NEW YORK, Sept. 5, 2018 /PRNewswire-PRWeb/ -- Wealth-X, the leading global wealth information and insight business, released the 6th edition of its annual World Ultra Wealth Report 2018 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 expanded significantly in 2017, rising by 12.9% to 255,810 individuals. This is a sharp acceleration from 2016, which saw only 3.5% growth of this population, reflecting more favorable conditions for wealth creation, despite volatile geopolitics.
Buoyed by a synchronized upturn in the world economy, rising asset markets, and robust corporate earnings, the combined net worth of the UHNW population increased by 16.3% to $31.5trn, implying healthy gains in average net wealth.
Further findings from the World Ultra Wealth Report 2018 include:
- STRONG GROWTH IN THE GLOBAL ULTRA WEALTHY POPULATION AND ITS TOTAL NET WORTH. In 2017, the world's ultra high net worth (UHNW) population – individuals with a net worth of $30m or more – rose by 12.9% to 255,810 people, a sharp acceleration from a year earlier. Their combined wealth surged by 16.3% to $31.5trn, implying healthy gains in average net worth.
- BROAD-BASED WEALTH CREATION DRIVEN BY ROBUST INCREASES IN ASIA AND LATIN AMERICA. All seven major regions recorded growth in their ultra wealthy populations and in combined net worth. The fastest growth was in Asia, which posted an increase in ultra wealth of 27%.
- UNITED STATES STILL THE DOMINANT UHNW COUNTRY WHILE CHINA AND HONG KONG SHOW DYNAMIC GROWTH. The US remained, by far, the leading country for UHNW individuals in 2017, accounting for a 31% share, but it recorded the weakest growth in its ultra wealthy population and net worth among the top seven countries.
- HONG KONG OVERTOOK NEW YORK TO BECOME THE WORLD'S LARGEST UHNW CITY. Wealth creation was boosted by enhanced links with mainland China. New York posted the weakest growth among the top 10 cities. Tokyo, another global financial hub, maintained its top-three city status. Paris jumped ahead of London to become the largest UHNW city in Europe.
- THE SHARE OF WOMEN IN THE GLOBAL UHNW POPULATION INCREASED. The number of ultra wealthy women totaled just under 35,000, equivalent to a record-high share of 13.7%.
"A testament to the auspicious economic climate, the ultra wealthy population and its total net worth increased in all major regions of the world in 2017, contrasting with the mixed fortunes seen a year earlier," said Vincent White, Head of the Wealth-X Institute. "The World Ultra Wealth Report provides unique data and detailed insight into the rapidly changing landscape of wealth creation and the main opportunities and threats in the years ahead."
In addition to revealing a global view of the status and trends of the ultra wealthy, the World Ultra Wealth Report 2018 also examines the population based on their asset holdings, gender, industry focus, wealth source, education, and hobbies. From this insight, the report reveals information on the "typical" UHNW individual and compares this profile to other ultra wealthy archetypes, including Asian industrialists, self-made female entrepreneurs, Wall Street financiers, and major philanthropic donors.
Download the full Wealth-X World Ultra Wealth Report 2018 here: http://go.wealthx.com/l/311771/2018-09-05/89vh8
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 more than 200 staff 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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