More and more multi-millionaires are popping up across the world. The global ultra-high-net-worth (UHNW) population has grown some 20 percent in the past five years, according to a new annual report released by Altrata on Wednesday. The firm’s World Ultra Wealth Report 2024, which utilizes Wealth-X data, found that the number of individuals with a net worth of $30 million or above jumped by 7.
6 percent to 426,000 in 2023. This exclusive group’s collective wealth now totals an immense $49 trillion—more than the combined GDP of the U.S.
and Chinese economies. The uptick is quite remarkable given the UHNW population dropped about 4 percent in 2022, with wealth portfolios affected by widespread economic uncertainty and political unrest. Global instability continued into 2023, but the affluent still expanded in almost all major regions.
“2023 was another turbulent year for the global economy with complex geopolitics, regional conflicts, a volatile climate, and policy indecision,” the report reads. “Against this backdrop, most wealth markets rebounded from the painful losses of 2022, with investor enthusiasm for generative artificial intelligence and the prospect of monetary easing by global central banks delivering a late-year boost to market sentiment and equity returns.” Nearly a third of all UHNW individuals are located stateside, with the U.
S. ultra-wealthy population climbing 13 percent in 2023. Europe and Asia also experienced growth, with their respective popu.