Number Of Ultra-Wealthy Individuals Grows Globally In 2023

The number of ultra-wealthy individuals worldwide has increased in 2023, and their wealth has grown even larger. According to the "World Ultra Wealth Report 2024" by the research institute Altrata, the number of ultra-wealthy individuals has risen by 7.6% compared to 2022.

Currently, there are more than 6 million ultra-wealthy people globally, with assets exceeding $30 million. The number of such individuals has increased by 20% over the last five years. In 2023, their total wealth grew by 7.1%, reaching $49.2 trillion.

The report categorizes ultra-wealthy individuals as those with assets between $10 million and $50 million, and ultra-high-net-worth individuals (UHNWIs) as those with assets over $50 million. North America remains the region with the highest concentration of ultra-wealthy individuals, accounting for 37.8% of the global total, with an 11.9% increase in the number of UHNWIs in 2023. In Europe, the number grew by 9.4%, while Asia saw a 3% increase in the same period.

The United States has the highest concentration of ultra-wealthy individuals, with over 20 million. The number of UHNWIs in the U.S. rose by 13% last year, with New York having around 350,000 ultra-wealthy residents. China follows, with around 6 million UHNWIs, though their numbers decreased by 1% last year. France and Japan each have about 2.8 million, while Germany and the UK have 2.6 million each. Other countries in the top 10 include Canada, Australia, Italy, and South Korea, with India ranking 14th.

Countries like Saudi Arabia, Qatar, and the UAE are seeing a rise in ultra-wealthy residents, though the exact number is unclear. While the number of UHNWIs in China decreased, countries in Asia such as Japan and India have seen faster growth in their ultra-wealthy populations.

The Altrata report predicts that in the next five years, the cities with the highest growth rates in the number of ultra-wealthy people will include Bengaluru, Hyderabad, and Delhi in India, with annual growth rates of 14-16%. Other Asian cities like Manila and Kuala Lumpur are also experiencing growth in their ultra-wealthy populations.

According to the charity organization Oxfam, the wealth of the top 1% has been increasing rapidly. Over the past decade, their wealth has grown by $42 trillion. Each individual's wealth has increased by an average of $400,000, which is about 34 times more than the total wealth of the bottom 50% of the global population. In contrast, the wealth of the bottom 50% has increased by just $335, on average—equivalent to a daily increase of only 9 cents.

Following World War II, the U.S. had progressively higher taxes on wealth, with the highest tax rate reaching 90%. However, in the 1970s, the U.S. started economic reforms under President Ronald Reagan, reducing the top tax rate from 70% to 20%, which allowed wealth to accumulate in fewer hands. This marked the beginning of the rise of the ultra-wealthy, and the market-driven economy, which minimized state control and increased inequality, spread globally under the banner of free-market capitalism.