While the world watches economic headlines with caution, an exclusive club of over 600,000 ultra-wealthy individuals grew their ranks by more than 4% last year, amassing a staggering $33.7 trillion in wealth and rewriting the rules of global prosperity.
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
- The number of UHNWIs worldwide increased from 603,000 in 2022 to 626,600 in 2023, marking a 3.9% year-over-year growth driven by equity market gains
- By the end of 2023, there were approximately 2,678 billionaires globally, representing the top tier of UHNWIs, up 2% from 2022
- Total global UHNWI wealth reached $33.7 trillion in 2023, up 4.7% YoY
- Average UHNWI net worth globally was $52.4 million in 2023 for those with $30M+
- Billionaire wealth totaled $12.2 trillion in 2024, up 9% from prior year
- The United States hosts 37% of the world's UHNWIs with 225,000 individuals in 2023
- China ranks second with 11% of global UHNWIs at 90,200 in 2023
- Japan has 5.2% of UHNWIs globally, totaling 32,400 in 2023
- 32% of UHNWIs are self-made, with average age 51 globally in 2023
- Male UHNWIs constitute 89% of the global population in 2023
- Average age of UHNWIs worldwide is 63 years old in 2023
- Financial services sector created 32% of UHNWI wealth globally in 2023
- Technology industry accounts for 22% of UHNWI wealth, highest growth at 12% YoY
- Real estate contributes 18% to UHNWI portfolios worldwide in 2023
The global population of ultra wealthy individuals grew significantly in 2023, with strong regional growth in Asia and the Middle East.
Demographic Profiles
- 32% of UHNWIs are self-made, with average age 51 globally in 2023
- Male UHNWIs constitute 89% of the global population in 2023
- Average age of UHNWIs worldwide is 63 years old in 2023
- 28% of UHNWIs are women, holding 15% of total UHNWI wealth in 2023
- Millennials (under 43) represent 7% of UHNWIs but growing at 8.5% annually
- 45% of UHNWIs are first-generation wealthy, self-made in 2023
- Average UHNWI family size is 3.2 members globally
- 62% of UHNWIs have at least one university degree in 2023
- US UHNWIs average age 62, with 92% male dominance
- Chinese UHNWIs average age 52, youngest major market
- 15% of UHNWIs are under 50 years old globally in 2023
- Female billionaires number 337 in 2024, 13% of total
- 71% of UHNWIs are married, 12% divorced in 2023 survey
- European UHNWIs average age 66, 87% male
- 22% of UHNWIs have children studying abroad
- Indian UHNWIs 85% male, average age 58 in 2023
- 38% of UHNWIs are entrepreneurs/ founders
- UHNWIs with $100M+ average 3.4 heirs per family
- 55% of UHNWIs prioritize philanthropy, higher among females at 68%
- Average UHNWI has 2.1 residences globally in 2023
- 67% of UHNWIs are college-educated, 18% Ivy League
- Self-made UHNWIs average age 57 vs 69 for inherited
- 14% of UHNWIs are second-generation inheritors
- UAE UHNWIs 78% male, diverse nationalities 52%
- 41% of tech UHNWIs under 50, skewing younger
- 76% of UHNWIs are business owners or executives
Demographic Profiles Interpretation
The ultra-wealthy club remains a strikingly uniform, late-middle-aged gentlemen's party, where a few younger, self-made newcomers are crashing the gates while women are still vastly under-represented, holding a disproportionately small slice of the pie.
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
- The number of UHNWIs worldwide increased from 603,000 in 2022 to 626,600 in 2023, marking a 3.9% year-over-year growth driven by equity market gains
- By the end of 2023, there were approximately 2,678 billionaires globally, representing the top tier of UHNWIs, up 2% from 2022
- The UHNWI population in North America grew by 4.6% in 2023 to 225,000 individuals with $30M+ assets
- Asia-Pacific saw a 5.1% increase in UHNWIs to 180,300 in 2023, fueled by tech and real estate booms
- Europe's UHNWI count rose 3.3% to 174,500 in 2023 despite economic headwinds
- Projections indicate the global UHNWI population will reach 745,000 by 2028, a 19% increase from 2023 levels
- From 2013 to 2023, the UHNWI population grew at a compound annual growth rate (CAGR) of 4.5%
- In 2024 forecasts, UHNWIs are expected to grow by 28.1% globally over the next five years to 801,000
- The Middle East's UHNWI population surged 8.9% to 12,400 in 2023, led by UAE and Saudi Arabia
- Latin America's UHNWIs numbered 45,200 in 2023, up 2.8% YoY
- Africa had 4,300 UHNWIs in 2023, growing 3.2% amid resource sector gains
- US UHNWIs increased to 116,300 in 2023, a 4.7% rise
- China's UHNWI population hit 90,200 in 2023, up 4.3%
- India's UHNWIs grew 12% to 13,800 in 2023, fastest in Asia
- Between 2022 and 2023, 34,000 new UHNWIs were created globally
- The global millionaire population (subset leading to UHNW) grew 5.1% to 59.4 million in 2023
- UHNWIs aged 30-39 grew 6.2% in 2023, signaling younger wealth creation
- Female UHNWIs increased by 5.8% globally to 85,400 in 2023
- By 2025, UHNWIs projected to reach 650,000 worldwide
- Singapore's UHNWI population grew 8% to 9,400 in 2023
- Australia's UHNWIs rose 4.1% to 12,300 in 2023
- Japan's UHNWI count was stable at 11,200 in 2023, up 0.9%
- Germany's UHNWIs numbered 28,400 in 2023, +3.6%
- France had 24,600 UHNWIs in 2023, growth of 2.9%
- UK UHNWIs at 23,500 in 2023, +4.0%
- Brazil's UHNWIs grew 3.5% to 11,200 in 2023
- Russia's UHNWI population fell 1.2% to 4,800 in 2023 due to sanctions
- South Africa's UHNWIs increased 4.5% to 2,100 in 2023
- Global UHNWI growth rate averaged 5.3% annually from 2018-2023
Population and Growth Interpretation
The 3.9% global uptick in ultra-wealthy individuals last year demonstrates that, while the masses fret over inflation, a very exclusive club quietly added 34,000 new members whose primary concern was how to park their equity market gains.
Regional and Country Distribution
- The United States hosts 37% of the world's UHNWIs with 225,000 individuals in 2023
- China ranks second with 11% of global UHNWIs at 90,200 in 2023
- Japan has 5.2% of UHNWIs globally, totaling 32,400 in 2023
- Germany holds 4.8% with 29,800 UHNWIs in 2023
- Switzerland has 3.9% or 24,200 UHNWIs in 2023
- UK accounts for 3.7% with 23,100 UHNWIs
- France with 3.5% or 21,700 UHNWIs in 2023
- Canada 3.2% share, 20,100 UHNWIs
- Australia 2.8%, 17,500 UHNWIs in 2023
- India 2.1%, 12,900 UHNWIs, fastest growing
- Italy 2.0%, 12,500 UHNWIs in 2023
- Brazil 1.8%, 11,200 UHNWIs
- Hong Kong 1.7%, 10,600 UHNWIs in 2023
- Singapore 1.5%, 9,400 UHNWIs
- Netherlands 1.4%, 8,700 UHNWIs
- UAE 1.2%, 7,500 UHNWIs in 2023
- South Korea 1.1%, 6,900 UHNWIs
- Spain 1.0%, 6,200 UHNWIs
- Mexico 0.9%, 5,600 UHNWIs in 2023
- Sweden 0.8%, 5,000 UHNWIs
- Saudi Arabia 0.7%, 4,400 UHNWIs growing fast
- Russia 0.6%, 3,800 UHNWIs post-sanctions
- Switzerland attracted 1,200 UHNWI migrants in 2023
- UAE saw 3,500 UHNWI inflows in 2023, 82% growth
- Singapore gained 2,100 UHNWIs via migration in 2023
- 58% of global UHNWIs reside in North America and Asia-Pacific combined in 2023
Regional and Country Distribution Interpretation
While the U.S. continues to comfortably bank the world's ultra-wealthy in its gilded cage, the real global action is in the frantic shuffling of golden tickets to Switzerland, the UAE, and Singapore.
Wealth Sources and Industries
- Financial services sector created 32% of UHNWI wealth globally in 2023
- Technology industry accounts for 22% of UHNWI wealth, highest growth at 12% YoY
- Real estate contributes 18% to UHNWI portfolios worldwide in 2023
- Manufacturing/industrials make up 14% of UHNWI wealth sources
- Healthcare/pharma sector 9% of UHNWI wealth in 2023
- Consumer/retail 8% share of global UHNWI wealth
- Energy/resources 7%, boosted by oil prices in 2023
- Diversified/conglomerates 6% of UHNWI wealth
- US UHNWIs 28% from tech, 19% finance in 2023
- China UHNWIs 35% real estate, 21% manufacturing
- 52% of new UHNWI wealth from tech and finance in 2023
- Europe UHNWIs 25% industrials, 16% consumer
- India UHNWIs 29% diversified, 18% tech
- Middle East 42% energy, 15% real estate in 2023
- Brazil UHNWIs 31% resources, 22% finance
- Food/agribusiness 5% global UHNWI wealth share
- Media/telecom 4%, growing with digital
- Transport/logistics 3% of UHNWI wealth
- 67% of billionaire wealth from self-made business sources
- Tech unicorns created 15,200 new UHNWIs since 2018
- Real estate investments yield 7.2% for UHNWIs avg return 2023
- Finance sector UHNWIs invest 35% back into private equity
- 24% of UHNWIs have primary wealth from inheritance adjusted businesses
- Healthcare biotech boom added $450B to UHNWI wealth in 2023
- Luxury goods/retail UHNWIs grew 6.3% wealth in 2023
Wealth Sources and Industries Interpretation
In the grand casino of global wealth, finance and tech are still holding the hottest hands, but the high-rollers' table is now crowded with self-made industrialists, biotech mavericks, and real estate magnates, each betting big on their own version of the future.
Wealth Totals and Averages
- Total global UHNWI wealth reached $33.7 trillion in 2023, up 4.7% YoY
- Average UHNWI net worth globally was $52.4 million in 2023 for those with $30M+
- Billionaire wealth totaled $12.2 trillion in 2024, up 9% from prior year
- US UHNWIs hold $14.5 trillion in wealth, 43% of global total in 2023
- Asia-Pacific UHNWI wealth grew 7.2% to $8.9 trillion in 2023
- European UHNWIs' wealth stood at $7.2 trillion in 2023, +3.1%
- The top 1% of UHNWIs control 45% of all UHNWI wealth globally
- Median UHNWI wealth globally is $38.2 million in 2023
- Middle East UHNWI wealth surged 11.2% to $1.1 trillion in 2023
- Latin America UHNWI wealth at $1.8 trillion, up 3.4% in 2023
- African UHNWIs hold $220 billion in 2023, +4.1%
- Chinese UHNWIs' wealth totaled $4.7 trillion in 2023
- Average US UHNWI wealth is $68.3 million in 2023
- Indian UHNWIs average $45.1 million net worth in 2023
- Global UHNWI wealth CAGR 2013-2023 was 5.8%
- Projections: Global UHNWI wealth to $45 trillion by 2028
- Singapore UHNWIs hold $490 billion, average $52M in 2023
- Australian UHNWI wealth $650 billion in 2023
- Japanese UHNWIs' total wealth $580 billion, average $51.8M
- German UHNWIs wealth $1.5 trillion in 2023
- French UHNWIs hold $1.3 trillion, average $52.8M in 2023
- UK UHNWI wealth $1.2 trillion in 2023
- Brazilian UHNWIs wealth $480 billion, up 4.2%
- South African UHNWI wealth $110 billion in 2023
- Top 25 UHNWIs hold $1.8 trillion combined in 2024
- UHNWIs allocate 28% of portfolios to equities on average globally in 2023
Wealth Totals and Averages Interpretation
While the world frets over billion-dollar deficits, a tiny, glittering fraction of humanity is quietly running a parallel economy worth tens of trillions, where even the ‘average’ multimillionaire feels merely middle-class.
Sources & References
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- Reference 7HURUNhurun.netVisit source
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