Wealthx-2022年世界超級財富報告（英）-2022-33正式版

WorldUltraWealthReport2022ThoughtleadershipWorldUltraWealthReport2022JamesLavellChiefExecutiveOfficerRichardGreenChiefCommercialOfficerManuelBianchiSeniorVicePresidentandGlobalHeadofSales,WealthSolutionsMichaelPhillipsVicePresident,MarketingandCommunicationsAmandaCifoneSeniorMarketingDirectorLeadauthorsMayaImbergSeniorDirector,HeadofThoughtLeadershipandAnalyticsMaeenShabanDirectorofResearchandAnalyticsDesignStephanieWarburtonDirectorofVisualCommunicationsDawnLastreVisualCommunicationsCoordinator?AltrataNovember2022.PartoftheEuromoneyInstitutionalInvestorPLCGroup.Allrightsreserved.Thispublicationisforyourinformationonlyandisnotintendedasanoffer,orasolicitationofanoffer,tobuyorsellanyproductorotherspecificservice.Allinformationandopinionsindicatedaresubjecttochangewithoutnotice.Contents01?Executivesummary02?Introduction03?Ahighlyinfluentialwealthtier04?Theultrawealthyin202205?Regional,countryandcityperformance06?Today’sultrawealthywomen07?Methodology08?AboutAltrata

12369172829Altrata|WorldUltraWealthReport202201ExecutivesummaryInthefirsthalfof2022,theglobalultrahighnetworth(UHNW)populationfellby6%,to392,410individuals.Thisrepresentsasharpreversalfrom2021andthefirstdownturninUHNWnumberssince2018,aswealthportfolioswerehitbyshockwavesacrosstheglobaleconomy,triggeredbythewarinUkraine.Followinghistoricalhighsinrecentyears,combinednetworthfellby11%,to$41.8trn.Itwillbeabumpyroadinthenearterm.NorthAmericasawthemostsignificantfallofanyregioninH12022.Instarkcontrastwiththevibrantgrowthseenin2019-21,theUHNWpopulationintheworld’slargestultrawealthregiondeclinedbyalmost10%inthefirsthalfof2022,to134,530individuals.ThenumberofUHNWindividualsinAsiafellby3.9%;thiswasasmallerdeclinethaninNorthAmericaandEurope,allowingAsiatoconsolidateitspositionasthesecond-largestUHNWregion.ChinawastheonlymajorwealthmarkettoseeariseinitsUHNWpopulation.Ultrawealthynumbersintheworld’ssecond-largestUHNWcountryroseby2.3%overH12022.TheUSwasoneofthreecountries(theothersbeingJapanandFrance)inthetoptentorecordadouble-digitfall.Amongtheworld’spremierUHNWcities,HongKongslightlyextendeditsleadoversecond-placedNewYork,althoughbothcitiesrecordeddeclinesintheirUHNWpopulations.

Womenaccountforonly11%oftheUHNWpopulation,butthisproportionisgraduallyrising.UHNWwomenare,onaverage,farmorelikelytohaveinheritedatleastsomeoftheirwealth;andhaveagreaterinterest(orbeworkingdirectly)inphilanthropy.Assetallocationalsodiffersbetweenultrawealthywomenandmen:realestateandluxurygoods,whichaccountfor13%ofallassetsamongUHNWwomen,isthreetimesgreaterthantheallocationamongtheirmalecounterparts.Amongluxuryassets,ultrawealthywomenhaveagreaterpreferenceforartandjewelryassetsthandotheirmalecounterparts.Assuminganequalnumberofultrawealthymenandwomen(forcomparisonpurposes),womenaccountfor70ofevery100UHNWownersofluxurywatchesandjewelry,andareslightlymoreoftentheownersofhigh-endart.JetsandyachtsarefarmorecommonlyownedbyUHNWmen.Ownershipofasecondaryresidenceworthmorethan$5misequallycommonamongUHNWmenandwomen.Onaverage,USultrawealthywomenmakelargerpoliticaldonationsthandoultrawealthymen.Individualultrawealthyfemaledonorsgave,onaverage,$134,100intheperiod2018-21,comparedto$125,000amongultrawealthymaledonors.Whiletheaveragefemalegiftisslightlysmaller,theygivemorefrequently.Altrata|WorldUltraWealthReport2022|102IntroductionThefirstWorldUltraWealthReportpublishedbyAltrata—andthetentheditionpoweredbyWealth-Xdata—providesin-depthanalysisoftheultrahighnetworth(UHNW)population—anexclusivegroupofwealthyindividualslocatedacrosstheglobe,eachwithnetworthinexcessof$30m.Webeginbyexploringthedistributionofwealthamongtheglobalrich1,andexaminetheconsiderablewealthenjoyedbytheultrawealthydemographic.AmidtheongoingharmfuleffectsthatthewarinUkraineishavingontheglobaleconomy,weassessthestatusoftheglobalultrawealthypopulationin2021andthefirsthalfof2022,identifyingthedriversandregionaltrendsofglobalwealth,andrankingtheleadingUHNWcountriesandcities.Takingalonger-termoutlook,thisreportshinesaspotlightonthecharacteristicsofthefemaleultrawealthypopulation.Globally,womenaccountforarisingshareofwealth,afactthathasmajorimplicationsforcompaniesandorganizations—frommarketingtothefemaledemographic,totheirproductsandservices,prospectingandmore.Weprofilethefemaleultrawealthyasagroup,examiningfacetsincludingage,wealthsource,primaryindustry,assetallocation,luxury-assetownershipandtopinterests,andcomparethesetothecorrespondingdatafromthemaleultrawealthypopulation.Wealsoexploretheirphilanthropicgiving,and,usinginsightsfromRelSci(anotherAltratacompany),forthefirsttime,wecomparepoliticaldonationsamongultrawealthymenandwomenintheUS.Wealth-X’scomprehensivedatabaseandnewlyupdatedWealthandInvestableAssetsModelprovideunrivaledinsightintothisselectgroupofindividuals,theircharacteristicsandtheconstantlychanginglandscapeofwealthcreation,makingitanessentialreadforanyorganizationlookingtoprospectforandengagewithindividualsinthisuniqueandexclusivedemographic.KeydefinitionsUltrahighnetworth(UHNW)individualsThosewithanetworthof$30m+(alsoreferredtoasthe“ultrawealthy”).Veryhighnetworth(VHNW)individualsThosewithanetworthof$5m-$30m.Ourdemarcated“major”wealthtiers,inascendingorderofwealth,are:peoplewithnetworthof$1m-$5m;theveryhighnetworthpopulation(networthof$5m-$30m);andtheultrawealthy(whichincludebillionaires)withnetworthof$30mormore.Altrata|WorldUltraWealthReport2022|203AhighlyinfluentialwealthtierTheultrawealthyholdanoutsizedproportionofwealthTheglobalhighnetworth(HNW)populationcomprisesover34.2mindividuals(asatJune2022),eachwithanetworthinexcessof$1m.Totallingaround392,000individualsandrepresentingjust1.2%oftheworld’sHNWpopulation,theultrawealthyconstituteanexclusivesegmentwithinthismuchlargergroup;nevertheless,theircombinednetworthof$41.8trnaccountsforasubstantial31%shareoftheglobalwealthheldbytheHNWpopulation.Theultrawealthyaccountforjust1.2%oftheglobalHNWpopulation,yetholdover31%ofthisgroup’stotalwealth.Altrata|WorldUltraWealthReport2022|3AhighlyinfluentialwealthtierAbreakdownoftheHNWpopulationbymajorwealthtierhighlightstheunevennatureofthedistributionofglobalwealth,evenamongtheworld’srichestpeople.Almost90%ofallHNWindividualshaveanetworthof$1m-$5m.Unsurprisinglygiventheirconsiderablenumber,thecombinedwealthofthisgroupisthelargestofthethreemajortiers,at$56.6trn(equivalenttoa42%shareofglobalHNWwealth).However,abovethe$5mthreshold,thelevelofexclusivityrisesquickly,asdoesaveragenetworth.Oneinevery10oftheworld’smillionairepopulationisclassedasaVHNWindividual,withpersonalwealthof$5m-$30m.ThethirdmajorwealthtiercomprisesthemuchsmallercohortofUHNWindividuals,eachwithprivatewealthinexcessof$30m.ThewealthybytierGlobalpopulationandwealthbymajorwealthtierH12022Wealthtier392,410UHNW($30m+)3,614,960VHNW($5m-$30m)HNW$1m-$5m$41,824bn$35,984bn30,203,740 $56,593bnPopulation WealthSource:Wealth-X2022,anAltratacompanyAlmostnineineverytenHNWindividualshasanetworthof$1m-$5m.Altrata|WorldUltraWealthReport2022|4AhighlyinfluentialwealthtierAsisthecasewithsocietyingeneral,theunevendistributionofglobalwealthisevidentamongtheUHNWpopulation.ThetwolowestUHNWwealthtiers—$30m-$50mand$50m-$100m—accountforalmost80%oftheglobalultrawealthypopulationbutonlyaroundathirdofitscumulativewealth,highlightingthetrendofalargeshareofacohort’spopulationfallingwithinthelowerwealthtiers.Thoseindividualsinthenextthreetiers,eachwithanetworthof$100m-$1bn,composeafifthoftheultrawealthypopulation,whereastheirshareofUHNWwealthistwiceaslarge(ataround40%).Rightatthetopoftheultrawealthpyramid,thebillionaireclassrepresentsunder1%oftheglobalUHNWpopulation–yetitholdsoveraquarterofallultrawealth2.TheultrawealthybytierUHNWpopulationbywealthtierH12022Wealthtier3,311$1bn+*6,01915,790$500m-$1bn58,550$250-$500m$100m-$250m$50m-$100m120,140$30m-$50m188,600*Billionairedatanumbersreectthosefrom2021,aspresentedinourBillionaireCensus2022.Source:Wealth-X2022,anAltratacompanyTheunevendistributionofglobalwealthisevidentamongtheUHNWpopulation.SeeAltrata’sBillionaireCensus2022.Altrata|WorldUltraWealthReport2022|504Theultrawealthyin2022AshocktothesystemTheglobalUHNWpopulationtotaled392,410individualsasatend-June2022.Thisrepresentsadeclineof6%fromend-2021,asharpreversalofthedynamicfromthepreviousyear’sgrowthof14%andthefirstdownturninUHNWnumberssince2018,aswealthportfolioswerehitbyshockwavesacrosstheglobaleconomy,triggeredbythewarinUkraine.Followinghistoricalhighsinrecentyears,thisdownturnsawthecombinednetworthoftheUHNWpopulationfallto$41.8trnasatmid-2022.Thiserasedalargeproportionofthepreviousyear’sgainsandimpliedadropintheaveragelevelofwealthamongtheUHNWclass.TheultrawealthyandtheglobaleconomyGlobalUHNWpopulation,realGDPandequitiesNumberofUHNWindividualsandannualchangeinrealGDPandequities450,000GlobalUHNW400,000population350,000MSCIworld250,000equityindex300,000UHNW200,000RealGDPGlobal150,000100,00050,00002013201420152016201720182019202020212012

35%392,41025%15%5%-5%-15%-25%H12022-35%

Year-on-yearchange(realGDPandequities)Sources:Wealth-X;InternationalMonetaryFund,WorldEconomicOutlook,July2022andMorganStanleyCapitalInternational(MSCI).TheglobalUHNWpopulationfellby6%inthefirsthalfof2022,to392,410individuals.Altrata|WorldUltraWealthReport2022|6Theultrawealthyin2022Ofparticularnotesincethebeginningof2022isthepaceandscaleoftheshiftinsentimentandpolicyinmanylargeeconomies.Attheturnof2022,thegeneraltonehadbeenoneofcautiousoptimism,anticipatingastrengtheningpost-virusglobalrecoveryandfurtherexpansionofwealthportfolios,againstabackdropofrisingconfidence,releasedhouseholdsavings,renewedinvestment,andwithcapitalmarketsstillflushwithliquidityfromthepandemic.Largelyignored,however,werethefiscalandinflationarypressuresthatwerebuildingaftertheunprecedentedinterventionandsupply-sidedisruptionoftheprevioustwoyears,whichwerethensharplyincreasedbythefalloutfromRussia’sinvasionofUkraine.Globalcentralbanksarenowhavingtoreininsurginginflation,amidconstrainedglobal-supplycapacity,reducedhouseholdpurchasingpower,falteringdemandanddeterioratingsentiment.Itwillbeabumpyroadahead.OurnewlyupdatedWealthandInvestableAssetsModelThisreportpresentsdataonthewealthyfromourlatestcomprehensiveupdatetoourproprietaryWealthandInvestableAssetsModel,whichgaugesthesizeandcombinedwealthofthepopulationwithpersonalwealthof$1m+.Themodelproducesstatisticallysignificantestimatesfortotalprivatewealthandestimatesthesizeofthepopulationbylevelofwealthandinvestableassetsfortheworld,andforeachofthetop70economiesand200cities.OurmodelisuniqueinthesensethattheWealth-XDatabaseenablesustoconstructwealthdistributionpatternsusingreal,ratherthanassumedwealthdistributions,makingthemodelmuchmorereliable.Weupdatethemodel’smacroeconomicinputsonaregularbasisandrecentlycompletedacomprehensiveonce-in-five-yearsupdateofthemodel.Thisentailedupdatinghistoricalmacroeconomicandcountry-specificindicators,andwealthdistributioncurves.Thiswasundertaken,firstly,toensurethatwehavecorrectlygaugedtherelationshipsbetweentheindicatorsthatthemodelisusing;andsecondly(althoughnolessimportantly)inlightofthefactthattheWealth-XDatabasehasgrownsignificantlyoverthepastfiveyears.Ourlatestupdateallowsustoincludeevenmoreaccuratewealthdistributioncurves,enhancingthemodel’sstatisticalprecisionandreliability.Regularreadersofourreportswillnotethatthecurrentreport’sdatadepictsthewealthypopulationaslargerinsizecomparedtopreviousreports,particularlyinthelowerwealthbracket($1m-$5m).Thisreflectsthelatestupdatetothemodel,whichwebelieveoffersamoreaccuratepictureofwealthatthistime.FormoreinformationpleaseseetheMethodology.Altrata|WorldUltraWealthReport2022|7Theultrawealthyin2022UltrawealthyacrosstheglobeGlobalUHNWpopulationH12022392,410%oftheworld’sUHNWTotalUHNWpopulationpopulationNorthAmericaEuropeAsia100,37025.6%116,08029.6%134,53034.3%MiddleEast21,5905.5%LatinAmericaandAfricatheCaribbean3,02010,3200.8%Pacific2.6%6,5001.7%GlobalUHNWwealthH12022$41,824bn%oftheworld’sUHNWwealthTotalwealthNorthAmericaEuropeAsia$10,561bn25.3%$11,854bn28.3%$14,545bn34.8%MiddleEast$2,656bnLatinAmericaandAfrica6.4%theCaribbean$355bn$1,287bn0.8%Pacific3.1%$567bn1.4%Note:Dataonthetotalorpercentageoftheworld’sUHNWpopulationandwealthmaynotaddupexactlyortotal100%owingtorounding.Source:Wealth-X2022,anAltratacompanyAltrata|WorldUltraWealthReport2022|805Regional,countryandcityperformanceNorthAmericaRisingrates,plummetingequitiesTheUHNWpopulationintheworld’slargestultrawealthregiondeclinedbyalmost10%inthefirsthalfof2022,to134,530individuals,equivalenttoa34%globalshare.Thiswasthemostsignificantfallinanyregionandastarkcontrastwiththevibrantgrowthseenin2019-21.ThemainhittowealthholdingsinNorthAmericacamefromaslumpincapitalmarkets,whichwerespookedbyaggressivepolicytighteningbytheFederalReserve(theFed,theUScentralbank),whichsignaledanabruptendtothedecade-longbullmarketinriskassets.Amidsteadilyrisinginterestrates(withmorehikesinthepipeline),byend-JunetheS&P500wasdown21%fromthestartoftheyear,withthetech-heavyNASDAQCompositeIndexdown30%andmanyfixed-incomeassetsalsoincorrectionterritory,seeingdropsofmorethan10%.RegionalwealthportfoliosreceivedsomesupportfromtheUSdollar,whichappreciatedagainstmostmajorcurrenciesinresponsetotheFed’srelativelyhawkishpolicystance,butthisonlypartiallycounteredwidercapital-marketlosses.Atend-Junethecollectivenetworthoftheregion’sUHNWpopulationtotaled$14.5trn,closetoathree-yearlow.PerformancebyregionChangeinUHNWpopulationbyregionH120222021Six-monthchangeYear-on-yearchangeMiddleEast7.4%MiddleEast17.8%LatinAmericaand5.1%LatinAmericaand14.1%theCaribbeantheCaribbeanAfrica-3.2%Africa16.9%Asia-3.9%Asia12.5%Pacific-6.5%Pacific26.1%Europe-6.9%Europe14.9%NorthAmerica-9.7%NorthAmerica10.8%Source:Wealth-X2022,anAltratacompanyAltrata|WorldUltraWealthReport2022|9Regional,countryandcityperformanceAsiaModeratedeclineinUHNWnumbers,butapainfulhittowealthholdingsFollowingdouble-digitgrowthineachofthelastthreeyears,theultrawealthypopulationinAsiafellby3.9%inthefirsthalfof2022,to116,080individuals.ThiswasasmallerdeclinethaninNorthAmerica,EuropeandPacific.However,collectivewealthsawamoresubstantialdrop,of10.5%,allbuterodingthestronggainsof2021.EconomicactivityandbusinessconfidencewereconstrainedbyChina’szero-Covidlockdownpolicy,whichhinderedproductionanddisruptedsupplychainsacrosstheregion.Overall,therewasamixedperformanceinAsia’smajorwealthmarkets.SouthKorea’stech-heavystockmarketfellsharply,asdidwealthholdingsinIndia.DespiteitsstrictstanceonCovid-19,China’sequitymarketsheldupslightlybetter,amidofficialpolicy-easingmeasures.Japanesestockswereespeciallyresilientinlocal-currencyterms,partlyowingtoanunexpectedlydovishstancebytheBankofJapan(BoJ,thecentralbank),althoughthisdivergentapproachweighedheavilyontheyen,whichslumpedtoa30-yearlowagainsttheUSdollar.WealthperformancebyregionChangeinUHNWwealthbyregionH120222021Six-monthchangeYear-on-yearchange25.1%20.9%16.3%16.8%14.7%13.3%12.4%1.9%3.1%-4.2%-8.2%-13.9%-11.5%-10.5%LatinLatinNorthMiddleNorthMiddleEuropeAsiaPacificAfricaAmericaEuropeAsiaPacificAfricaAmericaAmericaEastandtheAmericaEastandtheCaribbeanCaribbeanSource:Wealth-X2022,anAltratacompanyAltrata|WorldUltraWealthReport2022|10Regional,countryandcityperformanceEuropeConsumerbounce,butenergy-supplyandinflationrisksweighheavilyonultrawealthTheworld’sthird-largestultrawealthregionrecordeda6.9%declineinitsUHNWpopulationoverthefirsthalfof2022,to100,370individuals.Thiswasthesecond-largestfallafterNorthAmerica,withEurope’sshareoftheglobalultrawealthypopulationdippingto25.6%,fourpercentagepointsbelowthatofAsia(fromanear-equivalentsharein2019).Collectivenetworthslumpedby11.5%,to$10.6trn.Real-termactivityintheregionwassupportedbyastrongreboundinconsumer-facingservicessuchashospitalityandtravel,aswinterlockdownswerelifted.However,marketsentimentwashithardbytheRussianinvasionofUkraine,reflectingtheregion’shighdependenceonRussianenergyimports;thewidergeopoliticalimplicationsoftheconflict;andtherapidpass-throughofinflationaryshocks,primarilyviasoaringenergyandfoodprices.Regionalequityindiceshaveamorelimitedexposureto(severelyhit)techstocksthandothoseintheUS,forexample,butmajorequitymarketsneverthelessfellsharplyamidbroad-basedweakness.Europe’sUHNWpopulationrecordedthesecond-largestfallafterNorthAmerica.MiddleEastBoosttocommodityrevenueliftsUHNWpopulationOverthefirsthalfof2022thefourth-largestUHNWregion,theMiddleEast,posted7.4%growthinitsultrawealthypopulation,to21,590individuals.Thisraiseditsshareoftheglobalultrawealthyclassto5.5%,upfrom3.2%in2020.Cumulativenetworthintheregionexpandedmodestly,to$2.7trn.Thisstemmedprimarilyfromenergy-sectordevelopments,asthespikeincommodityprices(andacceleratedeffortsacrossEuropetoseekanalternativetoRussiaasagassupplier)boostedrevenueforhydrocarbon-exportingcountries.Tourism-dependenteconomiessawaninitialpost-pandemicboost,althoughthisfadedtowardsmid-yearasEuropeannumbersslowed.Growthwasunevenacrosstheregion,withnetenergyimportersstrugglingandrisingfood-importcosts.Pressureonregionalcapitalmarketsincreasedamidrisingriskaversioninrelationtoemerging-marketassets,whichcontributedtodepreciationforthosecurrenciesnotpeggedtotheUSdollar.Altrata|WorldUltraWealthReport2022|11Regional,countryandcityperformanceIncontrasttoalmostallotherregions,LatinAmericaandtheCaribbeansawanincreaseinitsUHNWpopulationinH12022.LatinAmericaandtheCaribbeanUltrawealthbuoyedbyimprovedtermsoftrade,butcurrencyresiliencefadingIncontrasttomostotherregions,LatinAmericaandtheCaribbeansawanincreaseinitsUHNWpopulationoverthefirsthalfof2022,by5.1%to10,320individuals.Thisfollowedstronggrowthayearearlier,althoughthesizeofthepopulationremainssomewaybelowits2019level.Manyoftheregion’slargesteconomiesaremajorcommodityexporters,sowealthportfolioswerebuoyedbysignificantlyimprovedtermsoftradetriggeredbyrisingprices.Withmostcentralbanksbeginningtotightenmonetarypolicyquiteaggressivelyin2021,capitalandcurrencymarketsinitiallysufferedfarlessdisruptionfromthepass-throughofUSinterest-ratehikesthanthoseinmostotheremerging-marketregions.However,signsofbuildingdepreciatorypressuresproliferatedinthemiddleoftheyearamidglobalinvestors’flighttosafety.Combinednetworthroseby3.1%to$1.3trninmid-2022,equivalenttoa3%shareofglobalUHNWwealth.ThePacificandAfricaFallsinUHNWnumbers,despitecommodity-marketboostTheUHNWpopulationinthePacificregion—whichlargelyreflectsdevelopmentsinAustralia—fellby6.5%to6,500individuals.Althoughwealthholdingsreceivedsupportfromhighercommoditypricesandrecoveringtravelandtourismactivity,arapidshifttowardsmonetarypolicytighteningweighedoncapital-marketsentimentandreal-estateactivity.Covid-19restrictionsandslowergrowthinChinawerealsoafactor,giventheregion’sstrongtradetieswithAsia’slargesteconomy.Theworld’ssmallestUHNWregion,Africa,faredslightlybetterthansomeofitslargerpeers,withtheUHNWpopulationdecliningby“only”3.2%,to3,020individuals.Therewasaboostforsomecountriesfromhighercommodityrevenue,alongsidelesssignificantcapital-outflowpressuresthaninsomeotheremerging-marketregions.However,withmosteconomieshighlyreliantonfoodandenergyimports,mountinginflationarypressuresweighedsignificantlyonactivityandsentiment,withtighterfinancingconditionsalsoconstrainingdemand.Altrata|WorldUltraWealthReport2022|12Regional,countryandcityperformanceTopUHNWcountriesThetop10UHNWcountriesarehometoalmostthree-quartersoftheglobalultrawealthypopulation,underliningtheinfluentialstatusofthisselectgroupofwealthmarketsandthefocusedopportunitiesforcompaniesandorganizationsthattargettheultrawealthy.Here,wehighlightsomeofthekeycountrytrendsandrecentchangesinUHNWpopulationsize.Top10UHNWcountriesUHNWpopulationH12022RankandwealthSix-monthchangeinpopulation1US121,465-10.3%$13,404bn2China51,1452.3%$5,606bn3Germany19,870-7.2%$2,226bn4Japan16,585-13.3%$1,412bn5HongKong15,235-6.8%$977bn6UK14,885-3.0%$1,145bn7Canada13,060-3.3%$1,141bn8France12,150-10.0%$1,244bn9Switzerland9,090-6.2%$967bn10Italy8,500-1.2%$1,074bnNote:Populationnumbersareroundedtothenearest5.Thechangeinpopulationreferstoasix-monthperiod,notanannualizedperiod.Changesaremeasuredbasedonmodelinputsupdatedretrospectivelyandnotonpreviouslypublished?gures.Forfu?herinformationaboutourWealthandInvestableAssetsModel,pleaseseetheMethodologysection.Source:Wealth-X2022,anAltratacompanyChinawastheonlymajorwealthmarkettoseeariseinitsUHNWpopulationinthefirsthalfof2022.Altrata|WorldUltraWealthReport2022|13Regional,countryandcityperformanceTheUS,theworld’slargestwealthmarket,sawasignificantfallinitsUHNWpopulation.TheUSwasoneofthreecountries(theothersbeingJapanandFrance)inthetoptentorecordadouble-digitfallinitsUHNWpopulationoverthefirsthalfof2022.Ultrawealthportfolioswerehithardbyaslumpincapitalmarkets,amidmorehawkishUSmonetarypolicy,withtechnologyandconsumer-focusedstocksfaringworst.TheUSneverthelessremainsbyfarthebiggestwealthmarketintheworld,beinghometomoreUHNWindividualsthanthenextfivehighest-rankedcountriescombined,witha31%globalshare.ChinawastheonlymajorwealthmarkettoseeariseinitsUHNWpopulation.Ultrawealthynumbersintheworld’ssecond-largestUHNWcountryroseby2.3%overthefirsthalfof2022amidpolicystimulusandcomparativelylimitedexposuretotheRussia-Ukrainewar.Thishelpedtooffsetlockdownpressuresandstrainonthepropertysector.Acrossothermajormarkets,wealthholdingsweredepressedbyacombinationofplungingequities,soaringinflationandrisingriskaversion.Theconcentrationofultrawealthintheworld’stwolargesteconomieshasrisensteadilyoverrecentyears,withtheUSandChinacombinednowaccountingfor45%.Threeregionsdominatethetopofthecountryrankings,butthecompositionwillgraduallyshift.Thetenlargestultrawealthmarketsarealllocatedacrossthreeregions,withfiveinEurope,threeinAsiaandtwoinNorthAmerica.Thispatternhasremainedlargelyunchangedoverthepastdecade,butthegraduallyshiftingpatternofglobalwealthdistributionimpliesamodestshake-upoverthenexttenyears.TheUHNWmarketsoccupyingpositions11to20—ledbyIndiaandSouthKorea—haveamorediverseregionalmake-up,includingthreeinAsia,twointheMiddleEastandoneeachinLatinAmericaandthePacific.Altrata|WorldUltraWealthReport2022|14Regional,countryandcityperformanceTopUHNWcitiesThetop10citiesarehometoaroundone-fifthoftheworld’sUHNWpopulation.Thedistributionofultrawealthacrossregionshasevolvedsteadilyoverthepastdecade,butthealluretothewealthyofthehigh-endbusiness,cultural,real-estate,educationalandlifestyleopportunitiesofferedbyglobalcitiesremainsstrong.Below,wehighlightsomeofthestructuraldriversandrecentchangesinUHNWcitypopulationsize.Top10UHNWcitiesUHNWpopulationH12022Six-monthchangeinpopulation1HongKong15,235-6.8%2NewYork14,235-9.7%3LosAngeles7,715-9.5%4Tokyo6,420-14.0%5London6,1022.6%6SanFrancisco5,099-9.3%7Paris4,965-6.4%8Chicago4,952-9.6%9WashingtonDC4,099-10.0%10Dallas3,758-10.5%Note:Populationnumbersareroundedtothenearest5.Thechangeinpopulationreferstoasix-monthperiod,notanannualizedperiod.Citiesaredenedonthebasisofurbanagglomerationsandmetropolitan(metro)areas,whichincludethebuilt-upareasoutsidetheadministrativecore.Forexample,NewYorkincludesNewYorkCity,NewarkandJerseyCity.Wefocusonmetroareastoensurecomparabilitybecausegloballycomparablecity-leveldataisnotavailable.MajorcitiesaredeterminedonanominalGDPbasisin$.Changesaremeasuredbasedonmodelinputsupdatedretrospectivelyandnotonpreviouslypublishedgures.Forfu?herinformationaboutourWealthandInvestableAssetsModel,pleaseseetheMethodolog