Personal Finance
World’s Ultra-Wealthy Population, in One Chart
The World’s Ultra-Wealthy Population, in One Chart
Reaching the status of “millionaire” used to be a big deal.
But with rising inflation, a higher cost of living in cities, and changing perceptions around wealth, the six zero milestone doesn’t mean as much anymore.
Heck, there are over 16 million millionaires globally, and 4.3 million in the United States alone. Therefore, to really get a sense of the makeup of the world’s ultra-wealthy population, we need a more exclusive and finely-tuned indicator.
The $50 million Benchmark
Today’s infographic comes to us from the Knight Frank Wealth Report 2018, which you should absolutely check out if global wealth is a topic of interest to you.
The visualization breaks down the world’s 129,730 people that have fortunes of US$50 million and above. It’s a much narrower measure, representing just the upper echelon (top 1%) of the world’s millionaire population.
The graphic sorts these ultra-wealthy people by country and region, but also breaks down the change in population between 2016 (Q4) and 2017 (Q4).
The Ultra-Wealthy by Region
Here’s the $50 million and above population sorted by region:
Rank | Region | Ultra-wealthy pop (>$50mm) | 1-yr growth rate |
---|---|---|---|
#1 | North America | 44,000 | +5% |
#2 | Asia | 35,880 | +15% |
#3 | Europe | 35,180 | +10% |
#4 | Middle East | 4,740 | +3% |
#5 | Latin America | 4,220 | +20% |
#6 | Russia & CIS | 2,870 | +26% |
#7 | Australasia | 1,650 | +9% |
#8 | Africa | 1,190 | +7% |
Total | 129,730 |
North America still reigns supreme, but Asia is fast catching up and has already surpassed Europe in this measure of wealth. It’s worth noting that in the one-year span between 2016 (Q4) and 2017 (Q4), the ultra-wealthy population for Asia grew a solid 15%.
It’s also surprising to see that Latin America and Russia & CIS are experiencing such high rates of growth in their >$50 million populations, as well.
Top 10 Ultra-Wealthy Countries
By absolute population, here are the top 10 countries for the ultra-wealthy, based on the above data:
Rank | Country | Ultra-wealthy pop (>$50mm) | % of global total |
---|---|---|---|
#1 | United States | 38,500 | 29.7% |
#2 | Japan | 9,960 | 7.7% |
#3 | Mainland China | 8,800 | 6.8% |
#4 | Germany | 8,070 | 6.2% |
#5 | Canada | 5,500 | 4.2% |
#6 | France | 5,240 | 4.0% |
#7 | Hong Kong, China | 5,140 | 4.0% |
#8 | United Kingdom | 4,580 | 3.5% |
#9 | Switzerland | 3,710 | 2.9% |
#10 | Italy | 3,150 | 2.4% |
The U.S. holds about 30% of the world’s ultra-wealthy population, while China adds up to nearly 11% when including both Mainland China and Hong Kong in the calculations.
Switzerland (8.4 million people) punches above its weight class, hitting the #9 spot globally, while Canada takes the #5 spot despite having fewer people (36 million) than the majority of the countries on the list.
Personal Finance
Ranked: What People Value Most in a Financial Advisor
Positive reviews and recommendations are some of the least important factors—so what do people look for in a financial advisor?
Ranked: What People Value Most in a Financial Advisor
Are advisors putting their focus where it matters? You might think that positive reviews and recommendations would be a top consideration for people choosing a financial advisor. However, other qualities appear to be much more important.
This graphic uses data from Morningstar’s Voice of the Advisor report to outline what people value most in a financial advisor.
The Qualities Investors Value
Morningstar surveyed 400 people: 100 Caucasian women, 150 women of color, and 150 men of color. The values below show how often people chose an item as most or least important when working with an advisor.
Quality | Most Important | Least Important |
---|---|---|
Expertise and knowledge in financial planning and investments | 60% | 11% |
Personalized financial advice that meets my specific goals and needs | 54% | 16% |
Ability to understand my risk tolerance and appropriately align my investments | 47% | 17% |
Specialization in specific financial situations, such as retirement planning | 45% | 17% |
Ability to communicate complex financial concepts in an understandable way | 42% | 22% |
Transparent fee structure and pricing for my advisor’s services | 42% | 22% |
Trust and rapport established during the initial meetings with my advisor | 36% | 24% |
Ability to incorporate investment options that reflect my values | 22% | 41% |
Positive online reviews or ratings about my advisor’s services | 22% | 46% |
Recommendations from friends or family who had a positive experience with my advisor | 20% | 47% |
Commitment to diversity and inclusion, making me feel comfortable and respected | 20% | 47% |
Recommendations from other professionals, such as accountants or attorneys | 19% | 50% |
Shares a similar background or cultural understanding | 10% | 68% |
Participants were asked the following question: “On each screen, we will show you 3 items to think about when working with a financial advisor. Select which one is most important and which one is the least important of the items. You will see more than one screen and items may appear more than once.”
Enjoying this content? Dive into more insights in the Voice of the Advisor Report:
Even among a survey pool that was mostly people of color, the majority of respondents didn’t think a commitment to diversity or a shared background were important.
Instead, three of the top four factors were related to personalization.
Personalization: A Key Quality in a Financial Advisor
People cared deeply about personalization regardless of gender and race. It was even more important to those with more than $250,000 in assets, suggesting that personalization may become more critical as a person’s portfolio value increases.
Even investors not currently working with an advisor and non-investors noted that personalization would be a top quality they would look for in a financial advisor.
Within personalization, people noted risk management was a very important element. Financial advisors can highlight their ability to tailor financial plans based on each person’s risk tolerance in order to attract clients.
Looking for tips on how to grow your advisory business? Get insights on what investors want, and how other advisors are evolving, in Morningstar’s Voice of the Advisor report.
-
Pensions2 months ago
Ranked: The Top 25 Countries for Retirement
Of the 44 nations analyzed for retirement welfare, these 25 score well on health, financial, and social support for their aging populations.
-
Personal Finance2 months ago
Charted: Top 10 Retirement Planning Mistakes
What are the top retirement planning mistakes people make? Here are the top 10 common mistakes to avoid as seen by financial professionals.
-
Money3 months ago
Charted: Investment Preferences by Generation in the U.S.
How personal are your investments? We chart investment preferences by generation in the U.S. based on a survey of 2,200 investors in 2023.
-
United States5 months ago
Mapped: What You Need to Earn to Own a Home in 50 American Cities
What does it take to own a home in the U.S. in 2023? Here’s a look at the salary needed for home ownership in the top…
-
Money6 months ago
Charted: Retirement Age by Country
We chart current and effective retirement ages for 45 countries, revealing some stark regional differences.
-
Personal Finance7 months ago
Visualizing $156 Trillion in U.S. Assets, by Generation
We’ve visualized data from the Federal Reserve to provide a comprehensive break down of U.S. assets by generation.
-
Money7 days ago
Visualizing All of the U.S. Currency in Circulation
-
Markets2 weeks ago
Ranked: South Korea’s Largest Companies by Market Capitalization
-
VC+2 weeks ago
What’s New on VC+ in March?
-
Economy2 weeks ago
Confidence in the Global Economy, by Country
-
Wealth2 weeks ago
Mapped: Where Do the Wealthiest People in the World Live?
-
Misc1 week ago
Ranked: Global Airlines with the Most Plane Crashes
-
Technology1 week ago
Visualizing iPhone 15 Production by Manufacturer in 2023
-
Automotive1 week ago
Visualizing Global Electric Vehicle Sales in 2023, by Market Share