Their collective wealth now totals an immense $49trn — more than the combined GDP of the US and Chinese economies.
NEW YORK, July 24, 2024 /PRNewswire/ -- Today Altrata, a leader in people intelligence, releases its latest report World Ultra Wealth Report 2024. The latest Altrata study leverages its Wealth-X data and finds this exclusive population is now 20% larger than it was five years ago.
The report examines the ultra-wealthy population, which grew by 7.6% in 2023, and accounts for more than 426,000 individuals across the globe with a combined net worth of $49.2 trillion. This growth marked a strong rebound from the previous year's decline.
The global ultra wealthy population will expand over the next five years across the globe.
The US, which is home to nearly a third of all ultra-high net worth (UHNW) individuals, posted double-digit growth with a 13% increase in 2023
China recorded a second consecutive annual fall, with its UHNW population declining by 1%, reflecting a relatively sluggish economy and a deepening real-estate downturn
Globally, the ultra wealthy account for $190 billion of philanthropic giving, equivalent to 38% of all giving by individuals
The ultra wealthy's $38 trillion of investable assets are equivalent to 32% of global assets under management
The ultra wealthy spent $118 billion on personal luxury goods in 2023, equivalent to 30% of all such spending
UHNW numbers rose strongly in almost all the top-ranked cities with the exception of Hong Kong, which experienced a slight decline in UHNW individuals
The ultra wealthy comprise 1% of the global millionaire population yet hold 32% of this group's total wealth. World Ultra Wealth Report 2024 also highlights the projected growth of the ultra-wealthy population across the globe.
By 2028 it forecasts a 38% increase to 587,650 individuals. In addition, by 2028, almost 42% of the ultra wealthy will be based in one of the top 50 UHNW cities, up from 38% in 2015. Three of the top 10 fastest-growing UHNW cities over the next five years will be in India: UHNW numbers in Bengaluru, Hyderabad and Delhi are all expected to grow at an annual average rate of 14-16%, Reflecting the country's status as one of the world's fastest-growing economies.
World Ultra Wealth Report 2024 provides unrivaled insight into the world's ultra wealthy population, its characteristics and the constantly changing landscape of wealth creation. It is an essential resource for any organization looking to prospect for and engage with individuals in this exclusive demographic.
Altrata is a global leader in people intelligence providing insight on individuals who can have the most impact on their clients' success. Altrata's advanced solutions allow deeper insight and access to billions of connections helping clients close more deals, manage risk, and identify top talent quickly. Altrata's global dataset contains millions of individual profiles on the wealthy, senior decision makers, board members, and C-suite leaders. Altrata offers actionable, accurate and comprehensive data maintained by a global team of in-house researchers committed to surfacing the right insight at the right time to drive positive business outcomes.
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
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