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Where Does the World’s Ultra-Wealthy Population Live Today?

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Where Does the World's Ultra-Wealthy Population Live Today?

Where Does the World’s Ultra-Wealthy Population Live Today?

The pandemic, geopolitical tensions, and supply chain disruptions have thrown the world into disarray in recent years, but that hasn’t stopped the world’s ultra-wealthy population from growing at a strong clip.

New data from this year’s Wealth Report by Knight Frank shows that the number of Ultra-High Net Worth Individuals (UHNWIs) grew 9.3% between 2020 and 2021. Nearly all regions saw an increase in ultra-wealthy people over the time period.

The above visualization from the report explores the global distribution of uber-affluent people. Below, we’ll also look at how the populations are projected to grow in the future.

The World’s Ultra-Wealthy, by Region

UHNWIs are defined as having net assets of $30 million or more, including their primary residence.

With over 230,000 UHNWIs in 2021, North America has the largest subset globally, followed by Asia at nearly 170,000. Over the last year, the ultra-wealthy population rose 12.2% and 7.2% across these regions, respectively.

RegionUHNWIs (2021)Change (2020–21)
North America233,59012.2%
Asia169,8897.2%
Europe154,0087.4%
Australasia24,2459.8%
Latin America10,3377.6%
Middle East9,7178.8%
Russia & CIS*6,54211.2%
Africa2,240-0.8%
World610,5699.3%

*Commonwealth of Independent States

Following North America and Asia is Europe. In 2021, the top countries for the ultra-wealthy were France (30,000), Germany (28,000), U.K. (25,000) and Italy (17,000). On a per capita basis, Monaco is the highest worldwide, at five people per thousand residents.

Interestingly, the ultra-rich in Russia & CIS (6,500) grew the second fastest across all regions, at 11.2%. Rebounding oil prices, property prices, and stock market valuations likely bolstered this growth. However, the crippling sanctions and economic fallout resulting from the invasion of Ukraine could substantially impair oligarch wealth for many years to come.

Growing Fast

How will UHNWI populations change in the next five years?

Globally, the number of ultra-rich is projected to increase a staggering 28% by 2026. (Still, it’s worth noting that growth between 2016-2021 was almost three times this rate, at over 75%.)

projected five-year UHNWI growth

Asia is projected to have the highest growth rate, along with Australasia. In five years, UHNWIs are set to rise 33% in both regions. Singapore is projected to see its ultra-rich population grow 268%, while the ultra-rich living in mainland China are anticipated to grow over 42%.

Meanwhile, North America is projected to see 28% growth, or reaching a total of 300,000 UHNWIs by 2026.

Significant growth is also projected across Latin America. Amid rampant hyperinflation, Argentina is estimated to see a 38% expansion in its ultra-wealthy population.

Behind the Scenes

What is fueling this growth in UHNWIs worldwide?

Sky-high asset prices and a real estate boom are two drivers behind this trend, according to Knight Frank. Ultra-low interest rates, which declined during the pandemic, is another.

Given cheap borrowing costs, the ultra-wealthy have more leverage to build their wealth, such as buying more property or investing in financial assets. In fact, the average UHNWI owns 2.9 properties.

It’s worth noting that strong GDP projections often underlie wealth projections. The IMF predicts that a post-pandemic recovery will be robust. However the crisis in Ukraine could pose meaningful risks to the global economy, especially for inflation and financial markets.

For instance, Russia contributes 12% to the global oil supply, a key factor behind inflation. At the same time, Ukraine supplies 90% of America’s neon—an essential material used in the semiconductor industry—which could further exacerbate supply chain issues.

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The Wealthiest People in the World, Outside of America

This graphic shows the wealthiest people in the world that live in countries either than America, from luxury moguls to India’s titans.

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The Wealthiest People in the World, Outside of America

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Today, nine of the top 10 wealthiest people in the world are American, largely due to fortunes in big tech—but looking beyond U.S. borders tells a different story.

In Asia, people in the highest echelons of wealth are energy and industrial titans, while the richest in Europe run luxury conglomerates and major consumer firms. Many of these companies are well known globally, and several are only known within their region.

This graphic shows the richest people that live outside of America, based on data from Bloomberg.

The World’s Richest: A Global Perspective

Here are the wealthiest non-American people in the world as of January 2024:

RankNameCountryNet Worth
Jan 2024
1Bernard Arnault🇫🇷 France$183B
2Mukesh Ambani🇮🇳 India$108B
3Carlos Slim🇲🇽 Mexico$101B
4Françoise Bettencourt Meyers🇫🇷 France$97B
5Gautam Adani🇮🇳 India$96B
6Amancio Ortega🇪🇸 Spain$85B
7Zhong Shanshan🇨🇳 China$62B
8Gerard Wertheimer🇫🇷 France$47B

France’s Bernard Arnault, with a net worth of $183 billion, is the world’s richest person thanks to the success of LVMH, the luxury conglomerate he runs.

With brands including Louis Vuitton, Fendi, and Christian Dior, LVMH is among the largest public companies in Europe, reaching a $444 billion valuation in 2024. Last year, the company witnessed record revenues driven by sales in its fashion and leather divisions.

Latin America’s richest person is Carlos Slim, with a fortune of $101 billion. Slim’s net worth is equal to nearly 8% of Mexico’s GDP. His wealth is largely derived from his ownership of América Móvil, Latin America’s largest mobile-phone operator, as well as his conglomerate, Grupo Carso.

The world’s richest woman is Françoise Bettencourt Meyers, also from France. According to Bloomberg, Bettencourt Meyers’ controls one-third of L’Oreal, and is the chairwoman of her family’s private equity firm, Tethys Investments.

As China’s richest person, Zhong Shanshan is chairman of bottled water company, Nongfu Spring. The company is listed on the Stock Exchange of Hong Kong, where it raised $1.1 billion from its 2020 IPO. He is also involved with Beijing Wantai Biological Pharmacy Enterprise, a producer of vaccines.

While the richest people in America are heavily concentrated in tech, not one on this list derives the majority of their wealth from the sector, illustrating a clear departure from this trend.

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