2022年世界超級財富報告（英） -Wealthx

WorldUltraWealth

Report2022

Thoughtleadership

WorldUltraWealth

Report2022

JamesLavell

ChiefExecutiveOfficer

RichardGreen

ChiefCommercialOfficer

ManuelBianchi

SeniorVicePresidentandGlobalHeadofSales,WealthSolutions

MichaelPhillips

VicePresident,MarketingandCommunications

AmandaCifone

SeniorMarketingDirector

Leadauthors

MayaImberg

SeniorDirector,HeadofThoughtLeadershipandAnalytics

MaeenShaban

DirectorofResearchandAnalytics

Design

StephanieWarburton

DirectorofVisualCommunications

DawnLastre

VisualCommunicationsCoordinator

?AltrataNovember2022.PartoftheEuromoneyInstitutionalInvestorPLCGroup.Allrightsreserved.

Thispublicationisforyourinformationonlyandisnotintendedasanoffer,orasolicitation

ofanoffer,tobuyorsellanyproductorotherspecificservice.Allinformationandopinions

indicatedaresubjecttochangewithoutnotice.

Contents

01Executivesummary1

02Introduction2

03Ahighlyinfluentialwealthtier3

04Theultrawealthyin20226

05Regional,countryandcityperformance9

06Today’sultrawealthywomen17

07Methodology28

08AboutAltrata29

Altrata|WorldUltraWealthReport2022

Altrata|WorldUltraWealthReport2022|1

01

Executivesummary

Inthefirsthalfof2022,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%ofthe

UHNWpopulation,butthisproportion

isgraduallyrising.UHNWwomenare,on

average,farmorelikelytohaveinherited

atleastsomeoftheirwealth;andhavea

greaterinterest(orbeworkingdirectly)

inphilanthropy.Assetallocationalso

differsbetweenultrawealthywomenand

men:realestateandluxurygoods,which

accountfor13%ofallassetsamong

UHNWwomen,isthreetimesgreater

thantheallocationamongtheirmale

counterparts.

Amongluxuryassets,ultrawealthy

womenhaveagreaterpreferencefor

artandjewelryassetsthandotheir

malecounterparts.Assuminganequal

numberofultrawealthymenandwomen

(forcomparisonpurposes),women

accountfor70ofevery100UHNW

ownersofluxurywatchesandjewelry,

andareslightlymoreoftentheowners

ofhigh-endart.Jetsandyachtsarefar

morecommonlyownedbyUHNWmen.

Ownershipofasecondaryresidence

worthmorethan$5misequallycommon

amongUHNWmenandwomen.

Onaverage,USultrawealthywomen

makelargerpoliticaldonationsthan

doultrawealthymen.Individualultra

wealthyfemaledonorsgave,onaverage,

$134,100intheperiod2018-21,compared

to$125,000amongultrawealthymale

donors.Whiletheaveragefemalegiftis

slightlysmaller,theygivemorefrequently.

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02

Introduction

ThefirstWorldUltraWealthReportpublishedbyAltrata—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.

Keydefinitions

Ultrahighnetworth(UHNW)individuals

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

Veryhighnetworth(VHNW)individuals

Thosewithanetworthof$5m-$30m.

1Ourdemarcated“major”wealthtiers,inascendingorderofwealth,are:peoplewithnetworthof$1m-$5m;theveryhighnetworthpopulation(networthof$5m-$30m);andtheultrawealthy(whichincludebillionaires)withnetworthof$30mormore.

03

Ahighlyinfluential

wealthtier

Theultrawealthyholdanoutsizedproportionofwealth

Theglobalhighnetworth(HNW)populationcomprisesover34.2mindividuals(asatJune

2022),eachwithanetworthinexcessof$1m.Totallingaround392,000individualsand

representingjust1.2%oftheworld’sHNWpopulation,theultrawealthyconstitutean

exclusivesegmentwithinthismuchlargergroup;nevertheless,theircombinednet

worthof$41.8trnaccountsforasubstantial31%shareoftheglobalwealthheldbythe

HNWpopulation.

Theultrawealthyaccountforjust1.2%of

theglobalHNWpopulation,yetholdover

31%ofthisgroup’stotalwealth.

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30,203,740$56,593bn

Ahighlyinfluentialwealthtier

AbreakdownoftheHNWpopulationbymajorwealthtierhighlightstheunevennatureofthedistributionofglobalwealth,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.

Thewealthybytier

GlobalpopulationandwealthbymajorwealthtierH12022

392,410

Wealthtier

3,614,960

UHNW($30m+)

VHNW($5m-$30m)

$41,824bn

HNW$1m-$5m

$35,984bn

PopulationWealth

Source:Wealth-X2022,anAltratacompany

AlmostnineineverytenHNWindividuals

hasanetworthof$1m-$5m.

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Ahighlyinfluentialwealthtier

Asisthecasewithsocietyingeneral,theunevendistributionofglobalwealthisevidentamongtheUHNWpopulation.ThetwolowestUHNWwealthtiers—$30m-$50mand$50m-$100m—accountforalmost80%oftheglobalultrawealthypopulationbutonlyaroundathirdofitscumulativewealth,highlightingthetrendofalargeshareofacohort’spopulationfallingwithinthelowerwealthtiers.

Thoseindividualsinthenextthreetiers,eachwithanetworthof$100m-$1bn,composeafifthoftheultrawealthypopulation,whereastheirshareofUHNWwealthistwiceaslarge(ataround40%).Rightatthetopoftheultrawealthpyramid,thebillionaireclassrepresentsunder1%oftheglobalUHNWpopulation–yetitholdsoveraquarterofallultrawealth2.

Theultrawealthybytier

UHNWpopulationbywealthtierH12022

Wealthtier

$1bn+*

$500m-$1bn

$250-$500m

$100m-$250m

$50m-$100m

$30m-$50m

188,600

3,311

6,019

15,790

58,550

120,140

*Billionairedatanumbersrelectthosefrom2021,aspresentedinourBillionaireCensus2022.

Source:Wealth-X2022,anAltratacompany

Theunevendistributionofglobalwealth

isevidentamongtheUHNWpopulation.

2SeeAltrata’sBillionaireCensus2022.

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GlobalUHNWpopulation

Year-on-yearchange(realGDPandequities)

04

Theultrawealthy

in2022

Ashocktothesystem

TheglobalUHNWpopulationtotaled392,410individualsasatend-June2022.Thisrepresentsadeclineof6%fromend-2021,asharpreversalofthedynamicfromthepreviousyear’sgrowthof14%andthefirstdownturninUHNWnumberssince2018,aswealthportfolioswerehitbyshockwavesacrosstheglobaleconomy,triggeredbythewarinUkraine.Followinghistoricalhighsinrecentyears,thisdownturnsawthecombinednetworthoftheUHNWpopulationfallto$41.8trnasatmid-2022.Thiserasedalargeproportionofthepreviousyear’sgainsandimpliedadropintheaveragelevelofwealthamongtheUHNWclass.

Theultrawealthyandtheglobaleconomy

GlobalUHNWpopulation,realGDPandequities

NumberofUHNWindividualsandannualchangeinrealGDPandequities

GlobalUHNW

population

25%

MSCIworld

equityindex

5%

RealGDP

-15%

-25%

-35%

2017201820192020

450,000

400,000

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

2021H12022

20142015

20122013

392,410

2016

35%

-5%

15%

Sources:Wealth-X;InternationalMonetaryFund,WorldEconomicOutlook,July2022andMorganStanleyCapitalInternational(MSCI).

TheglobalUHNWpopulationfellby6%inthe

firsthalfof2022,to392,410individuals.

Theultrawealthyin2022

Ofparticularnotesincethebeginningof2022isthepaceandscaleoftheshiftinsentiment

andpolicyinmanylargeeconomies.Attheturnof2022,thegeneraltonehadbeenone

ofcautiousoptimism,anticipatingastrengtheningpost-virusglobalrecoveryandfurther

expansionofwealthportfolios,againstabackdropofrisingconfidence,releasedhousehold

savings,renewedinvestment,andwithcapitalmarketsstillflushwithliquidityfromthe

pandemic.

Largelyignored,however,werethefiscalandinflationarypressuresthatwerebuildingafter

theunprecedentedinterventionandsupply-sidedisruptionoftheprevioustwoyears,which

werethensharplyincreasedbythefalloutfromRussia’sinvasionofUkraine.Globalcentral

banksarenowhavingtoreininsurginginflation,amidconstrainedglobal-supplycapacity,

reducedhouseholdpurchasingpower,falteringdemandanddeterioratingsentiment.Itwill

beabumpyroadahead.

OurnewlyupdatedWealthandInvestableAssetsModel

ThisreportpresentsdataonthewealthyfromourlatestcomprehensiveupdatetoourproprietaryWealthandInvestableAssetsModel,whichgaugesthesizeandcombinedwealthofthepopulationwithpersonalwealthof$1m+.Themodelproducesstatisticallysignificantestimatesfortotalprivatewealthandestimatesthesizeofthepopulationbylevelofwealthandinvestableassetsfortheworld,andforeachofthetop70economiesand200cities.OurmodelisuniqueinthesensethattheWealth-XDatabaseenablesustoconstructwealthdistributionpatternsusingreal,ratherthanassumedwealthdistributions,makingthemodelmuchmorereliable.

Weupdatethemodel’smacroeconomicinputsonaregularbasisandrecentlycompleted

acomprehensiveonce-in-five-yearsupdateofthemodel.Thisentailedupdatinghistorical

macroeconomicandcountry-specificindicators,andwealthdistributioncurves.Thiswas

undertaken,firstly,toensurethatwehavecorrectlygaugedtherelationshipsbetweenthe

indicatorsthatthemodelisusing;andsecondly(althoughnolessimportantly)inlightofthe

factthattheWealth-XDatabasehasgrownsignificantlyoverthepastfiveyears.Ourlatest

updateallowsustoincludeevenmoreaccuratewealthdistributioncurves,enhancingthe

model’sstatisticalprecisionandreliability.

Regularreadersofourreportswillnotethatthecurrentreport’sdatadepictsthewealthy

populationaslargerinsizecomparedtopreviousreports,particularlyinthelowerwealth

bracket($1m-$5m).Thisreflectsthelatestupdatetothemodel,whichwebelieveoffersa

moreaccuratepictureofwealthatthistime.

FormoreinformationpleaseseetheMethodology.

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oftheworld’s

UHNW

392,410

TotalUHNW

population

population

%

$10,561bn25.3%

$11,854bn

$14,545bn34.8%

MiddleEast

Theultrawealthyin2022

Ultrawealthyacrosstheglobe

GlobalUHNWpopulationH12022

%

Asia

Europe

NorthAmerica

100,37025.6%

116,08029.6%

MiddleEast

134,53034.3%

21,590

5.5%

Africa

LatinAmericaand

theCaribbean

3,0200.8%

Pacific

10,320

2.6%

6,5001.7%

GlobalUHNWwealthH12022

oftheworld’s

UHNWwealth

$41,824bn

Totalwealth

Asia

Europe

NorthAmerica

28.3%

$2,656bn

6.4%

LatinAmericaand

theCaribbean

0.8%

Africa

$355bn

Pacific

$1,287bn

3.1%

1.4%

$567bn

Note:Dataonthetotalorpercentageoftheworld’sUHNWpopulationandwealthmaynotaddupexactlyortotal100%owingtorounding.

Source:Wealth-X2022,anAltratacompany

Source:Wealth-X2022,anAltratacompany

Altrata|WorldUltraWealthReport2022|9

26.1%

05

Regional,countryand

cityperformance

NorthAmerica

Risingrates,plummetingequities

TheUHNWpopulationintheworld’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.

Performancebyregion

ChangeinUHNWpopulationbyregion

H12022

Six-monthchange

7.4%

MiddleEast

5.1%

LatinAmericaand

theCaribbean

-3.2%

Africa

-3.9%

Asia

-6.5%

Pacific

-6.9%

Europe

NorthAmerica-9.7%

2021

Year-on-yearchange

17.8%

MiddleEast

14.1%

LatinAmericaand

theCaribbean

16.9%

Africa

12.5%

Asia

Pacific

14.9%

Europe

10.8%

NorthAmerica

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Caribbean

Regional,countryandcityperformance

Asia

ModeratedeclineinUHNWnumbers,butapainfulhitto

wealthholdings

Followingdouble-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.

Wealthperformancebyregion

ChangeinUHNWwealthbyregion

H12022

Six-monthchange

1.9%

3.1%

-4.2%

-8.2%

-11.5%

-10.5%

-13.9%

Latin

America

MiddleEast

Asia

Pacific

Africa

Europe

andthe

Caribbean

North

America

Source:Wealth-X2022,anAltratacompany

2021

Year-on-yearchange

25.1%

20.9%

16.3%

16.8%

14.7%

13.3%

12.4%

NorthAmerica

EuropeAsiaPacificAfrica

MiddleEast

Latin

America

andthe

Altrata|WorldUltraWealthReport2022|11

Regional,countryandcityperformance

Europe

Consumerbounce,butenergy-supplyandinflationrisksweighheavilyonultrawealth

Theworld’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’sUHNWpopulationrecordedthe

second-largestfallafterNorthAmerica.

MiddleEast

BoosttocommodityrevenueliftsUHNWpopulation

Overthefirsthalfof2022thefourth-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.

Regional,countryandcityperformance

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Incontrasttoalmostallotherregions,Latin

AmericaandtheCaribbeansawanincrease

initsUHNWpopulationinH12022.

LatinAmericaandtheCaribbean

Ultrawealthbuoyedbyimprovedtermsoftrade,butcurrency

resiliencefading

Incontrasttomostotherregions,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.

ThePacificandAfrica

FallsinUHNWnumbers,despitecommodity-marketboost

TheUHNWpopulationinthePacificregion—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|13

Regional,countryandcityperformance

TopUHNWcountries

Thetop10UHNWcountriesarehometoalmostthree-quartersoftheglobalultrawealthypopulation,underliningtheinfluentialstatusofthisselectgroupofwealthmarketsandthefocusedopportunitiesforcompaniesandorganizationsthattargettheultrawealthy.Here,wehighlightsomeofthekeycountrytrendsandrecentchangesinUHNWpopulationsize.

Top10UHNWcountries

UHNWpopulationH12022

Rankandwealth

1US

$13,404bn

2China

$5,606bn

3Germany

$2,226bn

4Japan

$1,412bn

5HongKong

$977bn

6UK

$1,145bn

7Canada

$1,141bn

8France

$1,244bn

9Switzerland

$967bn

10Italy

$1,074bn

19,870

16,585

15,235

14,885

13,060

12,150

9,090

8,500

51,145

Six-monthchange

inpopulation

121,465-10.3%

2.3%

-7.2%

-13.3%

-6.8%

-3.0%

-3.3%

-10.0%

-6.2%

-1.2%

Note:Populationnumbersareroundedtothenearest5.Thechangeinpopulationreferstoasix-monthperiod,notanannualizedperiod.

Changesaremeasuredbasedonmodelinputsupdatedretrospectivelyandnotonpreviouslypublishedigures.Forfu止herinformation

aboutourWealthandInvestableAssetsModel,pleaseseetheMethodologysection.

Source:Wealth-X2022,anAltratacompany

Chinawastheonlymajorwealthmarket

toseeariseinitsUHNWpopulationinthe

firsthalfof2022.

Regional,countryandcityperformance

TheUS,theworld’slargestwealthmarket,sawasignificantfallin

itsUHNWpopulation.

TheUSwasoneofthreecountries(theothersbeingJapanandFrance)inthetoptentorecordadouble-digitfallinitsUHNWpopulationoverthefirsthalfof2022.Ultrawealthportfolioswerehithardbyaslumpincapitalmarkets,amidmorehawkishUSmonetarypolicy,withtechnologyandconsumer-focusedstocksfaringworst.TheUSneverthelessremainsbyfarthebiggestwealthmarketintheworld,beinghometomoreUHNWindividualsthanthenextfivehighest-rankedcountriescombined,witha31%globalshare.

Chinawastheonlymajorwealthmarkettoseeariseinits

UHNWpopulation.

Ultrawealthynumbersintheworld’ssecond-largestUHNWcountryroseby2.3%overthe

firsthalfof2022amidpolicystimulusandcomparativelylimitedexposuretotheRussia-

Ukrainewar.Thishelpedtooffsetlockdownpressuresandstrainonthepropertysector.

Acrossothermajormarkets,wealthholdingsweredepressedbyacombinationofplunging

equities,soaringinflationandrisingriskaversion.Theconcentrationofultrawealthinthe

world’stwolargesteconomieshasrisensteadilyoverrecentyears,withtheUSandChina

combinednowaccountingfor45%.

Threeregionsdominatethetopofthecountryrankings,butthe

composit