There are now 426,330 individuals worth $30 million or more, known as ultra-high-net worth (UHNW) individuals, according to Altrata's World Ultra Wealth Report 2024.
Their total wealth surged by 7% to $49 trillion in 2023, helped mainly by the year-end stock rally.
In the U.S., the ultra-high-net-worth population increased 13%, to 147,950, meaning the U.S. now accounts for a third of the world's ultra-high-net worth population.
Over the next five years, the UHNW population is expected to grow by 38% to 587,650, according to the report.
Their combined fortunes will rise by $19 trillion — creating a massive new opportunity for companies that cater to the ultra-wealthy, according to the report.
Persons:
Spencer Platt, Robert Frank
Organizations:
New York Stock Exchange, Getty
Locations:
New York City, U.S