How Many UHNWI Are There in the World?
Uncover the global figures for ultra-high-net-worth individuals. Gain insight into the scale and patterns of top-tier wealth worldwide.
Understanding the world’s wealthiest individuals offers insights into global economic dynamics and wealth distribution. Ultra-High-Net-Worth Individuals (UHNWI) represent a small, influential segment of the global population. Examining their numbers, characteristics, and geographic concentrations illuminates trends in wealth creation and accumulation.
Defining the Ultra-High-Net-Worth Individual (UHNWI)
An Ultra-High-Net-Worth Individual (UHNWI) is defined as possessing $30 million or more in investable assets. Financial institutions widely adopt this benchmark. While some definitions use lower thresholds, $30 million is the most commonly accepted standard.
Investable assets are holdings readily converted to cash or used for investment. These include liquid assets like stocks, bonds, mutual funds, and money market accounts. Real estate, private equity, hedge funds, and alternative assets like commodities and cryptocurrencies are also included. A UHNWI’s primary residence, personal consumables, and collectibles not held as investments are generally excluded.
Current Global UHNWI Population and Aggregate Wealth
At the end of 2023, the global UHNWI population reached 626,619. Reported by the 2024 Knight Frank Wealth Report, this figure indicates a rebound in wealth creation after a decline in the preceding year. This group, a minuscule fraction of the world’s population, controls substantial global wealth.
Estimates are compiled by reputable financial institutions and research firms like Knight Frank and Altrata. They integrate publicly available data with insights from wealth managers and economic models. This approach allows for credible estimation of the UHNWI population and their collective financial power.
Geographic Distribution of UHNWIs
UHNWI distribution concentrates in specific global regions and countries. North America holds the largest share with approximately 253,000 UHNWIs. The United States drives this concentration, home to 225,077 UHNWIs.
Asia follows as a significant hub with about 165,000 UHNWIs. China is a major contributor within Asia, with 98,551 UHNWIs, making it the second-highest globally. Europe collectively houses 155,000 UHNWIs, with Germany (29,021), France (24,941), and the United Kingdom (23,072) being prominent. The Middle East (18,700), Australasia (17,900), Latin America (13,100), and Africa (2,900) represent smaller, growing regional concentrations.
Trends in UHNWI Population Growth
The global UHNWI population increased in 2023, rising 4.2% to 626,619. This growth reversed the 2022 decline, demonstrating a recovery in wealth accumulation. On average, nearly 70 new UHNWIs were created daily in 2023, highlighting rapid wealth generation.
This trend was fueled by an improving interest rate outlook and strong U.S. economic performance. A sharp uptick in global equity markets also contributed to wealth creation, alongside gains in alternative assets like gold and Bitcoin.
Looking ahead, the number of wealthy individuals globally is projected to increase by 28.1% over the next five years to 2028. While substantial, this growth rate is slower than the 44% expansion recorded in the five-year period leading up to 2023.
Regionally, North America led 2023 growth with a 7.2% increase, followed by the Middle East at 6.2%. Conversely, Latin America was the only region to experience a decline. Asia is expected to drive future UHNWI growth, with India and mainland China showing strong projected increases.