People walk past the New York Stock Exchange (NYSE) in New York City on June 18, 2024.
Spencer Pratt | Getty Images
A new report shows that by 2023, the number of people worldwide worth $30 million or more will increase by 8%, with most of the growth coming from the United States.
According to Altrata’s 2024 World Ultra Wealth Report, there are currently 426,330 people with assets of $30 million or more, known as ultra-high net worth (UHNW) individuals. billion, mainly due to the rebound in the stock market at the end of the year.
In the United States, the ultra-high-net-worth population grew by 13% to 147,950, meaning the United States now accounts for one-third of the world’s ultra-high-net-worth population.
The report said that in the next five years, the ultra-high net worth population is expected to increase by 38% to 587,650 people. According to the report, their combined wealth will increase by $19 trillion, creating huge new opportunities for companies that cater to the ultra-rich.
“The market for personal luxury goods and lifestyle services is expanding rapidly, driven by the increasingly diverse interests and needs of the global ultra-high net worth population,” the report states. “Similar trends are emerging in high-end real estate around the world, with the first With the surge in generational wealth, people are paying more and more attention to family wealth transfer planning and inheritance.”
According to the report, luxury spending by the ultra-rich will reach US$118 billion in 2023, accounting for approximately one-third of global luxury spending. They have $38 trillion in investable assets (about one-third of total assets) and $190 billion in charitable giving, accounting for 38% of all philanthropy.
New York has the world’s largest population of people worth $30 million or more, with 16,630 people. Hong Kong ranked second with 12,546, followed by Los Angeles (8,955) and Tokyo (6,445).
Anticipated interest rate cuts and emerging growth industries are likely to continue to drive ultra-high net worth wealth creation this year and next, the report said.
“New and diverse opportunities will emerge for wealth creation and asset diversification,” the report said. “These will be underpinned by structural trends such as the green energy transition, digital advancements, expanded industrial incentives, emerging market Urbanization and female labor force participation, ‘premiumisation’ of consumption and expanding adoption of generative artificial intelligence.
