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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
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