Despite experiencing an 11 percent decline in its population of ultra-wealthy individuals in 2022, Asia still maintains a larger number of such individuals compared to Europe. These ultra-wealthy individuals are defined as those whose net worth exceeds $30 million.
The World Ultra Wealth 2023 report by Altrata reveals that Asia surpassed Europe in the number of ultra-wealthy individuals for the first time in 2019. Analysts project that Asia’s global share of ultra-high-net-worth individuals (UHNWIs) will continue to expand in the coming years and could reach 29 percent by 2027, a significant increase from the 15 percent recorded in 2004. This growth is expected to come at the expense of Europe, which is anticipated to witness a decline in its share of global UHNWIs, dropping from 41.4 percent in 2004 to 25 percent by 2027.
While the populations of ultra-wealthy individuals are projected to rise across all regions worldwide, Asia is poised for the most substantial growth over the next five years, with numbers surging from 395,070 to 528,100. This surge can be attributed in part to India’s expanding economy and a growing trend among businesses to diversify their supply chains away from the Chinese mainland. Instead, they are relocating their industrial, logistical, and real estate operations to other Asian markets.
As depicted in the chart below, North America is expected to maintain its position as the region accounting for approximately 35 percent of global UHNW wealth by 2027. Meanwhile, Europe is projected to lag behind these two regions in terms of UHNW wealth, although it will still experience an overall increase in cumulative wealth.
According to the report, the global population of ultra-wealthy individuals is set to reach 528,100 people by 2027, a substantial increase from the 133,000 reported in 2022.