2024年世界超財富報告（英）-2024-WN8

WorldUltraWealth

Report2024

Thoughtleadership

WorldUltraWealth

Report2024

BrianAlster

ChiefExecutiveOfficer

JeffWender

ChiefRevenueOfficer

ManuelBianchi

SeniorVicePresidentandGlobalHeadofSales

AmandaCifone

SeniorMarketingDirector

LeadauthorsMayaImberg

SeniorDirector,HeadofThoughtLeadership

andAnalytics

MaeenShaban

DirectorofResearchandAnalytics

Design

StephanieWarburton

DirectorofVisualCommunications

DawnLastre

VisualCommunicationsSpecialist

?DelinianLimitedanditsaffiliatedcompanies.July2024.

Thispublicationisforyourinformationonlyandisnotintendedasanoffer,orasolicitationofanoffer,tobuyorsell

anyproductorotherspecificservice.Allinformationandopinionsindicatedaresubjecttochangewithoutnotice.

Contents

01Executivesummary1

02Introduction2

03Awealthtierofinfluence3

04Theultrawealthyin20236

05Regional,countryandcityperformance8

06Lookingahead15

07Methodology19

08AboutAltrata20

Altrata|WorldUltraWealthReport2024

Executivesummary

01

In2023,theglobalultrahighnetworth

(UHNW)populationincreasedby7.6%toa

highof426,330individuals.Thismarked

astrongreboundfromthepreviousyear’s

declineandmeansthisexclusivegroupis

morethan20%largerthanitwasfiveyears

ago.Thoughlargelysluggish,economic

growthwasmoreresilientthanexpected.

Wealthportfolioswerebolsteredprimarily

byalate-yearrallyinglobalequities,

increasingtheUHNWpopulation’stotalnet

worthby7.1%to$49.2trn.

GrowthinNorthAmericaoutpacedthatin

EuropeandespeciallyAsia.Theultrawealthy

populationintheworld’sleadingultrawealth

regionincreasedby11.9%in2023to161,280

individuals,raisingNorthAmerica’sglobal

shareto37.8%.Europerecordedabove-

averagegrowthof9.4%incontrasttoAsia,

whichgrewbyunder3%to110,630individuals,

reflectingtheregion’sgeneralgrowthsettling

atalevelbelowitspre-pandemictrend.This

alsoledtoEuroperegainingitsstatusasthe

second-largestultrawealthregionforthe

firsttimesince2019.

TheUSposteddouble-digitgrowthin

UHNWnumbers,whilesecond-ranked

Chinarecordedasecondconsecutive

annualfall.TheUS,hometojustoverathird

oftheglobalUHNWclass,recordeda13%

riseinitsultrawealthypopulationto147,950

individuals.Therewassimilargrowthof

UHNWnumbersinthird-rankedGermany.

Incontrast,China’sUHNWnumbersfellby

1%,reflectingarelativelysluggisheconomy

andadeepeningreal-estatedownturn

(HongKong’sUHNWnumbersalsofollowed

thistrend).However,Asia’sotherleading

wealthmarketsofJapanandIndiaenjoyed

robustgrowth.

Theglobalultrawealthypopulationwill

expandacrossallregionsoverthenext

fiveyears.Despitecontinuingvolatility

anduncertainty,weforecasttheglobal

ultrawealthypopulationtototal587,650

individualsby2028andaccountforan

additional$19trnofnewlycreatedwealth.

NorthAmericawillcontinuetoaccountfor

thelargestregionalshareoftheglobalUHNW

population,risingslightlyto39%.Asia’s

catch-upprocesshaslargelyplayedout,and

theregion’ssharewillincreaseonlyslightly

by1%to27%in2028.Europe’sshareofthe

globaltotalwillcontinuetodeclineslightly,to

25%by2028,downfrom28%in2019.

Threeofthetop10fastest-growingUHNW

citiesoverthenextfiveyearswillbein

India.Reflectingthecountry’sstatusasone

oftheworld’sfastest-growingeconomies,

theUHNWpopulationinBengaluru,

HyderabadandDelhiareallexpectedto

growatanannualaveragerateof14-16%.

ManilainthePhilippinesandKualaLumpur

inMalaysiaalsoentertheranksofthetop10

fastest-growingUHNWcities.

Theworld’smajorcitieswillbean

increasinglyimportantbaseforwealth

generation.By2028,weforecastthatalmost

42%oftheultrawealthyclasswillbebasedin

oneofthetop50UHNWcities,upfrom38%

in2015.Therankingofthe10largestUHNW

citiesisexpectedtochangelittle,withNew

York,HongKong,LosAngelesandTokyostill

toppingthetable.

Altrata|WorldUltraWealthReport2024|1

Introduction

02

Altrata’slatestWorldUltraWealthReport–the12thpoweredbyWealth-Xdata–providesour

comprehensiveanalysisoftheglobalultrahighnetworth(UHNW)population.Thisexclusivegroupof

wealthyindividuals,eachwithanetworthinexcessof$30m,hasgrownsteadilyinsizeandinfluence

overthepastdecade.Theircollectivewealthnowtotalsanimmense$49trn—morethanthecombined

GDPoftheUSandChineseeconomies.

Thisyear’seditionfocusesontheoverallultrawealthylandscape,presentingadetailedoverviewofthe

UHNWpopulationin2023anditssignificanceamongtheglobalrich.Itassessestheimpactofrecent

developmentsinworldmarketsontheultrawealthyclassandtheoutlookforwealthgeneration.

2023wasanotherturbulentyearfortheglobaleconomywithcomplexgeopolitics,regionalconflicts,a

volatileclimateandpolicyindecision.Againstthisbackdrop,mostwealthmarketsreboundedfromthe

painfullossesof2022,withinvestorenthusiasmforgenerativeartificialintelligenceandtheprospect

ofmonetaryeasingbyglobalcentralbanksdeliveringalate-yearboosttomarketsentimentandequity

returns.Inthisreport,weexamineindetailtheeffectsacrosstheglobalUHNWclassandthechangesin

cumulativenetworth,highlightingthekeydriversandregionalwealthtrends,rankingtheleadingultra

wealthycountriesandcities,andpresentingourupdatedfive-yearforecastfortheUHNWpopulation.

Wealth-X’scomprehensivedatabaseonthewealthyanditsdetailedWealthandInvestableAssets

Modelprovideunrivaledinsightintotheworld’sUHNWpopulation,itscharacteristicsandthe

constantlychanginglandscapeofwealthcreation,makingitanessentialresourceforanyorganization

lookingtoprospectforandengagewithindividualsinthisexclusivedemographic.

Keydefinitions

Ultrahighnetworth(UHNW)individuals

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

Veryhighnetworth(VHNW)individualsThosewithanetworthof$5m-$30m.

Altrata|WorldUltraWealthReport2024|2

Awealthtier

ofinfluence

03

Theultrawealthyholdanoutsizedproportionofwealth

In2023,theglobalpopulationofhighnetworth(HNW)individuals,eachwithwealthinexcessof

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

classof426,330individualsisahighlyexclusivesegment,representingjust1.1%oftheHNWcohort

butholdingasubstantiallylargershareofwealth.At$49.2trnin2023,thecollectivenetworthofthe

UHNWpopulationaccountedfor32%ofwealthheldbyallHNWindividuals.

Ourdata(goingbackto2004)showsthattheultrawealthyhaveaccountedforaremarkablystable

shareoftheglobalHNWpopulationanditscombinednetworthoverthepasttwodecades.The

shareoftheultrawealthypopulationhasremainedatjustabove1%,whiletheproportionoftotalHNW

wealthheldbytheUHNWclasshasheldfairlysteadywithinanarrow32-35%range.

Thewealthybytier

Globalpopulationandwealthbymajorwealthtierin2023

Wealthtier

426,330

UHNW($30m+)

VHNW($5m-$30m)

$1m-$5m

3,974,460

$49,159bn

$39,491bn

33,685,090

$63,001bn

PopulationWealth

Source:Wealth-X,anAltratacompany,2024

Theultrawealthycomprise1%oftheglobalmillionaire

population,yethold32%ofthisgroup’stotalwealth.

Altrata|WorldUltraWealthReport2024|3

Awealthtierofinfluence

Thisimmensestockofwealthgivestheultrawealthy

thecapacitytowieldconsiderableinfluenceonall

facetsofsociety–frompoliticsandeconomics

totechnologyandhealthcare–andtheyareof

particularimportancetoorganizationsinvolvedin

theluxury,wealthmanagementandphilanthropic

sectors,amongmanyothers.

Theultrawealthypopulationhasgrownstrongly

overthepastdecade,andsohavethemany

industriesthatcaterspecificallytothesuperrich.

Themarketforpersonalluxurygoodsandlifestyle

serviceshasexpandedrapidly,drivenbythemore

variedinterestsanddemandsofaprogressively

diverseglobalUHNWpopulation.Therehasbeen

asimilartrendacrosshigh-endrealestatearound

theworld,alongsideanincreasingfocusonfamily

wealthtransferplanningandlegacytransitionamid

asurgeinfirst-generationwealth.

Globally,theultrawealthy

accountfor:

$118bn

ofpersonalluxury

goodsspend,

equivalentto30%

ofthetotalspend1

$190bn

ofphilanthropic

donations,equivalent

to38%ofallgiving

byindividuals2

TheUHNWclassisverymuchthemainclientele

forfinancialservices,primebrokerageandasset

managementcompanies,whetherdirectlyor

viafamilyoffices.Thisgroupalsoaccountsfora

prominentandgrowingshareofglobalindividual

givingtophilanthropicorganizations,withpersonal

donationsbytheultrawealthyestimatedata

substantial$190bnin2022.

$38trn

ofinvestableassets,

equivalentto32%of

globalassetsunder

management(AUM)3

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

Bain/AltagammaforoverallluxurygoodsspendandBostonConsultingGroup

foroverallAUM.

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’srichest

individuals.Almost80%oftheglobalultrawealthyclasshaveanetworthofbetween$30mand

$100m,inlinewiththegeneraltrendofalargeshareofthecohort’spopulationfallingwithinthe

“l(fā)ower”wealthtiers.Thisishighlightedbyanestimatedmedianwealthlevelof$51macrosstheUHNW

class,whichcompareswithamuchhigheraveragelevelof$115m.

Thoseindividualswithanetworthof$100mto$1bncomprisejustunderafifthoftheultrawealthy

population,andholdstockofwealthbroadlysimilartothoseinthe$30mto$100mcohort.Atthevery

topofthewealthpyramid,thebillionaireclassrepresentsjust0.8%oftheglobalUHNWpopulation,

yetitholds24%ofallultrawealth.

Theultrawealthybytier

GlobalUHNWpopulationandwealthbywealthtierin2023

Wealthtier

$1bn+*

$500m-$1bn

$100m-$500m

$30m-$100m

3,194

7,198

80,230

$11,107bn

$5,153bn

$15,284bn

335,460$16,743bn

PopulationWealth

*Billionairepopulationandwealthdatareflectthosefrom2022,aspresentedinourBillionaireCensus2023.

Source:Wealth-X,anAltratacompany,2024

Almost80%ofultrawealthyindividualshave

anetworthofbetween$30mand$100m.

Altrata|WorldUltraWealthReport2024|5

Theultrawealthy

in2023

04

Surpassingexpectations–astrongreboundinUHNWwealth

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

astrongreboundfromthepreviousyear’sdecline.Wealthportfolioswerebolsteredprimarilybya

late-yearrallyinglobalequities,ledbydevelopedmarkets.Economicgrowthwasgenerallysluggish–

constrainedbyhighinflation,tightmonetarypolicy,cost-of-livingpressuresandgeopoliticalconflict

–but,nevertheless,itwasmoreresilientthanexpected.Asrecessionfearseasedandglobalinflation

lessened,theprospectofcentralbankinterestratecutslifted“risk-on”sentimentinmostasset

classes.Amidgrowingoptimismofasoftlandingfortheworldeconomy,thetotalnetworthofthe

UHNWpopulationincreasedby7.1%to$49.2trnin2023.

Thisshiftininvestorexpectationsoverthecourseoftheyearwasreflectedincontrastingsector

returns,withthepatternlargelyareverseof2022.Thestrongestequitygainswereintechnology,

financialservicesandconsumerproducts,whichoutperformedmoredefensivesectorssuchas

healthcare,utilitiesandenergy.Travelandtourismcontinueditspost-pandemicrecovery,whereas

higherinterestratesweighedonreal-estateactivityandcorporatetransactions.Fixed-income

marketsgenerallyshowedmarginalpositivereturns,aftertwoyearsofdecline,whilehigh-volatility

cryptoassetsralliedstronglyaftertheir2022slump.Theglobalbackdropforwealthmarkets

remainedturbulentgiventheincreasinglycomplexgeopoliticsshapedbyRussia’sinvasionofUkraine,

deepeningrivalrybetweenChinaandthewest,anewIsrael-Hamaswar,wideningtraderestrictions

andongoingtechnologicalandclimatedisruption.

Theglobaleconomyataglance

Selectglobalindicatorsfor2023(year-on-yearchange)

3.2%

RealGDP

growth

4.6%8.3%

AdvancedEmergingand

economiesdevelopingeconomies

Consumerpriceinflation

24%

US$terms

MSCIWorld

EquityIndex

-18%

Oilprice

(US$/barrel)

-16%

-30%

Transactions

Capitalraised

IPOactivity

Sources:InternationalMonetaryFund,WorldEconomicOutlook,April2024;MorganStanleyCapitalInternational(MSCI);

PwCGlobalIPOWatch2023;WestTexasIntermediate(WTI)crudeoil.

Altrata|WorldUltraWealthReport2024|6

Theultrawealthyin2023

Theultrawealthyacrosstheglobe

GlobalUHNWpopulationin2023

426,330

%

TotalUHNW

population

7.6%

Changeinpopulation

from2022

oftheworld’s

UHNWpopulation

NorthAmerica

Europe

Asia

161,28037.8%

11.9%

111,54026.2%

110,63025.9%

9.4%2.7%

MiddleEast

19,480

-5.7%

4.6%

LatinAmericaand

theCaribbean

13,990

18.2%

3.3%

Africa

2,710

-10.3%

0.6%

Pacific

6,700

0.1%

1.6%

GlobalUHNWwealthin2023

$49,159bn

TotalUHNWwealth

7.1%

Changeinwealth

from2022

%

oftheworld’s

UHNWwealth

NorthAmerica

Europe

Asia

$18,586bn37.8%

11.7%

$12,920bn26.3%

8.8%

MiddleEast

$12,343bn

2.1%

25.1%

$2,630bn

-7.5%

5.4%

LatinAmericaand

theCaribbean

$1,757bn

19.5%

3.6%

Africa

$317bn

-11.9%

0.6%

Pacific

$606bn

0.3%

1.2%

Note:Dataonthetotalorpercentageoftheworld’sUHNWpopulationandwealthmaynotaddupexactlyortotal100%owingtorounding.

Source:Wealth-X,anAltratacompany,2024

Altrata|WorldUltraWealthReport2024|7

Regional,countryand

cityperformance

05

NorthAmerica

ResilienteconomyandequitygainsdrivestrongexpansionofUHNWclass

TheUHNWpopulationintheworld’sleadingultrawealthregionincreasedby11.9%in2023to161,280

individuals,drivenbyastrongexpansionintheUS.GrowthoutpacedthatinEuropeandespecially

inAsia,raisingNorthAmerica’sshareoftheglobalultrawealthyclassto38%.Collectivenetworth

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

unexpectedlyresilientUSeconomy,despitetheFederalReserve(theUScentralbank)continuing

itsaggressivepolicytighteningoverthefirsthalfoftheyear.Amidfirmconsumerdemandand

highersubsidy-backedinvestment,theregionoutperformeditsglobalpeersintermsofeconomic

growth.However,themainboosttoUHNWportfolioscamefromdouble-digitequityreturns,heavily

concentratedamongstellargainsbytheso-called“magnificentseven”mega-captechstocks.

TheS&P500closedtheyearup26%andthetech-heavyNASDAQCompositeindexup43%,both

indicesreversingsharplossesof2022.Otherregionalassetmarketsweremoresedate,butmost

deliveredmoderategains.TheUSdollarweakenedslightlyagainstsomeothermajorcurrencies,

includingtheeuro.

NorthAmericahadthestrongestUHNWpopulation

growthofthethreemajorwealthregions.

AAllttrraattaa||WWoorrllddUUllttrraaWWeeaalltthhRReeppoorrtt22002244|8

Regional,countryandcityperformance

Europe

Wealthassetsbolsteredbyequityrebound,despitethe

weakperformanceofmajoreconomies

Europe’sUHNWpopulationrecordedabove-averagegrowthof9.4%to

111,540individuals.ThiswasthreetimesthepaceofexpansioninAsia,

whichledtoEuroperegainingitsstatusassecond-largestultrawealth

regionforthefirsttimesince2019.Economicperformancewasmixed.

ThelargestwealthmarketsofGermany,theUKandFranceflirtedwith

recessioninthefaceofhighinflation,interestratehikesandstructural

weaknesses,whereasgrowthwasfairlyrobustinsouthernandparts

ofeasternEurope(supportedbybuoyanttourismsectorsandEU

structuralfunds).Equitymarketsperformedstronglyonthewhole–the

MSCIEuropeIndexclosedtheyearup21%–withrisingoptimismover

fallinginflationandfutureratecutsfuelingalate-yearrally.UKcapital

marketreturnstendedtolagtheregionalaverage.Therewasabroad

slowdownacrosstheEuropeanreal-estatesector,butsomesupportfor

wealthportfoliosfromrelativecurrencyappreciation.Combinedwealth

oftheUHNWclassincreasedby8.8%to$12.9trn.

Europe

overtookAsia

toregainits

positionas

second-largest

UHNWregion.

Asia

Onlyamildrecoveryfrom2022’sslump,withUHNWgrowthlagging

NorthAmericaandEurope

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

fromthesharpdeclineofthepreviousyearandwellbelowtheglobaltrend,resultinginAsiabeing

overtakenbyEuropeintheregionalranking.Thisreflectednumerousfactors:thestructuralslowing

ofChina’seconomy;weakglobaldemandacrosstheregion’sexport-orientedeconomies;high

andstickyinflation;andtightmonetarypolicy,inparttosupportunder-pressurecurrencies.The

region’seconomicperformancewasstillrespectableinaglobalcontextbut,ingeneral,Asiangrowth

issettlingatalevelbelowitspre-pandemictrend.Collectivenetworthheldbytheregion’sUHNW

classroseby2.1%to$12.3trn,equivalenttoa25%globalshare.WealthgainsremainedfirminIndiain

anotheryearofrobusteconomicexpansion.Therewerepocketsofstrongequityreturnsinthetech-

heavymarketsofSouthKoreaandTaiwanandinJapan,wherethecountry’scentralbankmaintained

itsaccommodativepolicystance.Chinesestockswereadragonregionalassetperformance,

recordingathirdconsecutiveyearofdecline(inUSdollarterms).

MiddleEast

FallinUHNWpopulationamidlowercommoditypricesandsubdued

capitalmarkets

Afterstronggainsin2021-22,theMiddleEastrecordedadeclineinultrawealthynumbersand

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

4.6%globalshare.Adropinglobalenergypricesfromelevatedlevelsdampenedrevenuetrendsin

hydrocarbon-exportingcountries.Capital-marketreturnsweregenerallyweak,underperforming

theemerging-marketaverage,amidthecorrectionincommoditymarketsandwiththeUSdollar

currencypeginmostGulfArabcountrieslesssupportiveofUHNWportfoliosthanintheprevious

twoyears.Thewindfallfrompeakhydrocarbonpricessupportedfirmernon-oilinvestmentand

diversificationactivityinthelarger,richereconomies,suchasSaudiArabiaandUAE,butgrowthinthe

regiondisappointed,withmanycountriesstrugglinginthefaceofcivilconflicts,highlivingcostsor

socialunrest.TotalUHNWwealthintheMiddleEastdeclinedby7.5%to$2.6trn.

Altrata|WorldUltraWealthReport2024|9

Regional,countryandcityperformance

LatinAmericaandtheCaribbean

MonetaryeasingandforeigninvestmentdriveathirdyearofrobustUHNWgrowth

LatinAmericaandtheCaribbeanrecordedathirdsuccessiveyearofdynamicgrowthinitsUHNW

classandnetworth,continuingitsimpressivereboundfromadeepslumpin2020.Theultrawealthy

populationsurgedby18.2%to13,990individuals,whichwasthestrongestexpansionofanyregion.

Cumulativenetworthincreasedby19.5%to$1.8trn,despitelessfavorabletermsoftradeacross

themajorcommodity-exportingwealthmarkets.Assetportfolioswerebolsteredbyequitymarket

gains(especiallyinBrazil,PeruandMexico),monetaryeasingandfirmeconomicgrowth.Activitywas

supportedbytheresilienceoftheUSeconomy,stronginvestmentinflowsduetonearshoring,solid

tourismgrowthandthepass-througheffectsofratecutsonsentimentanddemand.MostLatin

Americancentralbankswereaheadofthecurvein2021withtheirtighteningcyclesand,withfalling

inflation,theywereabletomoveearlierthantheirdeveloped-economycounterparts(suchasthe

Fed)inreducinginterestrates.AnexceptionwasMexico,whichaggressivelyraisedrates,drivinga

substantialpesoappreciationof15%againsttheUSdollar.

LatinAmericaandtheCaribbeansawthefastest

UHNWgrowthofanyregion–arepeatof2022.

ThePacificandAfrica

SluggishtrendinAustraliaandafallinAfrica’sUHNWpopulation

TheUHNWpopulationinthePacificregion,whichmainlyreflectsdevelopmentsinAustralia,was

stableat6,700individuals.Economicandfinancial-marketdevelopmentsweresubduedgivenlower

commodityprices,sluggishdemandinChina(Australia’slargestexportmarket)andhighinterest

ratesthatweighedoncapital-marketandreal-estatereturns,aswellasbroaderconsumption

andsentiment.Africa,thesmallestUHNWregion,recordedthelargestrelativefallinultrawealthy

numbersofanyregionin2023,downby10.3%to2,710individuals.Highexposureamongcommodity

producerstoweakertermsoftrade,aswellastightfinancingconditions,powershortagesand

widespreadsocialunrestandpoliticalconflictallweighedonassetportfolios.Thetworegions

accountedforacombined2.2%oftheglobalUHNWpopulation.

Altrata|WorldUltraWealthReport2024|10

Regional,countryandcityperformance

LeadingUHNWcountries

Almostthree-quartersoftheglobalultrawealthypopulationresideinjust10countries,highlighting

theinfluentialstatusofthisgroupofwealthmarketsandthefocusedopportunitiesforcompanies

andorganizationsthattargetand/orcatertotheultrawealthy.Here,wehighlightthekeycountry

trendsandrecentchangesinUHNWpopulationsize.

Top10UHNWcountries

UHNWpopulationin2023

Rankandwealth

1US

$17,154bn

147,950

Year-on-yearchange

inpopulation

13.1%

2

China

$5,202bn46,060

-1.0%

3

Germany

$2,624bn

22,210

13.3%

4

Japan

$1,566bn16,565

10.4%

5

UK

$1,592bn15,640

10.6%

6

France

$1,472bn

13,65514.1%

7

Canada

$1,432bn13,330

-0.6%

8

HongKong

$1,483bn12,545

-0.4%

9

Italy

$1,180bn10,480

13.8%

109,540

India

$1,209bn

8.5%

Note:Populationnumbersareroundedtothenearest5.Changesaremeasuredbasedonmodelinputsupdatedretrospectivelyandnotonpreviouslypublishedgures.

ForfuherinformationaboutourWealthandInvestableAssetsModel,pleaseseetheMethodologysection.

Source:Wealth-X,anAltratacompany,2024

Mostoftheworld’smajorwealthmarketssawa

strongreboundintheirUHNWpopulationsin2023;

Chinawasanotableexception.

Altrata|WorldUltraWealthReport2024|11

Regional,countryandcityperformance

Sevenofthetop10wealthmarketsexpandedtheirUHNWnumbers

ThisincludedtheUS,byfartheworld’slargestwealthcenter,whichrecordeda13%riseinitsultra

wealthypopulation.At147,950individuals,theUSishometojustoverathirdoftheglobalUHNW

class.Tech-ledcapitalmarketgainsandastandouteconomicperformanceamongitsdeveloped-

marketpeerswerethemaindrivers,overshadowingslightcurrencyweaknessandheightened

politicalinstability.

TherewassimilargrowthofUHNWnumbersinGermany,whichconsolidateditsstatusastheleading

UHNWcountryinEurope(rankedthirdglobally).Theeconomywasanotableunderperformerinthe

eurozone,reflectingstructuralconstraintsanditsexposuretorecentsupplyshocks.Nevertheless,

ultrawealthwasbolsteredbysentiment-drivenequity-marketreturns,improvedtermsoftradefrom

lowerenergycosts,andtheresilienceofthecountry’slargebaseofinnovativesmallandmedium-

sizedenterprises.AllofthemajorEuropeanmarketsregisteredasolidreboundinultrawealthy

numbersafteraweakperformancein2022.

Second-rankedChinarecordedasecondconsecutiveannualfallinits

UHNWpopulation.

UltrawealthtrendswerelessfavorableinChina,theworld’ssecond-largestUHNWmarket,which

suffereda1%fallinitscohortpopulation.Arelativelysluggisheconomy,adeepeningreal-estate

downturn,underperformingcapitalmarkets,worseningdemographicsandgeneralinvestor

uncertaintylinkedtogeopoliticalstrainsposedachallengingenvironmentforwealthcreation.The

semi-autonomousterritoryofHongKongalsorecordedafallinultrawealthynumbers(seeleading

UHNWcities).

ThiscontrastedwithrobustgrowthoftheUHNWpopulationsinAsia’sotherleadingwealthmarkets

ofJapanandIndia.TheaccommodativemonetarypolicystancebytheJapanesecentralbank

remainedatailwindfordomesticassetsandconsumerspending.Indiamaintaineditsstatusasoneof

theworld’sfastest-growingeconomies,withinfrastructuredevelopment,capitalinflowsandresilient

demandsupportingwealthgeneration.Givenitsexpansivelaborandconsumermarkets,Indiaislikely

tomakegradualprogressupthecountryrankingsinthecomingyears.

Threeregionsdominatethecountryrankings,butthecompositionwill

graduallyshift.

The10largestultrawealthmarketsarelocatedacrossthreeregions,withfourinEurope,fourin

AsiaandtwoinNorthAmerica.Thisconfigurationhasremainedlargelyunchangedoverthepast

decade,althoughthegraduallyshiftingpatternofglobalwealthdistributioncouldwellleadtoseveral

newentrantsbecominganestablishedpresenceoverthenextfiveto10years.Themostlikelyare

SaudiArabiaandBrazil(bothrankedinthetop15in2023),havingregisteredstronggrowthintheir

respectiveUHNWpopulationsinrecentyears.

Altrata|WorldUltraWealthReport2024|12

Regional,countryandcityperformance

LeadingUHNWcities

Thetop10citiesarehometoaroundasixthoftheworld’sUHNWpopulation.Thedistributionofultra

wealthatcitylevelhasevolvedoverthepastdecadeastheUHNWclasshasbecomemorediverse

andmobile,althoughtheallureofthehigh-endbusiness,cultural,real-estate,educationaland

lifestyleopportunitiesofferedbyestablishedglobalcitiesremainsstrong.Below,wehighlightsome

ofthestructuraldriversandrecentchangesinUHNWcitypopulationsize.

Top10UHNWcities

UHNWpopulationin2023

Year-on-yearchange

inpopulation

1

NewYork16,63013.8%

2HongKong12,545-0.4%

3LosAngeles8,955

15.4%

4Tokyo6,445

10.7%

5SanFrancisco6,40514.9%

6London6,24511.1%

7Chicago5,72