Global Ultra Wealthy Population Shrinks for the First Time Since 2018

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Sep 06, 2023, 08:02 ET

New Altrata report reveals more than a 5% decline in the ultra wealthy population in 2022, yet projected growth through 2027

NEW YORK, Sept. 6, 2023 /PRNewswire/ -- Today Altrata, the global leader in data-driven intelligence on the wealthy and influential, released the 11th edition of the World Ultra Wealth Report 2023. The report reveals a 5.4% decline in the ultra high net worth (UHNW) population in 2022, the first annual decrease of this population in four years and the most substantial contraction since 2015.

The top 10 UHNW countries are home to almost three-quarters of the global ultra wealthy population, underlining the influential status of this select group of wealth markets and the focused opportunities for companies and organizations that target the ultra wealthy.

The World Ultra Wealth Report 2023 leverages Wealth-X data and sheds light on the state of the global UHNW population; those with a net worth of $30 million or more. Despite the annual decline in population, the ultra wealthy still hold more than $45 trillion in assets, with median wealth of $51 million per person.

Leveraging Wealth-X's proprietary Wealth and Investible Assets Model, the global ultra wealthy population is expected to total 528,100 people by 2027, an increase of 133,000 on 2022 levels. UHNW wealth is projected to rise to $60.3trn, implying an additional $14.9trn of newly created wealth over the next five years.

The recent decline impacted global regions and cities differently. Among the numerous findings, the World Ultra Wealth Report 2023 reveals:

North America remains the leading ultra wealth region by far but saw a 4% decline in population in 2022; this was the biggest annual fall in a decade
Asia experienced the largest fall of any region with a 10.9% decrease in ultra wealthy individuals and a 10.6% decrease in their overall wealth
Europe's wealth assets were hit hard with an inflationary spike and energy shocks from the Russia-Ukraine war, with the region seeing a 7.1% decrease in its ultra wealthy population
The Middle East, Latin America and the Caribbean registered strong gains in ultra wealthy individuals and their total net worth

The report goes on to examine different ultra wealthy archetypes, namely entrepreneurs, corporate executives, and sole inheritors. These archetypes highlight the similarities and differences among these demographics by wealth source, asset allocation, industry affiliation, luxury asset ownership trends and more.

The data shows that holdings in privately and publicly owned businesses comprise the majority of wealth holdings across all three UHNW archetypes
Corporate executives and entrepreneurs are almost equally the most frequent UHNW owners of yachts, but executives dominate when it comes to owning private jets
Entrepreneurs are the largest group when it comes to owning valuable art collections; but luxury car ownership shows more diversity among the UHNW
The global UHNW population is heavily male dominated, with women accounting for a modest 11% share, however women account for nearly 40% of sole inheritors

"Whether by chance or design, the turbulent backdrop of 2022 provided wealth-creation opportunities for some among the ultra wealthy class," said Manuel Bianchi, head of global sales for Altrata. "Altrata's World Ultra Wealth Report 2023 is an indispensable guide for organizations seeking to navigate the intricate world of the ultra wealthy."

Access the complete findings today.

About Altrata

Altrata is a global leader in people intelligence. It includes more than 100 million profiles on wealthy individuals around the world and more than 12 million profiles on senior decision makers, board members and C-suite leaders. Altrata provides intelligence on the people who are most impactful to their clients' success. Altrata's advanced integration solutions allow deeper insights and access to billions of connections helping clients close more deals, manage risk, and identify key talent quickly. Actionable, accurate, and comprehensive data powered by a global team of more than 400 researchers and data specialists, maintaining millions of profiles, enables clients to effectively engage and make meaningful, lasting connections.

Altrata is a registered trademark of Delinian Limited and its affiliated companies, and is comprised of five dynamic offerings: BoardEx, Boardroom Insiders, RelSci, WealthEngine, and Wealth-X.

SOURCE Altrata