The gain of $49 trillion in wealth by the ultra-wealthy is attributed to the rise in stock prices.

• According to Altrata, the global population of ultra-high-net worth individuals grew by 8% last year.
• In 2023, the total wealth of their group increased by 7% to $49 trillion due to the year-end stock market rally.
• UHNW individuals are most abundant in New York, with Hong Kong, Los Angeles, and Tokyo also having significant populations.

A report indicates that the global population of individuals with a net worth of $30 million or more experienced an 8% increase in 2023, with most of the growth occurring in the U.S.

The number of ultra-high-net worth (UHNW) individuals has increased to 426,330, with a total wealth of $49 trillion, according to Altrata's World Ultra Wealth Report 2024. This wealth surge of 7% was mainly due to the year-end stock rally.

The number of ultra-high-net-worth individuals in the U.S. grew by 13% to 147,950, making the country home to a third of the world's ultra-high-net-worth population.

The report predicts that the UHNW population will increase by 38% to 587,650 over the next five years. Additionally, their combined fortunes are expected to rise by $19 trillion, providing a significant opportunity for companies targeting the ultra-wealthy.

"The global UHNW population's diverse interests and demands have led to a rapid expansion of the market for personal luxury goods and lifestyle services, as reported. Similarly, high-end real estate worldwide has experienced a similar trend, while there has been an increasing emphasis on family wealth transfer planning and legacy transition amid a surge in first-generation wealth."

In 2023, the ultra-wealthy accounted for $118 billion in luxury spending, which is approximately one-third of the global luxury spending, according to a report. They also have $38 trillion in investable assets, which is roughly one-third of the total, and account for $190 billion in charitable giving, which represents 38% of all philanthropy.

The city with the highest population of wealthy individuals is New York, with 16,630 people worth $30 million or more, while Hong Kong comes in second with 12,546, followed by Los Angeles with 8,955 and Tokyo with 6,445.

This year and the next, it is predicted that UHNW wealth creation will be driven by anticipated interest rate cuts and emerging growth industries, as stated in the report.

"The report stated that new and diverse opportunities for wealth generation and asset diversification will be available, supported by structural trends such as the green-energy transition, digitalization, industrial incentives, urbanization, female labor participation in emerging markets, premiumization of consumption, and the adoption of generative AI."