Ultra-High-Net-Worth Individuals (UHNWI) are people with a net worth of at least $30 million. This exclusive category comprises some of the wealthiest individuals in the world who control a staggering amount of global wealth. Though a small percentage of the overall population, this elite group continues to grow.
In 2023, the global UHNWI population reached 579,625 individuals, representing a 3.8% decline from 2022. The United States maintains a considerable lead with 41.6% of the world’s UHNWIs.
Key Insights
- Ultra-High-Net-Worth Individuals are defined as those having investable assets of at least $30 million.
- The U.S. houses the largest share of UHNWIs globally, numbering 241,253.
- UHNWIs commonly invest in equities, commercial real estate, and bonds, with significant wealth also tied to their primary and secondary homes.
Understanding Ultra-High-Net-Worth Individuals (UHNWIs)
The U.S. is home to 41.6% of the world’s UHNWIs—about 241,253 individuals. Europe follows with 155,996 UHNWIs, closely tailed by China, which houses 150,362 UHNWIs.
Between 2021 and 2022, the United Arab Emirates experienced remarkable growth in their UHNWI population by 18.1%. As anticipated, the number of ultra-wealthy individuals will expand by 85%, from 579,625 to 744,812 by 2027.
By 2027, Hungary is projected to witness the fastest UHNWI growth at 74.4%, followed by Turkey at 69.1%. The U.S. remains a consistent leader, expecting a 24.6% increase in UHNWIs.
Interestingly, over 86% of ultra-high-net-worth wealth belongs to those aged 50 and above, with men making up the majority. Landmark reports pointed out only 10.8% of UHNWIs were women in 2022; however, this percentage is climbing, especially among individuals under 50, where women constitute 13.9% as opposed to 10.2% of men.
Ultra-high net worth generally refers to combined net assets over a specific value—usually $30 million. Definitional specifics, including the threshold figure, can vary based on the source, the region, and varying timescales.
Examples of UHNWIs
Many of the world’s UHNWIs are self-made, illustrated vividly by influential lists showing the world’s wealthiest. As of June 23, 2023, Elon Musk leads with $243 billion, followed by Bernard Arnault and family ($222.6 billion), Jeff Bezos ($152 billion), and Larry Ellison ($148.6 billion).
The collective net worth of billionaires in 2023 was $12.2 trillion, down from $12.7 trillion in 2022. Other notable figures among the ultra-rich include Warren Buffet, Bill Gates, and Larry Page.
- 2,640 - The number of billionaires globally in 2023.
How the UHNWIs Invest
Rather than typical financial outlets like certificates of deposit (CDs), money market accounts, mutual funds, or traditional retirement plans, many UHNWIs allocate wealth in:
- Primary and secondary homes
- Stocks and bonds
- Venture capital and private equity
Investment properties hold a notable portion of UHNWI assets, with 21% of their wealth often tied to residential or office buildings.
What Defines Ultra-High Net Worth?
Net worth is the sum value of all one’s assets. The threshold for being considered ultra-high-net-worth currently stands at $30 million, although this may shift as the number of millionaires and billionaires grows.
How Many People Have an Ultra-High Net Worth?
Per recent definitions, there are approximately 529,625 individuals globally with a net worth exceeding $30 million. With the ever-increasing number of billionaires, refinements, and additions to Forbes lists are indicative of UHNW trends. By June 2023, 44 individuals boasted a net worth surpassing $30 billion.
What Percentage of the U.S. Population Has $2 million?
Surveys yield varying results, but the most recent U.S. Census Bureau survey from 2021 shows that 10% of U.S. households have a net worth above $1.41 million.
The Growing Realm of UHNWIs
Ultra-High-Net-Worth Individuals are generally recognized as those with over $30 million in net assets. This encompasses all asset types—investable and physical. As of June 2023, hundreds of thousands of individuals worldwide meet this criterion.
With a predicted rise in the number of millionaires and billionaires, it won’t be long before UHNWIs’ definition needs evolving, underlining this remarkable wealth metric’s dynamic and expanding nature.
Related Terms: High-Net-Worth Individuals, Wealth X, Knight Frank Report, Forbes Billionaires List.
References
- Knight Frank. “The Wealth Report 2021”, Page 13.
- Knight Frank. “Wealth Populations”, Page 3.
- Knight Frank. “The Wealth Report”, Page 7.
- Knight Frank. “Wealth Populations”, Page 5.
- Wealth-X. “World Ultra Wealth Report 2022”.
- Forbes. “The World’s Real-Time Billionaires”.
- Forbes. “World’s Billionaire List | The Richest in 2023”.
- U.S. Census Bureau. “The Wealth of Households: 2020”, Page 2.
