WorldUltraWealthReport2025

Thoughtleadership

WorldUltraWealthReport2025

LTRT

BrianAlster

ChiefExecutiveOfficer

GlennBrian

ChiefRevenueOfficer

ManuelBianchi

GlobalHeadofSales

OliviaLogan

VicePresident,MarketingandCorporateDevelopment

AmandaCifone

VicePresident,Marketing

Leadauthors

MayaImberg

SeniorDirector,HeadofThoughtLeadershipandAnalytics

MaeenShaban

DirectorofResearchandAnalytics

BettinaLengyel

AssociateAnalyst,ThoughtLeadershipandAnalytics

Design

DawnLastre

GraphicDesigner

GaetanoMedulla

JuniorGraphicDesigner

?Altrata.September2025.

Thispublicationisforyourinformationonlyandisnotintendedasanoffer,orasolicitationofanoffer,tobuyorsellanyproductorotherspecificservice.Allinformationandopinionsindicatedaresubjecttochangewithoutnotice.

Contents

01

Executivesummary1

02

Introduction2

03

Awealthtierofinfluence3

04

Theultrawealthyin20257

05

Regional,countryandcityperformance9

06

Theviewahead16

07

Theultrawealthybygeneration20

08

Methodology28

09

AboutAltrata30

Altrata|WorldUltraWealthReport2025

Altrata|WorldUltraWealthReport2025|1

01

Executivesummary

>

>

>

Fortheworld’srichestindividuals,

wealthgenerationhascontinuedapaceoverthepastyearandahalf.ThegIobaIuItrahighnetworth(UHNW)popuIation,comprisingindividuaIswithanetworthinexcessof$30m,totaIed510,810attheendofJune2025,ariseof5.4%since

thebeginningoftheyear.ThisfoIIowedaveryrobustexpansionof12%in2024

-thethird-strongestgrowthinthepast

decade.ThetotaInetworthoftheUHNWcIassroseby6.7%to$59.8tnattheendofJune2025(andby11.6%in2024)-afiguredoubIethatoftheannuaIGDPoftheUS.

TheUSisbyfarthelargestwealth

marketintheworld,hometo38%ofthetotalUHNWpopulation,morethanthe

combinedshareofallothercountries

inthetop10.USuItraweaIthynumbers

surgedin2024(by21%)andcontinued

toexpandfirmIy(by6.5%)inthefirsthaIfof2025atafasterpacethaninsecond-rankedChina.TheUHNWpopuIationaIsorosestrongIyinaIIthetop-rankedcities

in2024,withgrowthmoderatingtoan

extentoverthefirsthaIfof2025.Hong

KongwasanotabIegrowthoutIierand

TokyowastheonIyIeadingcitytoregisteradecIineoverthefirsthaIfof2025.

AhugeshiftinthegenerationalmakeupoftheUHNWpopulationoverthenext

15yearsisunderwayandwillhavefar-

reachingimplications.By2040,today’s

rNextGens’(GenerationZandMiIIenniaIs)wiIIcompriseaImost35%ofthegIobaI

UHNWpopuIation,upfromjust8%today.GenerationX(currentIyagedbetween

44and59)wiIIaccountfor45%,aImost

doubIingfromthecurrent25%.MeanwhiIe,thecombinedshareoftheBabyBoomer

andSiIentGeneration(andoIder)wiIIfaIIsteadiIyfrom67%tojust20%.

>

>

>

TheregionsofNorthAmericaandAsia

hadthefastestgrowingultrawealthy

populations.TheUHNWpopuIationin

theworId’sIeadinguItraweaIthregion

increasedby6.2%inthefirsthaIfof2025to208,090individuaIs,IiftingNorthAmerica’sshareofthegIobaIuItraweaIthycIassto

arecord41%,aImosteightpercentage

pointshigherthanadecadeago.InAsia,

weaIthportfoIiosinthesecond-Iargest

UHNWregionshowedresiIienceamidtradedisIocation,withtheUHNWpopuIation

expandingby6.4%betweenJanuaryandJune2025to129,100individuaIs.

Theshareofglobalprivatewealthheldbytheultrawealthywillcontinuetoincrease.

By2030,weforecastthegIobaIuItraweaIthypopuIationwiIItotaI676,970individuaIs,an

increaseof166,160fromthemid-2025IeveIof510,810.Asiaisexpectedtoregisterthe

strongestgrowthinUHNWpopuIation,butNorthAmericawiIIremaintheIargestuItraweaIthregionbyfar.IndiawiIIbeastandout,withfourofthetop10growthcities,

incIudingBengaIuru,Mumbai,HyderabadandDeIhi.AmongUSstates,FIorida,UtahandTexasaresettoexperiencethefastestgrowthinUHNWnumbers.

UltrawealthyNextGensaremorelikely

tohavehospitality,entertainmentor

technologyastheirprimaryindustries

thantheaverageUHNWindividual,thoughbankingandfinancestilldominates.The

transformativeimpactofrapiddigitaI

innovationandadoptionisevidentinthegrowingshareoftechnoIogy(accountingfor9%)asaprimaryindustryfocusamongNextGenuItraweaIthy.Perhapseven

morenotabIy,theexpIosionofsociaI

mediapIatformsisdrivingweaIthcreationinothersectors,suchashospitaIityand

entertainment(15%).

Altrata|WorldUltraWealthReport2025|2

02

Introduction

AltrataslatestWorldUltraWealthReportthe13theditionprovidesauniqueandcomprehensiveanalysisoftheglobalultrahighnetworth(UHNW)population.Thisexclusivegroupofwealthy

individuals,eachwithanetworthinexcessof$30m,hasgrownrapidlyinsizeandinfluenceoverthepastdecade,accumulatingimmensecollectivewealththatnowtotalsalmost$60tndoublethe

annualGDPoftheUS.

Webeginbyillustratingthedistributionofwealthamongtheglobalrich,andhighlightthe

significanceofanexpandingglobalultrawealthyclasstoawiderangeofindustriesandsectorsthattargetandcatertothisexclusivesegment.Followingyetanotherturbulentperiodfortheglobal

economyandmarkets,wemoveontoassessthedevelopmentsacrosstheultrawealthylandscapein2024andoverthefirsthalfof2025,identifyingthekeywealthdrivers,analyzingregional

trends,andrankingtheleadingUHNWcountriesandcities.Inacomplexenvironmentofvolatile

geopolitics,risingprotectionism,digitaltransformation,andarealignmentbytheworldslargest

wealthmarketoflong-establishedeconomic,trade,andsecurityrelations,wepresentourupdatedfive-yearforecastfortheultrawealthypopulation,includingourassessmentoftheworldsfastest-growingwealthcenters.

ThereportthenmovestoexaminekeyfacetsoftheglobalUHNWpopulationthroughananalysisoffouridentifiablegenerationalcohorts:theSilentGeneration,theBabyBoomers,GenerationX,andtheNextGens(MillennialsandGenerationZ).Weexplorearangeofcharacteristics,fromkeydemographicsandwealthholdingstoprimaryindustryfocusandpersonalinterests,highlightingkeysimilaritiesanddrawingoutimportantvariationsbetweenthedifferentgroups.WeexplainthedramaticchangesthataresettoalterthecompositionoftheUHNWpopulationoverthenext15

years.Theseareanticipatedtoarisefromahugeredistributionofglobalnetworthfromolderto

youngergenerations,whichwillhavemajorimplicationsforallorganizationsandsectorsthattargetandcatertotheultrarich.

AltratascomprehensivedatabaseonthewealthyanditsdetailedWealthandInvestableAssetsModelprovideunrivaledinsightintotheworldsUHNWpopulation,itscharacteristicsandthe

constantlychanginglandscapeofwealthcreation,makingitanessentialresourceforany

organizationlookingtoprospectforandengagewithindividualsinthisexclusivedemographic.

Keydefinitions

Ultrahighnetworth(UHNW)individuals

Thosewithanetworthof$30m+(alsoreferredtoastheultrawealthy).

Veryhighnetworth(VHNW)individuals

Thosewithanetworthof$5mto$30m.

Altrata|WorldUltraWealthReport2025|3

03

Awealthtierofinfluence

Theultrawealthyholdasubstantialproportionofglobalnetworth

AttheendofJune2025therewereanestimated41.3millionhighnetworth(HNW)individuals

aroundtheworld,eachwithwealthinexcessof$1m.Withinthisrelativelyaffluentgroup,theultra

highnetworth(UHNW)populationnumbered510,810individuals,eachholdingsubstantialfortunesinexcessof$30m.Theultrawealthyrepresentjust1.1%oftheglobalHNWclass,buttheircumulativeshareofwealthissignificantlylarger.At$59.8tn,thetotalnetworthoftheUHNWcohortaccountedfor32.4%ofthewealthheldbyallHNWindividuals,highlightingtheconsiderableinfluenceand

privilegedstandingofthisexclusivesegment.

Thewealthybytier

GlobalpopulationandwealthbymajorwealthtierinJune2025

510,810

Wealthtier

4.8million

UHNW($30m+)

VHNW($5m-$30m)

$59.8tn

$1m-$5m

$47.7tn

$77.1tn

41.3million

Population

Wealth

Source:Wealth-X,anAltratacompany,2025

Theultrawealthycomprise1%oftheglobalmillionaire population,yethold32%ofthisgroup’stotalwealth.

calloutAltrata|WorldUltraWealthReport2025|4

Awealthtierofinfluence

Ourdata(goingbackto2004)showsthatoverthisperiodthesizeoftheultrawealthyclasshasswelledrapidly,outpacingtheexpansionoftheglobaladultpopulationbyafactorofseven.

Relativechangesincumulativenetwortharelikelytohavebeenofanevenhighermagnitude.

Thisescalationinultrawealthholdingsaroundtheworldhasdrivenasurgeingrowthamongtheindustriesandsectorsthatcaterspecificallytothesuperrich.

7x

Thepaceatwhichtheultrawealthypopulationhasgrownfasterthantheglobaladultpopulationoverthepasttwodecades

Source:Wealth-X,anAltratacompany;WorldBankforglobalpopulation.

Themarketforluxuryconsumptionandhigh-endlifestyleserviceshasexpandedstronglyinrecentdecades,drivenbythemorevariedinterestsanddemandsofaprogressivelydiverseUHNWclass.

Globalspendonluxurygoodsandservicestotaled

$290bnin2024(estimate),accountingfor21%ofallconsumer-facingspendingonluxurygoods.There

hasbeenasimilartrendacrossthehigh-endreal

estatesector,withtheincreasingglobalconnectivityoftheultrawealthy,trendsinremoteworking,and

amorevolatilegeopoliticalbackdropredefining

expectationsforluxurylivingaroundtheworld,fromestablishedtop-tierglobalcitiestonewemerging

hotspots.

Withanestimatedstockof$30tnofinvestable

assets–equivalenttoaverysubstantial10%of

investableassetsglobally–theUHNWclassisthepredominantclienteleforfinancialservices,primebrokerageandassetmanagementcompanies,

whetherdirectlyorviafamilyoffices.Asurgein

thenumberofinter-generationalwealthtransfersacrossmoreglobalizedUHNWfamilies,including

anewwaveoffirst-generationwealthhandovers,

hasspurredanexpansionofwealthmanagementfirmsspecializinginestateplanningandlegacy

transition.Amidrisingwealthandshiftingattitudestocivicengagement,theultrawealthycohort

alsoaccountsforaveryprominentshareofglobal

individualgivingtophilanthropicorganizations,withpersonaldonationsbytheultrawealthyestimated

atasubstantial$207bnin2023,equivalenttomorethanathirdofallgivingbyindividuals.

Globally,theultrawealthyaccountfor:

$290bn

ofluxurygoods

spend,equivalentto21%oftotal

individualspend1

$207bn

ofphilanthropic

donations,equivalentto36%ofallgiving

byindividuals2

$30tn

ofinvestable

assets,equivalentto10%ofglobal

investableassets3

Source:Wealth-X,anAltratacompany.EstimatesusingWealth-XdataandBain/Altagammaforoverallluxurygoodsspend.

1Refersto2024(estimate)data.Source:Wealth-X,anAltratacompany.BasedonestimatesusingWealth-XdataandBain/Altagamma.

2Refersto2023data.Source:Wealth-X,anAltratacompany.

3Refersto2024data.Source:Wealth-X,anAltratacompany.

Awealthtierofinfluence

Altrata|WorldUltraWealthReport2025|5

Luxuryspend

Despitetheirsmallnumber,theultrawealthyareacriticalconsumersegmentforluxurygoods

providers.Theyaccountedfor21%ofallluxurygoodsspendbyindividualsin2024(estimate),spendingatotalof$290bn.Luxurybrandshavebeenincreasinglyturningtheirfocustothissegmentinrecentyearsamidadeclineintheoverallsizeofthegloballuxuryconsumerbase,whichhadbeengrowing

year-on-yearformorethantwodecades?.

Spendingonprivatejetsandyachtsisalmostexclusivelyaccountedforbytheultrawealthy,while

morethanhalfofconsumer-facingfinewinesspendisbythissegment.Asacategoryofitsown,luxurycarspendisgreatest,onaccountofmostultrawealthymaking(attheveryleast)oneoccasional

purchaseeverysooften.Likeotherconsumersegments,theultrawealthycontinuetoshifttheir

spendingtowardsexperiencesandexperience-basedgoods,spending$45bnonhospitalityandfineartannually(thelatteralsoattractinginterestforitslong-terminvestmentpotential).

Luxuryspendbycategory

Annualluxurygoodsandservicesspendbytheultrawealthyin2024(estimate)

$290bn

$28.6bn$25.3bn$19.6bn

Fineart

Luxury

hospitality

Privatejetsandyachts

$115.6bn$100.9bn

Luxurycars

Personalluxurygoods,

finewinesandspirits,andfurnitureandhomeware

Note:Personalluxurygoodsincludejewelry,watches,fashion,andbeautyproducts.Spendingreferstoconsumer-facingspend;notcommercialorcorporatespend.

Source:Wealth-X,anAltratacompany;Bain/Altagamma.

Withthegeneralluxuryconsumerbasehavingdeclinedafteradecades-longperiodof

expansion,theultrawealthyareincreasingly criticaltoluxurybrands’questforgrowth.

4Bain-Altagamma2024,LuxuryGoodsWorldwideMarketStudy:LuxuryinTransition:SecuringFutureGrowth.

Awealthtierofinfluence

Altrata|WorldUltraWealthReport2025|6

Connectionsofinfluence

Asclientsordonors,theultrawealthyareofvitalimportancetoawiderangeofindustriesand

sectors;however,theirindividualvalueaspotentialintroducerstootherwealthyprospectsisoftenoverlooked.Apersonalintroductionisfarmorelikelytobesuccessfulinmakinganemotional

connectiontoaspecificproductorservice.

Thenetworksoftheultrawealthyarehighlyvaluable.Overthecourseoftheirlives,theultrawealthyforgeconnectionswithlargenumbersofsimilarlywealthyandinfluentialpeopleastheybuildand

runtheirbusinesses,serveontheboardsofcompaniesornot-for-profitorganizations,andmake

personalintroductionsatcorporateandleisureevents,duringholidaysandinotherways.Infact,theaverageUHNWindividualknowsatleast70otherUHNWindividualsdirectlyplusmanymorewith

smallerbutstillsubstantialfortunes.

Theseconnectionstootherwealthyindividualspresentopportunitiesfororganizationstoconnectwith,developrelationshipswithand,eventually,acquireadditionalclientsordonors.Organizationsthatharnessthepoweroftheseconnectionsstandtobenefitsignificantlyinachievingtheir

commercial,organizationalorphilanthropicobjectives.

ThetypicalUHNWindividualhasadirectconnectiontomorethan

70otherUHNWindividuals

Note:Directconnectionsarebasedonsharedprofessional,personalandcivicexperiences,suchascurrentorhistoricaloverlappingcareers,contactsandboardoverlaps,amongothers.ThetermUHNWincludesbothconfirmedandlikelyUHNWindividuals,based

onAltrata’sproprietaryvaluationmethodology.

Source:RelSciandWealth-X,Altratacompanies,2025

Thevalueofanultrawealthyclientordonorasanintroducertoother

valuableprospectsisoftenoverlooked.

04

Theultrawealthyin2025

Arobustperformanceinavolatileworld

TheglobalUHNWpopulationtotaled510,810individualsattheendofJune2025,ariseof5.4%fromthebeginningoftheyear.Thisfollowedarobustexpansionof12%in2024–thethird-strongest

growthinthepastdecade–aswealthgenerationcontinuedapaceamongtheworld’srichestindividuals.

Globalassetmarketswerevolatile,roiledbygeopoliticaltensions,lacklustereconomicgrowth,

risingprotectionism,heightenedinterstateconflictintheMiddleEast,andanerraticrealignmentintheUSoflong-establishedeconomic,trade,andsecurityrelationsunderanewadministration.

Policyuncertaintyandweakenedconfidenceininstitutionspromptedstrategicdiversification

amongUSinvestorsintoothersafe-havenmarkets,leadingtoabroaddepreciationtrendinthe

USdollar.However,asin2024,recessionaryconcernswereunfoundedandmostequitymarkets

deliveredsolidreturns.Globalrateseasedgraduallylower,realestatemarketsstabilized,fiscal

spendingplansrampedhigher,andinvestorenthusiasmforAIadoptionandcryptoderegulation

liftedmega-captechnologystocksanddigitalassets.ThetotalnetworthoftheUHNWclassroseby6.7%to$59.8tnattheendofJune,followingdynamicgrowthof11.6%in2024.

Theglobaleconomyataglance

Selectglobalindicatorsfor2024andH12025

(Year-on-yearchange)

-3%

Emerginganddeveloping

economies

Oilprice

(US$/barrel)

returnsUS$terms

-2%

Consumerpriceinflation

2.6%7.7%

MSCIWorldEquityIndex

US$terms

19%

Globalfixed-incomegovernmentbond

RealGDPgrowth

3.3%

2.5%

Advancedeconomies

9%

Transactions

17%

Capitalraised

C

-16%-9%

IPOactivity

H12025*

2024

2.8%

5.5%

-3%

10%

7%

*IndicatorsforrealGDPandconsumerpricein?ationareprojectionsforthe2025inancialyear.

Sources:InternationalMonetaryFund,WorldEconomicOutlook,April2025;MorganStanleyCapitalInternational(MSCI);PwCGlobalIPOWatch;WestTexasIntermediatecrudeoil.

Altrata|WorldUltraWealthReport2025|7

Altrata|WorldUltraWealthReport2025|8

Theultrawealthyin2025

Theultrawealthyacrosstheglobe

GlobalUHNWpopulationinJune2025

510,810

TotalUHNWpopulation

%

oftheworld’s

UHNWpopulation

5.4%

Six-monthchangeinpopulationsince2024

NorthAmerica

208,0906.2%

40.7%

LatinAmericaandtheCaribbean

14,830

2.7%2.9%

Europe

129,1006.4%

127,48025.0%

4.8%

MiddleEast

21,160

4.1%

0.4%

Africa

2,860

0.6%

7.5%

Asia

25.3%

Pacific

A7,290●

↓-0.5%1.6%

GlobalUHNWwealthinJune2025

$59.8tn

TotalUHNWwealth

6.7%

Six-monthchangeinwealthsince2024

NorthAmerica

Asia

$$24.0tn

7.1%

$$3.5tn

2.4%5.8%

Africa

$$0.3tn

7.6%0.6%

1.7%3.0%

$$0.7tn

↓-0.6%

Note:Dataonthetotalorpercentageoftheworld’sUHNWpopulationandwealthmaynotaddupexactlyortotal100%owingtorounding.

LatinAmericaandtheCaribbean

$$1.8tn

$$14.8tn

10.3%

oftheworld’sUHNWwealth

$14.7tn

4.7%

MiddleEast

●

1.1%

Europe

Pacific

24.8%

24.5%

$

$

40.1%

%

Source:Wealth-X,anAltratacompany,2025

Altrata|WorldUltraWealthReport2025|9

05

Regional,countryandcityperformance

NorthAmerica

FirmgrowthinUHNWnumbersasvolatilemarketsnavigateUSpolicyupheaval

TheUHNWpopulationintheworld’sleadingultrawealthregionincreasedby6.2%inthefirsthalfof2025to208,090individuals.Followingonfromdouble-digitgrowthin2024,thisliftedNorthAmerica’sshareoftheglobalultrawealthyclasstoarecord41%,almosteightpercentagepointshigherthanadecadeago.Aselsewhere,therewasconsiderablemarketvolatilityamidamore

erraticandisolationistUSpolicyagendaundertheTrumpadministration,withexposuretoanewglobaltariffwarandaweakerUSdollarakeydeterminantofbusinessandsectorperformance.

TheCanadianeconomyslowedinresponsetoconflictescalationwithitsprincipaltradingpartner.

Overall,however,wealthportfoliosintheregionwerebolsteredbyabove-averageequitymarket

gainsconcentrated,asin2024,amongUStechstocks.ThesegainscameonthebackofaresilientUSeconomy,solidcorporateearnings,newtaxcutsforthewealthy,andinvestorexpectations

ofacceleratedbusinessderegulationandadditional(ifgradual)monetarypolicyeasing.Having

surgedby20%in2024,thecollectivenetworthofNorthAmerica’sUHNWpopulationincreasedby7.1%inthefirsthalfof2025to$24tn(a40%globalshare).

Asia

Wealthportfoliosinsecond-largestUHNWregionshowresilienceamidtradedislocation

Asia’sUHNWpopulationexpandedby6.4%overJanuary-June2025to129,100individuals.ThiswasstrongergrowththaninEuropeandsomaintainedAsia’sstatusasthesecond-largestultrawealthregion,apositionithasheldsince2020.Marketdisruptionandbusinessuncertaintycausedby

higher(anderratic)UStariffs–withChinabeinganotabletarget–wereanunwelcomeheadwind

fortheregion’strade-focusedeconomies,setalongsidesubduedglobaldemandandstructurallyweakergrowthinChina.Nevertheless,wealthholdingsreceivedsupportfromastillresilient

economicperformanceinaglobalcontext,aweakerUSdollar,monetarylooseningacrossthe

region,andspillovereffectsfromnewfiscalstimulusinChina.Followingrelativeunderperformancein2024,averagereturnsacrosstheregion’scapitalmarketssurpassedthoseinmostdeveloped-

economypeers,ledbyfirmgainsinJapan,HongKong(buoyedbyasurgeinsecondarylistingsofChinesecompaniesonthestockmarket),andthetech-heavymarketsofSouthKoreaandTaiwan.

Thiscontributedtoa10%increaseinthecollectivenetworthofAsia’sUHNWclassto$14.8tn.

Regional,countryandcityperformance

Europe

Wealthassetsbolsteredbyequityrebound,despitetheweakperformanceofmajoreconomies

Europerecordedslightlybelow-averagegrowthof4.8%initsultrawealthypopulation,which

totaled127,480individualsattheendofJune2025.Economicperformanceacrossthethird-largestUHNWregionremainedlackluster,particularlyinthemainwealthmarketsofGermany,theUKandFrance,asamoreprotectionistUStradepolicyaddednewcomplexitytoanalreadychallenging

outlookinhibitedbystructuralconstraintsandrisingpoliticalfragmentation.However,thereweresignsofinvestoroptimismonthebackofalandmarkeasingoffiscalconstraintsinGermanyand

aregion-widerampingupofdefensespendingplans.Alongsideasteadyreductionininterest

rates,lowerinflation,recoveringrealestatemarkets,currencyappreciationagainsttheUSdollar,andfirmergrowthtrendsacrosssouthernandcentralEurope(supportedbybuoyanttourism

sectorsandEUstructuralfunds),wealthportfoliosexpandedsteadily.Thecumulativenetworth

oftheUHNWclassincreasedby4.7%overthefirsthalfof2025to$14.7tn.Equitymarketsonthe

wholerecordedfirmgains,withtheMSCIEuropeIndexoutperformingmostUSandglobalindices,althoughthisfollowedastarkunderperformancein2024.

MiddleEast

HeightenedriskofregionalconflictandsubduedcommoditymarketsweighonUHNWportfolios

IncontrasttodevelopmentsinthethreelargestUHNWregions,theMiddleEastregisteredonlyverymoderategainsinultrawealthyindividualsandtotalnetworth.ItsUHNWpopulationincreasedby

just0.4%to21,160peopleinthefirstsixmonthsof2025,a4.1%globalshare.Aspikeincommodity

prices(andacceleratedeffortsinEuropetodiversifyenergysupplies)deliveredstrongrevenuegainsinhydrocarbon-exportingcountries.TherewassupportforportfoliosfromtheUSdollarcurrency

peginmostGulfArabcountries,whichmitigatedfinancialmarketvolatility,andfromanupturninglobaltravelandtourism,althoughthisimpactgraduallyfaded.Wealthchangeswerebynomeansuniformacrosstheregion,withenergy-importingcountriesandstructurallyvulnerableeconomiesunderminedbythesurgeinlivingcostsandheightenedsocialunrest.Pressureoncapitalmarketsincreasedfromthemiddleoftheyearasriskaversiongrewinrelationtoemerging-marketassets.

Nevertheless,theregion’stotalUHNWwealthexpandedby2.4%to$3.5tninmid-2025.

Altrata|WorldUltraWealthReport2025|10

Regional,countryandcityperformance

LatinAmericaandtheCaribbean

ModerategrowthofUHNWpopulationandnetworth,supportedbycapitalmarkettrends

TheUHNWpopulationinLatinAmericaandtheCaribbeangrewby2.7%inthefirsthalfof2025

to14,830individuals.Thiscontinuedthemoderatingtrendinthepaceofexpansionseenin2024,followingathree-yearperiodofdynamicgrowthoftheregion’sUHNWclassandnetworth.

Thisreflectedlessfavorabletermsoftradeforthemajorcommodity-exportingwealthmarkets,

stickyinflation,softereconomicgrowth,andheighteneduncertaintyovertheimpactofamore

protectionistUStradepolicy(towhichMexicoisthemostexposed).Theregion’seconomic

performancewasrespectable,however,supportedbyfirmexpansioninthelargestwealthmarket

ofBrazilandacontinuedreboundinArgentina.MostLatinAmericancentralbanksmaintainedan

easingstance,withanotableexceptionbeingBrazil,whereahikeinratesbolsteredthecurrency

andequityreturns.Ingeneral,stockmarketsintheregiontrendedhigher,withsomebenefiting

fromcurrencyappreciationagainsttheUSdollarandfirmcapitalinflowstiedtoaglobaltrendof

investordiversificationawayfromUSassets.TotalUHNWwealthinLatinAmericaandtheCaribbeanincreasedby1.7%inthefirsthalfof2025to$1.8tn.

ThePacificandAfrica

SluggishtrendinAustraliaandanupturninAfrica’sUHNWpopulation

TheUHNWpopulationinthePacificregion–whichmainlyreflectsdevelopmentsinAustralia

–edgedlowerinthefirsthalfof2025to7,290individuals.Thiscontrastedwithclosetoa10%

expansionin2024.Economicandcapital-marketdevelopmentsweresubduedinthefaceof

softerChinesedemandforAustralianmineralcommodities,domesticcost-of-livingpressures,

andsecond-ordereffectsfromrisingtradeprotectionism.Followingrelativeunderperformance

in2023-24,thesmallestUHNWregionofAfricarecordeda7.5%riseinultrawealthynumbers

inthefirsthalfof2025to2,860individuals.Assetportfoliosweresupportedbylowerfinancing

costs,currencyappreciationagainsttheUSdollar,andfirmdemandfortheregion’scriticalmineralreserves.Thismorethanoffsetthestructuralheadwindstowealthgenerationposedbyelevated

politicalinstability,financingpressures,highindebtedness,andwidespreadsocialunrest.Thetworegionsaccountedforacombined2%oftheglobalUHNWpopulation.

Altrata|WorldUltraWealthReport2025|11

Regional,countryandcityperformance

Altrata|WorldUltraWealthReport2025|12

LeadingUHNWco