The global population of ultra-high-net worth individuals, those worth $30 million or more, increased by 8% in 2023, with the U.S. accounting for a third of this population. The total wealth of these individuals rose by 7% to $49 trillion, driven by a year-end stock rally. Over the next five years, the UHNW population is expected to grow by 38% to 587,650. This growth presents new opportunities for companies catering to the ultra-wealthy, as the market for personal luxury goods and lifestyle services expands rapidly.
The ultra-wealthy are significant contributors to luxury spending, investable assets, and philanthropy, making up a sizable portion of each category globally. New York has the largest population of people worth $30 million or more, followed by Hong Kong, Los Angeles, and Tokyo. The report expects interest rate cuts and emerging growth industries to continue fueling UHNW wealth creation in the coming years.
Structural trends such as the green-energy transition, advances in digitalization, and broader adoption of generative AI are anticipated to drive future wealth generation and asset diversification. Overall, the report highlights the growing influence and impact of the ultra-wealthy on global economies and markets.
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