While the rest of the world watched their savings, a tiny, elite club of just 264,200 people saw their fortunes soar so high that they now control a staggering portion of the planet's wealth.
Key Takeaways
- In 2023, the global population of ultra-high-net-worth individuals (UHNWIs) with net worth over $30 million reached 264,200, marking a 4.2% year-on-year increase
- The United States hosts 107,500 UHNWIs as of 2023, representing 40.7% of the global total
- China saw the fastest growth in UHNWIs at 10.5% in 2023, adding 2,800 individuals to reach 28,400
- The average net worth of UHNWIs globally is $58 million in 2023
- Total wealth held by UHNWIs exceeds $34 trillion worldwide in 2023
- US UHNWIs hold $13.1 trillion, 38% of global UHNWI wealth
- 67% of UHNWIs are male, with average age 63 years old
- 42% of global UHNWIs are aged 60-69, the largest age bracket
- Women represent 33% of UHNWIs, up from 28% a decade ago
- UHNWIs allocate 29% of portfolios to equities, highest asset class
- 20% of UHNWI portfolios in real estate, averaging $11.6 million per individual
- Cash holdings average 9% of UHNWI portfolios at $5.2 million
- UHNWIs donate average $25 million lifetime to philanthropy
- 92% of UHNWIs engage in philanthropy, up from 81% in 2018
- Average annual charitable giving by UHNWIs is $4.2 million
Ultra wealthy numbers rise globally, led by strong growth in China and India.
Demographics
- 67% of UHNWIs are male, with average age 63 years old
- 42% of global UHNWIs are aged 60-69, the largest age bracket
- Women represent 33% of UHNWIs, up from 28% a decade ago
- Average age of billionaires is 66, with 86% male
- 55% of UHNWIs are first-generation wealth creators
- In the US, 28% of UHNWIs are women, highest regionally
- 71% of UHNWIs have at least one university degree
- Tech sector created 24% of new billionaires since 2014
- 19% of UHNWIs are millennials (under 43), fastest growing group
- Finance/Insurance is the top industry for 22% of UHNWIs
- 48% of UHNWIs come from entrepreneurial backgrounds
- In China, average UHNWI age is 52, youngest globally
- 37% of billionaires inherited wealth, down from 50% historically
- Real estate is primary source for 15% of UHNWIs
- 62% of UHNWIs are married, 12% divorced, 5% single
- Middle East UHNWIs average 58 years old
- 25% of UHNWIs have children succeeding them in business
- Manufacturing employs 18% of UHNWIs as primary industry
- Female UHNWIs grew 40% faster than males over last decade
- 76% of UHNWIs are white/Caucasian in US data
- Diversified sources account for 14% of UHNWI wealth origins
- Europe UHNWIs average age 65, oldest regionally
- 11% of UHNWIs are from food/beverage industry
- 83% of billionaires are self-made (score 7+ on Forbes scale)
- Asia UHNWIs 29% female, lagging US/Europe
- Retail is source for 12% of UHNWIs
- Average UHNWI has 3.2 children, per family office survey
- 22% of new UHNWIs are women entrepreneurs in tech
- 67% of UHNWIs reside in urban centers
- Industrial conglomerates source for 10% UHNWIs
Demographics Interpretation
The old guard of wealth, overwhelmingly older, male, and self-made, is seeing its dominion slowly but surely chipped away by younger, more diverse, and increasingly female entrepreneurs, especially in tech, though the demographic portrait of extreme wealth still leans heavily towards a graying patriarch.
Investment Habits
- UHNWIs allocate 29% of portfolios to equities, highest asset class
- 20% of UHNWI portfolios in real estate, averaging $11.6 million per individual
- Cash holdings average 9% of UHNWI portfolios at $5.2 million
- Private equity/mature VC is 11% of portfolios, up from 8% pre-2020
- Fixed income allocations dropped to 5% amid low yields
- 45% of UHNWIs increased art allocations in 2023
- Hedge funds comprise 7% of portfolios, stable YoY
- 61% of UHNWIs plan to increase private equity investments over 5 years
- Collectibles (art, wine, cars) total 7% of portfolios
- Gold and precious metals at 2%, preferred in uncertain times
- 34% of UHNWIs own stakes in startups/VC funds
- Real estate yield expectations at 7.2% for UHNWIs
- 52% of UHNWIs use family offices for investments
- Equities expected returns 8.5% by UHNWIs
- 23% allocate to alternatives including infrastructure
- Bitcoin/crypto at 1% average, but 15% of UHNWIs hold some
- 70% of UHNWIs diversified geographically in portfolios
- Private debt rising to 4% of portfolios
- 41% increased emerging market equities exposure
- Yacht ownership correlates with 3% portfolio in luxury assets
- 56% of family offices invest in direct private equity deals
- Sustainable/ESG investments at 12% of portfolios, up 5% YoY
- Bonds yield expectation 4.1%, lowest preference
- 28% of UHNWIs own commercial property yielding 6.8%
- Tech stocks 35% of equity holdings for UHNWIs
- 67% plan more allocations to infrastructure funds
- Average portfolio return target 7.8% net of fees
- Farmland investments 2% of portfolios, high in US UHNWIs
- 75% of UHNWIs rebalanced portfolios in 2023 due to volatility
Investment Habits Interpretation
The ultra-wealthy are playing a high-stakes, globally-diversified game of Monopoly where the utilities are startups, the railroads are private equity, and every player seems to have a secret stash of art and cash for a luxury bunker.
Philanthropy and Spending
- UHNWIs donate average $25 million lifetime to philanthropy
- 92% of UHNWIs engage in philanthropy, up from 81% in 2018
- Average annual charitable giving by UHNWIs is $4.2 million
- 85% of billionaires plan to give away most wealth during lifetime
- UHNWIs spend 15% of income on luxury goods/services annually
- Education is top philanthropy focus for 68% of UHNWIs
- Average private jet ownership costs UHNWIs $5 million yearly
- 47% of UHNWIs use private foundations for giving
- Yachts average $45 million purchase for UHNWIs
- Healthcare philanthropy prioritized by 55% of UHNWIs
- UHNWIs’ luxury real estate spend averages $28 million per property
- 66% involve next-gen in philanthropy decisions
- Annual art market spend by UHNWIs $2.5 billion collective
- 73% of UHNWIs increased giving post-COVID
- Superyacht market sales $8 billion in 2023, UHNWIs driven
- Environment/climate top rising cause, 42% allocation increase
- UHNWIs own average 4.2 homes globally
- 39% pledge over 50% wealth to charity like Giving Pledge
- Luxury watch collections average $3.1 million value
- 81% prefer impact investing over pure philanthropy
- UHNWIs’ staff/security spend $1.2 million annually average
- Poverty alleviation focus for 49% of UHNWIs
- Private education costs $150,000+ per child yearly for UHNWIs
- 54% of family offices dedicate 5-10% AUM to philanthropy
- UHNWIs spend 8% on travel/jet setting, $2.8 million average
- Arts/culture philanthropy by 37%, average $1.8 million yearly
- 62% expect heirs to continue philanthropy traditions
- Luxury car collections average 4 vehicles worth $2.5 million
- UHNWIs’ wine investments average $4.7 million portfolios
- 71% track philanthropy impact metrics
- Annual superyacht operating costs $4-8 million for owners
Philanthropy and Spending Interpretation
Even as they navigate a world of superyachts and private jets, the very wealthy are increasingly steering their fortunes toward philanthropy, proving that while luxury is a costly hobby, legacy is the ultimate investment.
Population and Distribution
- In 2023, the global population of ultra-high-net-worth individuals (UHNWIs) with net worth over $30 million reached 264,200, marking a 4.2% year-on-year increase
- The United States hosts 107,500 UHNWIs as of 2023, representing 40.7% of the global total
- China saw the fastest growth in UHNWIs at 10.5% in 2023, adding 2,800 individuals to reach 28,400
- By 2028, the global UHNWI population is projected to grow by 28.1% to 337,800
- New York City has 349,500 millionaires and 766 UHNWIs in 2023
- The Bay Area (San Francisco) ranks second globally with 305,700 millionaires and 677 UHNWIs
- UHNWIs in the Middle East grew by 11.5% in 2023, with the UAE adding 650 to total 6,400
- Europe holds 99,300 UHNWIs in 2023, or 37.6% of the global total
- Asia-Pacific region had 38,200 UHNWIs in 2023, growing at 4.8% annually
- Monaco has the highest concentration of millionaires per capita at 1 in 19 residents
- London saw an influx of 4,500 millionaire migrants in 2023, boosting its millionaire population to 272,400
- The number of centi-millionaires (over $100 million) globally reached 28,420 in 2023, up 12% from prior year
- Singapore added 1,100 UHNWIs in the past decade, reaching 9,400 in 2023
- Russia lost 1,800 UHNWIs between 2022-2023 due to geopolitical factors
- Australia’s UHNWI population grew 7.2% to 4,800 in 2023
- Tokyo has 293,800 millionaires but only 290 UHNWIs
- The global millionaire population stands at 59.4 million in 2024, up 1.2%
- Dubai attracted 3,100 millionaire migrants in 2023
- Switzerland has 910 UHNWIs, with Zurich hosting 230
- India’s UHNWIs grew 12% to 13,600 in 2023
- Miami overtook Singapore as the top city for millionaire migrants with 5,400 inflows
- Germany has 34,600 UHNWIs, second in Europe after the UK’s 37,100
- Brazil’s UHNWI population declined 2.1% to 2,900 amid economic challenges
- Hong Kong has 129,400 millionaires, ranking 5th globally
- The number of billionaires globally hit 2,781 in 2024 with $14.2 trillion wealth
- Canada’s Toronto has 105,200 millionaires and 193 UHNWIs
- Africa’s UHNWI population is just 5,200, with South Africa holding 80%
- Athens saw 1,800 millionaire outflows in 2023
- Global UHNWI growth expected at 21.1% to 2028, led by India at 50.5%
- Beijing’s millionaire population grew 16% to 127,900 in 2023
Population and Distribution Interpretation
While the wealth gap continues to resemble a geological rift, these statistics show that 2023 was a banner year for billionaires fleeing cities in distress, millionaires flocking to tax havens, and New York and the Bay Area quietly reminding everyone who still wins the old-fashioned way: by having more money than entire continents.
Wealth Levels
- The average net worth of UHNWIs globally is $58 million in 2023
- Total wealth held by UHNWIs exceeds $34 trillion worldwide in 2023
- US UHNWIs hold $13.1 trillion, 38% of global UHNWI wealth
- Centi-millionaires’ total wealth reached $6.3 trillion in 2023, up 10%
- Average billionaire net worth is $5.1 billion in 2024
- UHNWIs with $50-100 million represent 52% of the UHNWI population
- Global adult wealth totaled $454 trillion in 2023, with top 1.1% holding 45.8%
- China’s UHNWIs hold $1.7 trillion combined wealth in 2023
- Europe’s UHNWI wealth stands at $11.8 trillion
- The top 10 richest people control $1.57 trillion, 11% of billionaire wealth
- UHNWIs over $1 billion number 3,028 with $37 trillion wealth estimate
- Asia UHNWIs’ wealth grew 8.2% to $4.9 trillion in 2023
- Average UHNWI liquid assets are $25 million, per family office data
- Billionaires’ wealth grew 34% since 2020 to $14.2 trillion
- Middle East UHNWIs hold $1.2 trillion, up 12% YoY
- 41% of UHNWIs have net worth between $30-50 million
- Global millionaire wealth totals $217 trillion in 2024
- Latin America UHNWIs’ wealth is $840 billion, down 1.5%
- Top 0.1% of adults hold 11% of global wealth at $50 trillion
- UK UHNWIs hold $1.4 trillion in wealth
- UHNWIs’ real estate holdings average 20% of portfolio worth $11.6 million
- India UHNWIs’ wealth surged 20% to $945 billion
- Australia UHNWIs control $620 billion
- Russia UHNWIs’ wealth dropped 25% to $420 billion post-sanctions
- Singapore UHNWIs hold $700 billion
- 62% of billionaire wealth is self-made
- Africa UHNWIs hold $300 billion combined
- Japan UHNWIs’ wealth is $1.1 trillion, stable YoY
- 85% of UHNWIs are self-made, per 2023 survey
- Elon Musk’s net worth tops $250 billion as richest individual
- UHNW family offices manage $5.3 trillion AUM globally
- The median UHNWI net worth is $40 million in North America
Wealth Levels Interpretation
While the average global fortune among the ultra-rich is a dizzying $58 million, the reality is a staggering pyramid where, at its peak, a few thousand billionaires control wealth exceeding many nations' GDP, starkly highlighting that among the truly wealthy, being a multi-millionaire is practically considered middle class.