LTRT

WorldUltraWealthReport2024

Thoughtleadership

WorldUltraWealthReport2024

LTRT

BrianAlster

ChiefExecutiveOfficer

JeffWender

ChiefRevenueOfficer

ManuelBianchi

SeniorVicePresidentandGlobalHeadofSales

AmandaCifone

SeniorMarketingDirector

Leadauthors

MayaImberg

SeniorDirector,HeadofThoughtLeadershipandAnalytics

MaeenShaban

DirectorofResearchandAnalytics

Design

StephanieWarburton

DirectorofVisualCommunications

DawnLastre

VisualCommunicationsSpecialist

?DelinianLimitedanditsaffiliatedcompanies.July2024.

Thispublicationisforyourinformationonlyandisnotintendedasanoffer,orasolicitationofanoffer,tobuyorsellanyproductorotherspecificservice.Allinformationandopinionsindicatedaresubjecttochangewithoutnotice.

Contents

01

Executivesummary1

02

Introduction2

03

Awealthtierofinfluence3

04

Theultrawealthyin20236

05

Regional,countryandcityperformance8

06

Lookingahead15

07

Methodology19

08

AboutAltrata20

Altrata|WorldUltraWealthReport2024

01

Executivesummary

>

>

>

In2023,theglobalultrahighnetworth

(UHNW)populationincreasedby7.6%toahighof426,330individuals.Thismarkedastrongreboundfromthepreviousyear’sdeclineandmeansthisexclusivegroupis

morethan20%largerthanitwasfiveyearsago.Thoughlargelysluggish,economic

growthwasmoreresilientthanexpected.Wealthportfolioswerebolsteredprimarilybyalate-yearrallyinglobalequities,

increasingtheUHNWpopulation’stotalnetworthby7.1%to$49.2trn.

TheUSposteddouble-digitgrowthin

UHNWnumbers,whilesecond-ranked

Chinarecordedasecondconsecutive

annualfall.TheUS,hometojustoverathirdoftheglobalUHNWclass,recordeda13%

riseinitsultrawealthypopulationto147,950individuals.Therewassimilargrowthof

UHNWnumbersinthird-rankedGermany.

Incontrast,China’sUHNWnumbersfellby1%,reflectingarelativelysluggisheconomyandadeepeningreal-estatedownturn

(HongKong’sUHNWnumbersalsofollowedthistrend).However,Asia’sotherleading

wealthmarketsofJapanandIndiaenjoyedrobustgrowth.

Threeofthetop10fastest-growingUHNWcitiesoverthenextfiveyearswillbein

India.Reflectingthecountry’sstatusasoneoftheworld’sfastest-growingeconomies,theUHNWpopulationinBengaluru,

HyderabadandDelhiareallexpectedto

growatanannualaveragerateof14-16%.

ManilainthePhilippinesandKualaLumpurinMalaysiaalsoentertheranksofthetop10fastest-growingUHNWcities.

>

>

>

GrowthinNorthAmericaoutpacedthatin

EuropeandespeciallyAsia.Theultrawealthypopulationintheworld’sleadingultrawealthregionincreasedby11.9%in2023to161,280

individuals,raisingNorthAmerica’sglobal

shareto37.8%.Europerecordedabove-

averagegrowthof9.4%incontrasttoAsia,

whichgrewbyunder3%to110,630individuals,reflectingtheregion’sgeneralgrowthsettlingatalevelbelowitspre-pandemictrend.This

alsoledtoEuroperegainingitsstatusasthesecond-largestultrawealthregionforthefirsttimesince2019.

Theglobalultrawealthypopulationwillexpandacrossallregionsoverthenext

fiveyears.Despitecontinuingvolatility

anduncertainty,weforecasttheglobal

ultrawealthypopulationtototal587,650individualsby2028andaccountforan

additional$19trnofnewlycreatedwealth.

NorthAmericawillcontinuetoaccountfor

thelargestregionalshareoftheglobalUHNW

population,risingslightlyto39%.Asia’s

catch-upprocesshaslargelyplayedout,andtheregion’ssharewillincreaseonlyslightly

by1%to27%in2028.Europe’sshareofthe

globaltotalwillcontinuetodeclineslightly,to25%by2028,downfrom28%in2019.

Theworld’smajorcitieswillbean

increasinglyimportantbaseforwealth

generation.By2028,weforecastthatalmost42%oftheultrawealthyclasswillbebasedinoneofthetop50UHNWcities,upfrom38%in2015.Therankingofthe10largestUHNW

citiesisexpectedtochangelittle,withNewYork,HongKong,LosAngelesandTokyostilltoppingthetable.

Altrata|WorldUltraWealthReport2024|1

02

Introduction

Altrata’slatestWorldUltraWealthReport–the12thpoweredbyWealth-Xdata–providesour

comprehensiveanalysisoftheglobalultrahighnetworth(UHNW)population.Thisexclusivegroupof

wealthyindividuals,eachwithanetworthinexcessof$30m,hasgrownsteadilyinsizeandinfluence

overthepastdecade.Theircollectivewealthnowtotalsanimmense$49trn—morethanthecombinedGDPoftheUSandChineseeconomies.

Thisyear’seditionfocusesontheoverallultrawealthylandscape,presentingadetailedoverviewoftheUHNWpopulationin2023anditssignificanceamongtheglobalrich.Itassessestheimpactofrecentdevelopmentsinworldmarketsontheultrawealthyclassandtheoutlookforwealthgeneration.

2023wasanotherturbulentyearfortheglobaleconomywithcomplexgeopolitics,regionalconflicts,avolatileclimateandpolicyindecision.Againstthisbackdrop,mostwealthmarketsreboundedfromthepainfullossesof2022,withinvestorenthusiasmforgenerativeartificialintelligenceandtheprospect

ofmonetaryeasingbyglobalcentralbanksdeliveringalate-yearboosttomarketsentimentandequityreturns.Inthisreport,weexamineindetailtheeffectsacrosstheglobalUHNWclassandthechangesincumulativenetworth,highlightingthekeydriversandregionalwealthtrends,rankingtheleadingultrawealthycountriesandcities,andpresentingourupdatedfive-yearforecastfortheUHNWpopulation.

Wealth-X’scomprehensivedatabaseonthewealthyanditsdetailedWealthandInvestableAssetsModelprovideunrivaledinsightintotheworld’sUHNWpopulation,itscharacteristicsandthe

constantlychanginglandscapeofwealthcreation,makingitanessentialresourceforanyorganizationlookingtoprospectforandengagewithindividualsinthisexclusivedemographic.

Keydefinitions

Ultrahighnetworth(UHNW)individuals

Thosewithanetworthof$30m+(alsoreferredtoasthe“ultrawealthy”).

Veryhighnetworth(VHNW)individuals

Thosewithanetworthof$5m-$30m.

Altrata|WorldUltraWealthReport2024|2

03

Awealthtier

ofinfluence

Theultrawealthyholdanoutsizedproportionofwealth

In2023,theglobalpopulationofhighnetworth(HNW)individuals,eachwithwealthinexcessof

$1m,totaledanestimated38.1millionindividuals.Withinthiswealthypopulation,theultrawealthy

classof426,330individualsisahighlyexclusivesegment,representingjust1.1%oftheHNWcohortbutholdingasubstantiallylargershareofwealth.At$49.2trnin2023,thecollectivenetworthoftheUHNWpopulationaccountedfor32%ofwealthheldbyallHNWindividuals.

Ourdata(goingbackto2004)showsthattheultrawealthyhaveaccountedforaremarkablystable

shareoftheglobalHNWpopulationanditscombinednetworthoverthepasttwodecades.The

shareoftheultrawealthypopulationhasremainedatjustabove1%,whiletheproportionoftotalHNWwealthheldbytheUHNWclasshasheldfairlysteadywithinanarrow32-35%range.

Thewealthybytier

Globalpopulationandwealthbymajorwealthtierin2023

Wealthtier

426,330

3,974,460

UHNW($30m+)

VHNW($5m-$30m)

$49,159bn

$1m-$5m

$39,491bn

33,685,090

$63,001bn

PopulationWealth

Source:Wealth-X,anAltratacompany,2024

Theultrawealthycomprise1%oftheglobalmillionaire population,yethold32%ofthisgroup’stotalwealth.

Altrata|WorldUltraWealthReport2024|3

Awealthtierofinfluence

Thisimmensestockofwealthgivestheultrawealthythecapacitytowieldconsiderableinfluenceonall

facetsofsociety–frompoliticsandeconomics

totechnologyandhealthcare–andtheyareof

particularimportancetoorganizationsinvolvedintheluxury,wealthmanagementandphilanthropicsectors,amongmanyothers.

Theultrawealthypopulationhasgrownstronglyoverthepastdecade,andsohavethemany

industriesthatcaterspecificallytothesuperrich.

Themarketforpersonalluxurygoodsandlifestyleserviceshasexpandedrapidly,drivenbythemorevariedinterestsanddemandsofaprogressively

diverseglobalUHNWpopulation.Therehasbeen

asimilartrendacrosshigh-endrealestatearoundtheworld,alongsideanincreasingfocusonfamilywealthtransferplanningandlegacytransitionamidasurgeinfirst-generationwealth.

TheUHNWclassisverymuchthemainclientele

forfinancialservices,primebrokerageandasset

managementcompanies,whetherdirectlyor

viafamilyoffices.Thisgroupalsoaccountsfora

prominentandgrowingshareofglobalindividual

givingtophilanthropicorganizations,withpersonal

donationsbytheultrawealthyestimatedatasubstantial$190bnin2022.

Globally,theultrawealthyaccountfor:

$118bn

ofpersonalluxurygoodsspend,

equivalentto30%ofthetotalspend1

$190bn

ofphilanthropic

donations,equivalentto38%ofallgiving

byindividuals2

$38trn

ofinvestableassets,equivalentto32%ofglobalassetsundermanagement(AUM)3

Source:Wealth-X(anAltratacompany).EstimatesusingWealth-Xdataand

Bain/AltagammaforoverallluxurygoodsspendandBostonConsultingGroupforoverallAUM.

1Refersto2023data.Source:Wealth-X(anAltratacompany).BasedonestimatesusingWealth-XdataandBain/Altagamma.

2Refersto2022data.Source:Wealth-X,anAltratacompany.Forfurtherinformation,seeAltrata’sUltraHighNetWorthPhilanthropy2024report.

3Refersto2023data.Source:Wealth-X(anAltratacompany).BasedonestimatesusingWealth-XdataandBostonConsultingGroup.

Altrata|WorldUltraWealthReport2024|4

Awealthtierofinfluence

Unevenwealthdistribution

Theunevennatureoftheglobaldistributionofwealthisalsoevidentamongtheworld’srichestindividuals.Almost80%oftheglobalultrawealthyclasshaveanetworthofbetween$30mand

$100m,inlinewiththegeneraltrendofalargeshareofthecohort’spopulationfallingwithinthe

“l(fā)ower”wealthtiers.Thisishighlightedbyanestimatedmedianwealthlevelof$51macrosstheUHNWclass,whichcompareswithamuchhigheraveragelevelof$115m.

Thoseindividualswithanetworthof$100mto$1bncomprisejustunderafifthoftheultrawealthy

population,andholdstockofwealthbroadlysimilartothoseinthe$30mto$100mcohort.Attheverytopofthewealthpyramid,thebillionaireclassrepresentsjust0.8%oftheglobalUHNWpopulation,

yetitholds24%ofallultrawealth.

Theultrawealthybytier

GlobalUHNWpopulationandwealthbywealthtierin2023

Wealthtier

$1bn+*

$500m-$1bn

$100m-$500m

$30m-$100m

335,460

3,194

$11,107bn

$5,153bn

$15,284bn

$16,743bn

80,230

7,198

PopulationWealth

*Billionairepopulationandwealthdatareflectthosefrom2022,aspresentedinourBillionaireCensus2023.Source:Wealth-X,anAltratacompany,2024

Almost80%ofultrawealthyindividualshave anetworthofbetween$30mand$100m.

Altrata|WorldUltraWealthReport2024|5

04

Theultrawealthyin2023

Surpassingexpectations–astrongreboundinUHNWwealth

In2023,theglobalUHNWpopulationincreasedby7.6%toahighof426,330individuals,marking

astrongreboundfromthepreviousyear’sdecline.Wealthportfolioswerebolsteredprimarilybya

late-yearrallyinglobalequities,ledbydevelopedmarkets.Economicgrowthwasgenerallysluggish–constrainedbyhighinflation,tightmonetarypolicy,cost-of-livingpressuresandgeopoliticalconflict–but,nevertheless,itwasmoreresilientthanexpected.Asrecessionfearseasedandglobalinflationlessened,theprospectofcentralbankinterestratecutslifted“risk-on”sentimentinmostasset

classes.Amidgrowingoptimismofasoftlandingfortheworldeconomy,thetotalnetworthoftheUHNWpopulationincreasedby7.1%to$49.2trnin2023.

Thisshiftininvestorexpectationsoverthecourseoftheyearwasreflectedincontrastingsector

returns,withthepatternlargelyareverseof2022.Thestrongestequitygainswereintechnology,financialservicesandconsumerproducts,whichoutperformedmoredefensivesectorssuchas

healthcare,utilitiesandenergy.Travelandtourismcontinueditspost-pandemicrecovery,whereashigherinterestratesweighedonreal-estateactivityandcorporatetransactions.Fixed-income

marketsgenerallyshowedmarginalpositivereturns,aftertwoyearsofdecline,whilehigh-volatilitycryptoassetsralliedstronglyaftertheir2022slump.Theglobalbackdropforwealthmarkets

remainedturbulentgiventheincreasinglycomplexgeopoliticsshapedbyRussia’sinvasionofUkraine,deepeningrivalrybetweenChinaandthewest,anewIsrael-Hamaswar,wideningtraderestrictions

andongoingtechnologicalandclimatedisruption.

Theglobaleconomyataglance

Selectglobalindicatorsfor2023

(year-on-yearchange)

3.2%

RealGDPgrowth

4.6%

Advancedeconomies

8.3%

Emergingand

developingeconomies

Consumerpriceinflation

24%

US$terms

MSCIWorldEquityIndex

-18%

Oilprice

(US$/barrel)

S

-16%-30%

TransactionsCapitalraised

IPOactivity

Sources:InternationalMonetaryFund,WorldEconomicOutlook,April2024;MorganStanleyCapitalInternational(MSCI);PwCGlobalIPOWatch2023;WestTexasIntermediate(WTI)crudeoil.

Altrata|WorldUltraWealthReport2024|6

Theultrawealthyin2023

Theultrawealthyacrosstheglobe

%

GlobalUHNWpopulationin2023

oftheworld’s

UHNWpopulation

426,330

TotalUHNWpopulation

7.6%

Changeinpopulationfrom2022

Europe

Asia

25.9%

NorthAmerica

111,54026.2%

9.4%

只110,630

2.7%

161,280

11.9%

MiddleEast

19,480

↓-5.7%4.6%

37.8%

LatinAmericaandtheCaribbean

Africa

13,99018.2%3.3%

Pacific

2,710↓-10.3%0.6%

●

1.6%

只6,700

0.1%

%

GlobalUHNWwealthin2023

$49,159bn

$

oftheworld’sUHNWwealth

TotalUHNWwealth

7.1%

Changeinwealthfrom2022

NorthAmerica

Europe

25.1%

Asia

$$12,920bn26.3%

8.8%

$$12,343bn

2.1%

$$18,586bn

11.7%

MiddleEast

37.8%

$$2,630bn↓-7.5%5.4%

LatinAmericaandtheCaribbean

Africa

$$1,757bn19.5%3.6%

$$317bno

↓-11.9%0.6%Pacific

$$606bn0.3%1.2%

Note:Dataonthetotalorpercentageoftheworld’sUHNWpopulationandwealthmaynotaddupexactlyortotal100%owingtorounding.

Source:Wealth-X,anAltratacompany,2024

Altrata|WorldUltraWealthReport2024|7

05

Regional,countryandcityperformance

NorthAmerica

ResilienteconomyandequitygainsdrivestrongexpansionofUHNWclass

TheUHNWpopulationintheworld’sleadingultrawealthregionincreasedby11.9%in2023to161,280individuals,drivenbyastrongexpansionintheUS.GrowthoutpacedthatinEuropeandespecially

inAsia,raisingNorthAmerica’sshareoftheglobalultrawealthyclassto38%.Collectivenetworth

oftheregion’sUHNWpopulationroseby11.7%to$18.6trn.Wealthholdingsweresupportedbyan

unexpectedlyresilientUSeconomy,despitetheFederalReserve(theUScentralbank)continuing

itsaggressivepolicytighteningoverthefirsthalfoftheyear.Amidfirmconsumerdemandand

highersubsidy-backedinvestment,theregionoutperformeditsglobalpeersintermsofeconomicgrowth.However,themainboosttoUHNWportfolioscamefromdouble-digitequityreturns,heavilyconcentratedamongstellargainsbytheso-called“magnificentseven”mega-captechstocks.

TheS&P500closedtheyearup26%andthetech-heavyNASDAQCompositeindexup43%,bothindicesreversingsharplossesof2022.Otherregionalassetmarketsweremoresedate,butmostdeliveredmoderategains.TheUSdollarweakenedslightlyagainstsomeothermajorcurrencies,includingtheeuro.

Allttrata||WorlldUllttraWealltthReport2024|8

NorthAmericahadthestrongestUHNWpopulation growthofthethreemajorwealthregions.

Regional,countryandcityperformance

Europe

Wealthassetsbolsteredbyequityrebound,despitetheweakperformanceofmajoreconomies

Europe’sUHNWpopulationrecordedabove-averagegrowthof9.4%to111,540individuals.ThiswasthreetimesthepaceofexpansioninAsia,

whichledtoEuroperegainingitsstatusassecond-largestultrawealthregionforthefirsttimesince2019.Economicperformancewasmixed.ThelargestwealthmarketsofGermany,theUKandFranceflirtedwithrecessioninthefaceofhighinflation,interestratehikesandstructuralweaknesses,whereasgrowthwasfairlyrobustinsouthernandparts

ofeasternEurope(supportedbybuoyanttourismsectorsandEU

structuralfunds).Equitymarketsperformedstronglyonthewhole–theMSCIEuropeIndexclosedtheyearup21%–withrisingoptimismover

fallinginflationandfutureratecutsfuelingalate-yearrally.UKcapitalmarketreturnstendedtolagtheregionalaverage.Therewasabroad

slowdownacrosstheEuropeanreal-estatesector,butsomesupportforwealthportfoliosfromrelativecurrencyappreciation.CombinedwealthoftheUHNWclassincreasedby8.8%to$12.9trn.

Europe

overtookAsia

toregainits

positionas

second-largest UHNWregion.

Asia

Onlyamildrecoveryfrom2022’sslump,withUHNWgrowthlaggingNorthAmericaandEurope

Asia’sUHNWpopulationgrewby2.7%to110,630individuals.Thiswasonlyamodestrebound

fromthesharpdeclineofthepreviousyearandwellbelowtheglobaltrend,resultinginAsiabeing

overtakenbyEuropeintheregionalranking.Thisreflectednumerousfactors:thestructuralslowingofChina’seconomy;weakglobaldemandacrosstheregion’sexport-orientedeconomies;high

andstickyinflation;andtightmonetarypolicy,inparttosupportunder-pressurecurrencies.The

region’seconomicperformancewasstillrespectableinaglobalcontextbut,ingeneral,Asiangrowthissettlingatalevelbelowitspre-pandemictrend.Collectivenetworthheldbytheregion’sUHNW

classroseby2.1%to$12.3trn,equivalenttoa25%globalshare.WealthgainsremainedfirminIndiainanotheryearofrobusteconomicexpansion.Therewerepocketsofstrongequityreturnsinthetech-

heavymarketsofSouthKoreaandTaiwanandinJapan,wherethecountry’scentralbankmaintaineditsaccommodativepolicystance.Chinesestockswereadragonregionalassetperformance,

recordingathirdconsecutiveyearofdecline(inUSdollarterms).

MiddleEast

FallinUHNWpopulationamidlowercommoditypricesandsubduedcapitalmarkets

Afterstronggainsin2021-22,theMiddleEastrecordedadeclineinultrawealthynumbersand

totalnetworth.Theregion’sUHNWpopulationfellby5.7%to19,480individuals,equivalenttoa

4.6%globalshare.Adropinglobalenergypricesfromelevatedlevelsdampenedrevenuetrendsinhydrocarbon-exportingcountries.Capital-marketreturnsweregenerallyweak,underperformingtheemerging-marketaverage,amidthecorrectionincommoditymarketsandwiththeUSdollarcurrencypeginmostGulfArabcountrieslesssupportiveofUHNWportfoliosthanintheprevioustwoyears.Thewindfallfrompeakhydrocarbonpricessupportedfirmernon-oilinvestmentand

diversificationactivityinthelarger,richereconomies,suchasSaudiArabiaandUAE,butgrowthintheregiondisappointed,withmanycountriesstrugglinginthefaceofcivilconflicts,highlivingcostsor

socialunrest.TotalUHNWwealthintheMiddleEastdeclinedby7.5%to$2.6trn.

Altrata|WorldUltraWealthReport2024|9

Regional,countryandcityperformance

LatinAmericaandtheCaribbean

MonetaryeasingandforeigninvestmentdriveathirdyearofrobustUHNWgrowth

LatinAmericaandtheCaribbeanrecordedathirdsuccessiveyearofdynamicgrowthinitsUHNW

classandnetworth,continuingitsimpressivereboundfromadeepslumpin2020.Theultrawealthypopulationsurgedby18.2%to13,990individuals,whichwasthestrongestexpansionofanyregion.Cumulativenetworthincreasedby19.5%to$1.8trn,despitelessfavorabletermsoftradeacross

themajorcommodity-exportingwealthmarkets.Assetportfolioswerebolsteredbyequitymarketgains(especiallyinBrazil,PeruandMexico),monetaryeasingandfirmeconomicgrowth.ActivitywassupportedbytheresilienceoftheUSeconomy,stronginvestmentinflowsduetonearshoring,solidtourismgrowthandthepass-througheffectsofratecutsonsentimentanddemand.MostLatin

Americancentralbankswereaheadofthecurvein2021withtheirtighteningcyclesand,withfallinginflation,theywereabletomoveearlierthantheirdeveloped-economycounterparts(suchastheFed)inreducinginterestrates.AnexceptionwasMexico,whichaggressivelyraisedrates,drivingasubstantialpesoappreciationof15%againsttheUSdollar.

LatinAmericaandtheCaribbeansawthefastest

UHNWgrowthofanyregion–arepeatof2022.

ThePacificandAfrica

SluggishtrendinAustraliaandafallinAfrica’sUHNWpopulation

TheUHNWpopulationinthePacificregion,whichmainlyreflectsdevelopmentsinAustralia,was

stableat6,700individuals.Economicandfinancial-marketdevelopmentsweresubduedgivenlowercommodityprices,sluggishdemandinChina(Australia’slargestexportmarket)andhighinterest

ratesthatweighedoncapital-marketandreal-estatereturns,aswellasbroaderconsumption

andsentiment.Africa,thesmallestUHNWregion,recordedthelargestrelativefallinultrawealthy

numbersofanyregionin2023,downby10.3%to2,710individuals.Highexposureamongcommodityproducerstoweakertermsoftrade,aswellastightfinancingconditions,powershortagesand

widespreadsocialunrestandpoliticalconflictallweighedonassetportfolios.Thetworegionsaccountedforacombined2.2%oftheglobalUHNWpopulation.

Altrata|WorldUltraWealthReport2024|10

Regional,countryandcityperformance

LeadingUHNWcountries

Almostthree-quartersoftheglobalultrawealthypopulationresideinjust10countries,highlightingtheinfluentialstatusofthisgroupofwealthmarketsandthefocusedopportunitiesforcompaniesandorganizationsthattargetand/orcatertotheultrawealthy.Here,wehighlightthekeycountry

trendsandrecentchangesinUHNWpopulationsize.

Top10UHNWcountries

UHNWpopulationin2023

Rankandwealth

1US

$17,154bn

2China

$5,202bn

3Germany

$2,624bn

4Japan

$1,566bn

5UK

$1,592bn

6France

$1,472bn

7Canada

$1,432bn

8HongKong

$1,483bn

9Italy

$1,180bn

10India

$1,209bn

46,060

22,210

16,56515,64013,65513,33012,54510,4809,540

147,950

Year-on-yearchangeinpopulation

13.1%

-1.0%

13.3%

10.4%

10.6%

14.1%

-0.6%

-0.4%

13.8%

8.5%

Note:Populationnumbersareroundedtothenearest5.Changesaremeasuredbasedonmodelinputsupdatedretrospectivelyandnotonpreviouslypublishedigures.Forfu比herinformationaboutourWealthandInvestableAssetsModel,pleaseseetheMethodologysection.

Source:Wealth-X,anAltratacompany,2024

Mostoftheworld’smajorwealthmarketssawa

strongreboundintheirUHNWpopulationsin2023; Chinawasanotableexception.

Altrata|WorldUltraWealthReport2024|11

Regional,countryandcityperformance

Sevenofthetop10wealthmarketsexpandedtheirUHNWnumbers

ThisincludedtheUS,byfartheworld’slargestwealthcenter,whichrecordeda13%riseinitsultrawealthypopulation.At147,950individuals,theUSishometojustoverathirdoftheglobalUHNW

class.Tech-ledcapitalmarketgainsandastandouteconomicperformanceamongitsdeveloped-marketpeerswerethemaindrivers,overshadowingslightcurrencyweaknessandheightened

politicalinstability.

TherewassimilargrowthofUHNWnumbersinGermany,whichconsolidateditsstatusastheleadingUHNWcountryinEurope(rankedthirdglobally).Theeconomywasanotableunderperformerintheeurozone,reflectingstructuralconstraintsanditsexposuretorecentsupplyshocks.Nevertheless,ultrawealthwasbolsteredbysentiment-drivenequity-marketreturns,improvedtermsoftradefromlowerenergycosts,andtheresilienceofthecountry’slargebaseofinnovativesmallandmedium-

sizedenterprises.AllofthemajorEuropeanmarketsregisteredasolidreboundinultrawealthynumbersafteraweakperformancein2022.

Second-rankedChinarecordedasecondconsecutiveannualfallinitsUHNWpopulation.

UltrawealthtrendswerelessfavorableinChina,theworld’ssecond-largestUHNWmarket,whichsuffereda1%fallinitscohortpopulation.Arelativelysluggisheconomy,adeepeningreal-estate

downturn,underperformingcapitalmarkets,worseningdemographicsandgeneralinvestor

uncertaintylinkedtogeopoliticalstrainsposedachallengingenvironmentforwealthcreation.Thesemi-autonomousterritoryofHongKongalsorecordedafallinultrawealthynumbers(seeleadingUHNWcities).

ThiscontrastedwithrobustgrowthoftheUHNWpopulationsinAsia’sotherleadingwealthmarketsofJapanandIndia.TheaccommodativemonetarypolicystancebytheJapanesecentralbank

remainedatailwindfordomesticassetsandconsumerspending.Indiamaintaineditsstatusasoneoftheworld’sfastest-growingeconomies,withinfrastructuredevelopment,capitalinflowsandresilientdemandsupportingwealthgeneration.Givenitsexpansivelaborandconsumermarkets,Indiaislikelytomakegradualprogressupthecountryrankingsinthecomingyears.

Threeregionsdominatethecountryrankings,butthecompositionwillgraduallyshift.

The10largestultrawealthmarketsarelocatedacrossthreeregions,withfourinEurope,fourin

AsiaandtwoinNorthAmerica.Thi