After Record Expansion in 2019, World’s Wealthiest Showed Nearly 30% Decline in Early 2020

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New Wealth-X Report Shows COVID-19’s Roller Coaster Impact on the Highest Tier of Wealth

Wealth-X, the world’s leading provider of data and insight on the wealthy, released the 8th 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 $30m or more in net worth), reveals that this segment grew by 9.5% in 2019, to 290,720 individuals worldwide. This was a sharp acceleration from the flat growth seen in 2018. In addition, the combined net worth of the UHNW population mirrored this growth, increasing by 9.7% to $35.4 trillion.

On the heels of this 2019 growth, the World Ultra Wealth Report 2020 also reveals a significant decline in wealth from this population in early 2020 due to the impact of the COVID-19 pandemic. However, by the end of August the UHNW population and their collective wealth had shown significant recovery, rebounding toward end-2019 levels.
Key insights from the 8th edition of the World Ultra Wealth Report include:

  • Buoyant wealth expansion in North America: In 2019, the strongest regional returns were recorded in North America, the world’s largest wealth hub, where the number of ultra wealthy individuals increased by 14.5% to 105,080, equivalent to a 36% share of the global UHNW class. There was an almost identical rise in collective net worth, up 14.4% to $12.4 trillion.
  • Double-digit UHNW growth in Asia in 2019, despite emerging challenges: Asia consolidated its position ahead of Europe as the second-largest UHNW region, with its population rising by 10.2% to 83,310 individuals. This was a strong turnaround from a decline in 2018, driven by double-digit population growth in the region’s largest wealth markets of Mainland China, Japan, Hong Kong, and India. Cumulative net worth in Asia expanded by 10%, to $10.4trn, equivalent to 29% of global UHNW wealth.
  • The top 10 countries accounted for almost three-quarters of the global UHNW population (73%) and their combined wealth (72%): The US remains far and away the largest wealth market in the world, while Mainland China continues to cement the second-placed position it assumed over Japan in 2014. That said, Japan recorded its highest level of UHNW growth in a decade in 2019. Also notably, India entered the top 10 country ranking for the first time.
  • The top 10 cities accounted for 19.7% of the global UHNW population in 2019: This was a slight increase from an 18.6% share in 2018 as all ten cities saw their ultra wealthy populations and their combined wealth increase substantially in 2019. New York and Hong Kong were far and away the two leading UHNW cities (with the US being home to 6 of the top 10) and Paris eclipsed London to take fifth place in the rankings.
  • Ultra wealth has been significantly affected by the fallout from COVID-19: Most of the ultra wealthy have experienced overall declines in their fortunes. Global ultra wealth was down 28% on 2019 levels by the end of March 2020; however, by the end of August the UHNW population had recovered somewhat and stood at 3% below its end-2019 level, with wealth down by 9%.
  • North America recorded a much sharper fall in its UHNW population than Asia, in early 2020: The number of ultra wealthy individuals slumped by almost 24,000 from its end-2019 level in the region, in contrast with a 13% decline in the UHNW population in Asia over the same period. However, Asia suffered the largest decline in combined UHNW wealth of all regions, at 31%.
  • The ultra wealthy fared best in Denmark and China, and worst in the UK, up to August 2020: China’s ultra wealthy population and their combined wealth increased by around 4% on end-2019, with Denmark’s by slightly more. Western European nations dominate the list of worst performing UHNW countries; with the UK at the bottom, having experienced a 17% fall in its UHNW population and a 20% slump in collective net worth.

In addition to revealing a global view of the status and trends of the ultra wealthy, the World Ultra Wealth Report 2020 also examines the population based on their asset holdings, gender, industry focus, wealth source, and age.

Download the full report at

Wealth-X leverages its proprietary Global Database of records on wealthy individuals, the largest of its kind in the world, alongside its ‘Wealth and Investible Assets Model’ to compile the report. This model produces statistically significant estimates for total private wealth and estimates the size of the population by level of wealth and investable assets for the world and each of the top 75 economies, which account for 98% of world GDP.

About Wealth-X
The global leader in wealth information and insight, Wealth-X partners with prestige brands across the financial services, luxury, nonprofit and higher-education industries to fuel strategic decision-making in sales, marketing and compliance. Wealth-X has developed the world’s largest collection of records on wealthy individuals and produces unparalleled data analysis to help organizations uncover, understand, and engage their target audience, as well as mitigate risk. Founded in 2010, with staff across North America, Europe and Asia, Wealth-X provides unique data, analysis, and counsel to a growing roster of over 500 clients, worldwide.

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