Combined Global UHNW Wealth Slumps for First Time in Three Years
New Wealth-X Report Shows Ultra Wealthy Population Remains Flat in 2018 After Significant Growth
NEW YORK, Sept. 25, 2019 /PRNewswire-PRWeb/ -- Wealth-X, the world's leading provider of data and insight on the wealthy, released the 7th edition of its annual World Ultra Wealth Report today. The report, which analyzes the state of the world's ultra high net worth (UHNW) population (those with US$30m or more in net worth), reveals that this population showed muted growth in 2018, rising by 0.8% to 265,490 individuals. This subdued increase comes on the heels of a year of significant growth the prior year, when the population increased by nearly 13%.
The combined net worth of the UHNW population saw a decrease for the first time in three years, falling by 1.7% in 2018 to $32.3 trillion, implying a modest drop in the average net worth of the UHNW class, in part due to a late-year slump in investor sentiment and global equity markets.
Despite these findings, the World Ultra Wealth Report 2019 forecasts robust growth for the UHNW population, with a projected population increase to 353,550 individuals possessing a total combined wealth of $43 trillion by 2023.
Further key insights from the Wealth-X World Ultra Wealth Report 2019 include:
- All seven regions of the globe saw a drop in ultra wealth: regional declines ranged from a marginal dip in the Middle East to a drop of 7% in Latin America and the Caribbean. Net worth in Asia fell at a faster rate than in both North America and Europe.
- Population growth varied significantly across regions: there was robust growth in the UHNW populations of the Middle East, alongside a modest expansion of ultra wealthy numbers in North America and Europe. The other four regions posted falls in population, led by a 6% drop in Latin America and the Caribbean.
- The US continues to lead in UHNW population: the leading country for UHNW individuals in 2018, the US accounts for a 31% global share. This compared with 9% for second-placed China, and nearly 7% for third-placed Japan.
- New York regained its status as the world's leading UHNW city from Hong Kong: in 2018 the top 10 UHNW cities accounted for 18.9% of the global ultra wealthy population. Modest ultra wealthy growth in New York was sufficient for it to regain the top spot as Hong Kong wealthy were impacted by the slump in Asian stocks and a softening Chinese economy.
- Hong Kong has, by far the highest density of ultra wealthy individuals: at 1,364 for every million adults, Hong Kongs' UHNW population density was considerably higher than the next-ranked countries of Switzerland, Luxembourg and Singapore – all established financial- services hubs – and more than four times the density of the US.
- Women make up a larger portion of the global ultra wealthy population than ever before: the number of ultra wealthy women increased to nearly 39,000, equivalent to a record- high share of 14.6%. Among UHNW individuals below the age of 50, women account for almost one in five.
In addition to revealing a global view of the status and trends of the ultra wealthy, the World Ultra Wealth Report 2019 also examines the population based on their asset holdings, gender, industry focus, wealth source, and hobbies. From this insight, the report reveals ultra wealthy archetypes across three main age groups – under 50 years old, 50-70 years old, and over 70 years old.
The World Ultra Wealth Report 2019 leverages the proprietary information in Wealth-X's Global Database of records on wealthy individuals, the largest of its kind in the world.
Visit http://www.worldultrawealthreport.com to download the full report.
About Wealth-X
The global leader in wealth information and insight, Wealth-X partners with leading prestige brands across the financial services, luxury, not-for-profit and higher-education industries to fuel strategic decision-making in sales, marketing and compliance. Wealth-X boasts the world's most extensive collection of records on the world's wealthiest individuals and produces unparalleled high net worth market research. Founded in 2010, with offices across North America, Europe and Asia, Wealth-X works with over 500 clients providing them with unique data, analysis, and counsel to drive business success.
SOURCE Wealth-X
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