Global Wealthy Population Expanded by Over 50% in the Past Decade
New Wealth-X Report Showcases 10-year Wealth Increase and Forecasts Future Growth
NEW YORK, May 14, 2020 /PRNewswire-PRWeb/ -- Wealth-X, the world's leading provider of data and insight on the wealthy, today released A Decade of Wealth to mark the company's 10th anniversary. This new report takes a look back at the growth of the global wealthy population over the past decade, while also forecasting the trends that will help shape future growth in the coming years.
While only comprising a fraction of the world's adult population, wealthy individuals (those with $1 million or more in net worth) controlled almost a third of global private wealth in 2019 — a whopping $104 trillion, up from $50 trillion in 2005 and $69 trillion in 2010. Over this period, growth rates of the global wealthy population and their combined net worth were similar for both very high net worth (VHNW) individuals - those with $5-$30 million in net worth and ultra high net worth (UHNW) - those with $30 million or more in net worth.
A Decade of Wealth reveals several defining trends from the previous decade, including:
- The U.S. remains the world's dominant country for VHNW and UHNW individuals, but wealth has continued to steadily move east
- Asia is home to 6 of the 10 fastest growing wealth markets
- New York leads by far in terms of number of wealthy, but among the top 30 fastest growing cities, 4 were in the US including Austin and Nashville, and the other 26 cities were all in China.
The impact of the wealthy across industry sectors is significant, accounting for:
- 60% of all individual charitable giving in the U.S.
- Nearly US $30 trillion in global assets under management
- Lockstep growth with the luxury sector since 2005 and beyond
With a look to the future, A Decade of Wealth also uncovers trends that will shape the next ten years, including:
- Entrepreneurs becoming wealthy at a younger age
- The proportion of wealthy women will increase
- The technology and non-for-profit sectors will become more prominent as primary industries
In addition to these anticipated trends, the report also makes note of the potential impact Covid-19 will play on the wealthy.
For the complete findings included in A Decade of Wealth download the full report here: https://www.wealthx.com/report/decade-of-wealth/
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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