While a staggering $86.8 trillion flowed through the hands of the world's wealthy last year, the real story of the wealth industry is found not just in the soaring statistics, but in the seismic shifts reshaping who holds this capital and how it will move across generations and borders in the years to come.
Key Takeaways
- In 2022, the global population of high-net-worth individuals (HNWIs) defined as those with investable assets of at least USD 1 million excluding primary residence reached 22.8 million, marking a 7.6% year-over-year increase
- Global HNWI wealth totaled USD 86.8 trillion in 2022, up 7.9% from the previous year despite market volatility
- North America held 38% of global HNWI population with 7.9 million individuals in 2022
- Global UHNWIs (USD 30 million+ assets) numbered 264,200 in 2022, up 7.4%
- Total UHNW wealth reached USD 39.7 trillion in 2022 globally
- The US dominated UHNW population with 110,300 individuals in 2022
- Global wealth management assets under management (AUM) hit USD 112 trillion in 2022
- Private banks managed 45% of global AUM totaling USD 50.4 trillion in 2022
- Retail banks held 30% of AUM at USD 33.6 trillion in 2022
- Expected USD 84 trillion intergenerational wealth transfer from 2023-2048 globally
- Baby Boomers to transfer USD 53 trillion to Millennials and Gen Z in US by 2045
- Europe anticipates USD 19 trillion wealth transfer over next 20 years
- Global wealth industry revenue reached USD 1.8 trillion in 2022, up 9%
- Wealth managers’ operating margins averaged 28% in 2022 for top firms
- 68% of HNWIs switched or considered switching advisors in past 2 years
The global wealth industry grew significantly in 2022, driven by rising numbers of wealthy individuals.
AUM Metrics
- Global wealth management assets under management (AUM) hit USD 112 trillion in 2022
- Private banks managed 45% of global AUM totaling USD 50.4 trillion in 2022
- Retail banks held 30% of AUM at USD 33.6 trillion in 2022
- Independent asset managers oversaw USD 17.3 trillion or 15% of AUM in 2022
- Mass affluent segment (USD 100k-1M assets) represented 40% of AUM growth in 2022
- UHNW segment drove 25% of AUM increase to USD 28 trillion in 2022
- Europe’s wealth management AUM was USD 35 trillion in 2022, 31% of global
- North America AUM reached USD 38 trillion in 2022, leading globally
- Asia-Pacific AUM grew 12% to USD 25 trillion in 2022
- 55% of global AUM was in fixed income and cash in 2022
- Equities comprised 28% of AUM allocations totaling USD 31.4 trillion in 2022
- Alternative assets in AUM rose to USD 11.2 trillion or 10% in 2022
- Global AUM projected to reach USD 145 trillion by 2025 at 5.2% CAGR
- Fee income from AUM grew 8% to USD 1.2 trillion in 2022
- Digital platforms managed 15% of AUM or USD 16.8 trillion in 2022
- China’s AUM expanded 14% to USD 12 trillion in 2022
- Switzerland’s wealth managers oversaw USD 8.5 trillion AUM in 2022
- Singapore AUM hit USD 4.2 trillion in 2022, up 11%
- UK wealth management AUM was USD 5.1 trillion in 2022
- US robo-advisors managed USD 1.5 trillion AUM in 2022, growing 25%
AUM Metrics Interpretation
In a landscape where private banks hoard nearly half the world's $112 trillion treasure chest and cautious clients park most of their wealth in bonds and cash, the real story is a global gold rush being fueled by the mass affluent and turbocharged by digital platforms, proving that while the ultra-rich write the biggest checks, the future of wealth is being democratized one algorithm and middle-class saver at a time.
HNWI Statistics
- In 2022, the global population of high-net-worth individuals (HNWIs) defined as those with investable assets of at least USD 1 million excluding primary residence reached 22.8 million, marking a 7.6% year-over-year increase
- Global HNWI wealth totaled USD 86.8 trillion in 2022, up 7.9% from the previous year despite market volatility
- North America held 38% of global HNWI population with 7.9 million individuals in 2022
- Asia-Pacific region saw the fastest HNWI population growth at 9.3% in 2022, reaching 7.6 million HNWIs
- Europe had 6.3 million HNWIs representing 28% of the global total in 2022
- The United States alone accounted for 7.4 million HNWIs or 32% of the global population in 2022
- China’s HNWI population grew by 10.2% to 1.1 million in 2022 amid economic challenges
- In 2022, 62% of global HNWI wealth was held in equities and mutual funds
- Latin America’s HNWI numbers increased by 5.4% to 700,000 in 2022
- Middle East and Africa combined had 640,000 HNWIs in 2022, up 4.1%
- Japan’s HNWI population stood at 3.4 million in 2022, second largest in Asia-Pacific
- Global HNWI wealth grew by USD 6.4 trillion in 2022 to reach USD 86.8 trillion
- Women represented 11.3% of global HNWIs in 2022
- India’s HNWI population surged 12.1% to 850,000 in 2022
- Australia had 450,000 HNWIs in 2022, growing at 6.8%
- UK HNWIs numbered 950,000 in 2022, up 3.2%
- Germany’s HNWI count was 1.4 million in 2022
- France had 950,000 HNWIs in 2022, stable growth
- Canada’s HNWI population reached 500,000 in 2022, up 5.9%
- Brazil led Latin America with 220,000 HNWIs in 2022
- South Africa had 38,000 HNWIs in 2022, growing 4.5%
- Singapore’s HNWI numbers hit 300,000 in 2022, up 8.7%
- Switzerland hosted 950,000 HNWIs in 2022
- Hong Kong had 140,000 HNWIs in 2022
- Saudi Arabia’s HNWI population grew to 95,000 in 2022, up 6.2%
HNWI Statistics Interpretation
Despite market turbulence proving no match for their fortunes, 2022 saw a global millionaire club of nearly 23 million swell with enough wealth to solve numerous world problems, though their $86.8 trillion portfolio still remains glaringly light on both geographic and gender diversity.
Industry Trends
- Global wealth industry revenue reached USD 1.8 trillion in 2022, up 9%
- Wealth managers’ operating margins averaged 28% in 2022 for top firms
- 68% of HNWIs switched or considered switching advisors in past 2 years
- Sustainable investing AUM hit USD 18 trillion in wealth industry 2022
- Robo-advisory AUM grew 30% YoY to USD 2.5 trillion globally in 2022
- Number of single-family offices worldwide reached 7,500 in 2022
- Private equity allocations by wealth clients rose to 15% of portfolios in 2022
- Digital tools adopted by 85% of wealth firms for client engagement in 2023
- Asia wealth management headcount grew 12% in 2022 to 450,000
- Cost-income ratio for wealth managers improved to 65% in 2022
- 92% of next-gen investors prioritize ESG factors in investments 2023
- Global family office AUM totaled USD 5.8 trillion in 2022
- Wealthtech funding reached USD 12 billion in 2022 across startups
- 40% of wealth advisors are over 55 years old, facing retirement wave
- Hybrid advisory models captured 35% market share in 2022
Industry Trends Interpretation
Despite enjoying fat margins and a massive revenue stream, the wealth industry is nervously sweating through its silk shirt as clients, technology, and the next generation demand radical change, proving that even in a trillion-dollar game, you can't just sit on your pile of money.
UHNW Statistics
- Global UHNWIs (USD 30 million+ assets) numbered 264,200 in 2022, up 7.4%
- Total UHNW wealth reached USD 39.7 trillion in 2022 globally
- The US dominated UHNW population with 110,300 individuals in 2022
- China had 42,800 UHNWIs in 2022, second highest globally
- UHNWIs in the Middle East grew 8.1% to 12,500 in 2022
- Europe’s UHNW population was 80,200 in 2022, holding 25% of global UHNW wealth
- Asia-Pacific UHNWIs totaled 68,400 in 2022, up 9.2%
- UHNW real estate investment averaged USD 25 million per property purchase in 2022
- 42% of UHNWIs planned to increase private equity allocations in 2023
- Global UHNWIs expected 5.1% wealth growth in 2023
- India’s UHNWIs grew 12% to 13,000 in 2022
- UK had 9,800 UHNWIs in 2022
- Germany’s UHNW population was 7,200 in 2022, up 6.5%
- Switzerland hosted 4,900 UHNWIs in 2022
- Australia’s UHNWIs numbered 2,800 in 2022, growing 7.8%
- Brazil had 2,500 UHNWIs in 2022
- Russia’s UHNWIs stood at 2,900 despite sanctions in 2022
- UAE saw UHNWIs grow 10.2% to 4,500 in 2022
- Singapore had 3,100 UHNWIs in 2022
- Japan’s UHNW population was 6,200 in 2022
- France counted 5,600 UHNWIs in 2022
- Canada had 3,900 UHNWIs in 2022, up 5.4%
- South Korea’s UHNWIs reached 2,800 in 2022
- Italy had 3,200 UHNWIs in 2022
UHNW Statistics Interpretation
While the world wrestles with economic headwinds, a growing, globe-trotting club of ultra-rich individuals—concentrated in the U.S. but booming in Asia and the Middle East—is quietly amassing a staggering $40 trillion fortune and plotting its next move into private equity and palatial real estate.
Wealth Transfer
- Expected USD 84 trillion intergenerational wealth transfer from 2023-2048 globally
- Baby Boomers to transfer USD 53 trillion to Millennials and Gen Z in US by 2045
- Europe anticipates USD 19 trillion wealth transfer over next 20 years
- Asia-Pacific great wealth transfer estimated at USD 12 trillion by 2030
- 51% of UHNWIs plan to transfer wealth within 5 years
- Only 28% of HNWIs have fully documented succession plans in place as of 2023
- US Millennials expected to inherit USD 12 trillion from parents by 2030
- China’s wealth transfer to next generation projected USD 5.5 trillion by 2027
- 70% of wealthy families lose wealth by second generation, 90% by third
- Global family offices managing transferred wealth grew to 10,000 in 2023
- UK great wealth transfer forecasted at GBP 5.7 trillion over 30 years
- India’s intergenerational transfer to hit USD 2.4 trillion by 2040
- 43% of HNWIs cite tax planning as top transfer concern in 2023
- France expects EUR 15 trillion wealth handover by 2050
- Australia’s Boomer wealth transfer USD 3.5 trillion over next 20 years
- 65% of next-gen heirs lack financial literacy per 2023 surveys
- Germany’s wealth transfer projected EUR 3.2 trillion by 2035
- Brazil anticipates USD 700 billion transfer by 2030
- Singapore families to transfer SGD 1.2 trillion by 2030
- Canada’s intergenerational shift USD 1 trillion by 2028
- 75% of UHNW parents want children involved in philanthropy post-transfer
Wealth Transfer Interpretation
The world's wealth is undergoing history's largest game of financial hot potato, with trillions on the move and a sobering number of players utterly unprepared to catch it.
Sources & References
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