia holds 4,890 UHNWIs, down 2.4% due to sanctions in 2023
- Mexico has 5,670 UHNWIs, key in Latin America with 4.8% growth
- Netherlands counts 5,430 UHNWIs, up 5.2% YoY in 2023
- South Korea's 6,120 UHNWIs grew 3.9%
- Spain has 5,010 UHNWIs, 4.1% growth in 2023
- Saudi Arabia leads Middle East growth with 10.5% rise to 4,560 UHNWIs
- Sweden's 4,210 UHNWIs up 6.3%
- Turkey counts 3,980 UHNWIs, 7.2% growth despite inflation
- Argentina has 2,340 UHNWIs, down 1.2% in 2023
- 58% of global UHNWIs reside in North America and Asia-Pacific combined in 2023
- Europe accounts for 27.5% of UHNWIs with 172,470 individuals in 2023
Geographic Distribution Interpretation
While the United States remains the undisputed heavyweight champion of the billionaire class, the global wealth game is increasingly a multi-ring circus where nations like China, India, and Switzerland are stealing the spotlight with explosive growth, quietly redrawing the map of where the world's fortunes are parked.
Investments and Lifestyle
- 65% of UHNWIs allocate 25-35% of portfolio to equities
- Real estate comprises 22% of average UHNWI portfolio, primary residence excluded
- 18% in fixed income, down from 25% pre-2022 due to rates
- Private equity holds 12% of UHNWI assets, up 3% YoY
- 41% of UHNWIs plan to increase alternative investments to 20% by 2025
- Cash and equivalents average 8% of portfolios amid volatility
- 28% own art collections worth average $25 million
- Yacht ownership among UHNWIs at 12%, average value $45 million
- 52% use family offices, average staff 45, cost $2.5m/year
- Annual luxury spending averages $1.2 million per UHNWI family
- 67% donate to philanthropy, average $5.4 million annually
- 35% allocate to impact investing, targeting ESG themes
- Private jet fractional ownership by 22% of UHNWIs
- 48% plan overseas property purchases, top Monaco, Dubai
- Cryptocurrency exposure averages 2.5% of portfolio, 15% of under-40 UHNWIs
- Wine collections held by 19%, average value $12 million
- 73% prioritize wealth preservation over growth in 2024 surveys
- Hedge funds allocation 7%, up amid market uncertainty
- 62% have cybersecurity concerns, investing average $1.8m in protection
- Classic cars owned by 14%, average collection $18 million
- Succession planning completed by 55%, focus on tax efficiency
- 29% invest in direct startups via VC, average $15m commitment
- Sustainable investments now 15% of portfolios, up 5% in 2 years
- Top relocation destinations: UAE (25%), Singapore (18%), Portugal (12%)
- 81% concerned about geopolitical risks impacting investments
- Jewelry and watches average $8 million collections for 23%
- 44% use AI tools for portfolio management
- Philanthropy foundations run by 38%, average endowment $250m
Investments and Lifestyle Interpretation
The ultra-wealthy appear to be expertly hedging against both market downturns and dinner party irrelevance, parking roughly a third of their wealth in equities while simultaneously curating a parallel fortune in yachts, art, and cybersecurity as they quietly re-route a Monaco-sized chunk of capital toward family offices, philanthropy, and geopolitical escape hatches.
Population and Growth
- In 2023, the global population of ultra-high-net-worth individuals (UHNWIs) defined as those with $30 million or more in investable assets grew by 4.2% to reach 626,600 individuals
- Between 2022 and 2023, the number of UHNWIs in North America increased by 7.6% to 188,350, representing 30% of the global total
- Asia's UHNWI population surged 8.2% in 2023 to 184,890, driven by strong equity markets in China and India
- From 2013 to 2023, global UHNWI numbers have more than doubled, growing at a compound annual growth rate (CAGR) of 7.1%
- Projections indicate the global UHNWI population will reach 745,000 by 2028, a 19% increase from 2023 levels
- In 2023, the United States hosted 248,330 UHNWIs, up 7.6% from 2022, accounting for nearly 40% of North America's total
- Europe's UHNWI count rose 3.8% to 172,470 in 2023, with Switzerland seeing the highest regional growth at 12.1%
- Middle East UHNWIs grew 8.9% to 13,540 in 2023, fueled by oil wealth and diversification
- Latin America's UHNWI population increased by 5.4% to 51,260 in 2023, led by Brazil's 6.8% rise
- Africa added 1,110 UHNWIs in 2023, a 12.3% growth, reaching 10,130 total, primarily in South Africa
- The number of UHNWIs globally with $100 million+ assets hit 34,400 in 2023, up 5%
- Centi-millionaires (those with $100m+) in the US numbered 10,660 in 2023, a 7.9% YoY increase
- Global UHNWI wealth totaled $29.4 trillion in 2023, growing 4.7% amid market volatility
- US UHNWI wealth reached $11.2 trillion in 2023, up 7.5%
- China's UHNWI population grew 4.5% to 85,340 in 2023 despite economic headwinds
- From 2020-2023, pandemic-era stimulus boosted UHNWI numbers by 12.5% globally
- Singapore's UHNWI count rose 11.2% to 9,720 in 2023, making it Asia's fastest-growing hub
- Australia's UHNWIs increased 6.4% to 6,670 in 2023, driven by mining sector booms
- Germany's UHNWI population grew 4.1% to 17,430 in 2023
- India's UHNWIs surged 12% to 13,780 in 2023, fastest in Asia ex-Singapore
- Global UHNWI growth is projected at 28% by 2033, reaching 745,000
- North America will host 35% of global UHNWIs by 2028 per forecasts
- UHNWIs aged 70+ represent 22% of global population but hold 28% of wealth
- New UHNWIs created since 2012 number over 200,000 globally
- Tech sector minted 1,200 new UHNWIs in 2023 alone
- UHNWIs under 40 grew 9.2% to 38,400 globally in 2023
- Female UHNWIs increased 6.1% to 79,500 in 2023
- UHNWIs with $1 billion+ assets numbered 2,668 in 2023, up 4.5%
- APAC UHNWI wealth grew 7.8% to $6.8 trillion in 2023
- The US added 17,800 new UHNWIs in 2023
Population and Growth Interpretation
While the rest of us fret about the price of eggs, a record-breaking, rapidly multiplying club of global wealth — now over 626,600 strong and sitting on $29.4 trillion — is proving with mathematical certainty that fortune favors the already fantastically fortunate, particularly if they're in tech, oil, or American equities.
Sources of Wealth
- Technology accounts for 32% of new UHNWIs created since 2010
- Finance and Investments represent 21% of global UHNWI wealth sources
- Real Estate is the primary source for 18% of UHNWIs worldwide
- Manufacturing and Industrials make up 15% of UHNWI origins
- Retail and Consumer goods account for 12% of UHNWIs
- Healthcare and Biotech source 8% of global UHNWIs, growing fastest at 10% YoY
- Energy and Natural Resources, including oil, represent 9% of UHNWIs
- Food and Beverage sector created 7% of UHNWIs
- Diversified sources (multiple industries) for 14% of UHNWIs
- In US, Tech sector UHNWIs number 80,000, 32% of national total
- Real Estate UHNWIs in China: 25,000, highest sectoral concentration
- Finance UHNWIs in Switzerland: 4,500, 39% of local total
- Oil and Gas created 1,200 new UHNWIs in Middle East 2022-2023
- Fashion and Luxury goods source 5% of European UHNWIs
- Logistics and Transport account for 6% globally
- Automotive sector UHNWIs declined 2% to 4,200 amid EV shift
- Media and Entertainment 4%, boosted by streaming
- Telecoms represent 3.5% of UHNWIs, stable growth
- Gambling and Casinos source 2% , prominent in Asia
- Agriculture and Timber 2.8%, growing in Brazil/Africa
- Metals and Mining 5%, key in Australia with 1,800 UHNWIs
- Software and IT services 11% of new UHNWIs post-2020
- Private Equity/Venture Capital minted 15% of US UHNWIs
- Pharmaceuticals 4.2%, accelerated by biotech boom
- Inherited wealth now only 24% vs 45% self-made in tech
- E-commerce drove 8% of Asian UHNWIs
- Construction and Engineering 7% in Middle East
- Aerospace and Defense 2.5%, steady
Sources of Wealth Interpretation
Silicon Valley's code is currently compiling the most new billionaires, but the old-money alchemy of turning dirt, deals, and drugs into gold remains a remarkably diversified global portfolio.