The number of ultrawealthy people across the globe has reached an all-time high, with 426,330 individuals now holding a net worth of at least $30 million. This figure represents a 7.6% increase from last year, showing a growing trend of wealth concentration. Despite being a tiny fraction of the global population, around 0.005%, these ultrawealthy individuals have a combined net worth of a staggering $49.2 trillion, according to the 2024 Ultra Wealth Report by Wealth-X.
Interestingly, only 0.8% of these ultrawealthy individuals are billionaires, yet they hold an outsized share of the wealth, accounting for 24% of the total net worth within this elite group.
Wealth-X’s report also highlights that nearly 75% of the world’s ultrawealthy reside in just 10 countries, with 35% of them living in the United States alone. Furthermore, six of the top 10 cities with the highest concentration of ultra-high net worth individuals (UHNWIs) are located in the United States. This demonstrates the significant role the U.S. plays in global wealth accumulation.
In these cities, wealth seems to attract more wealth. The report predicts that in the next five years, the ultrawealthy population will become even more concentrated in specific locations. It is estimated that nearly 42% of the ultrawealthy will reside in one of 50 key cities worldwide, compared to 38% in 2015.
Notably, emerging wealth hubs are gaining traction, particularly in India. Cities like Bengaluru, Hyderabad, and Delhi are experiencing rapid growth in their ultrawealthy populations, with annual increases ranging from 14% to 16%. These cities are expected to become significant players in the global wealth landscape.
Currently, the top 10 cities where the ultrawealthy reside are:
- Dallas: 4,875 ultrawealthy residents
- Washington, DC: 4,950 ultrawealthy residents
- Paris: 5,370 ultrawealthy residents
- Chicago: 5,725 ultrawealthy residents
- London: 6,245 ultrawealthy residents
- San Francisco: 6,405 ultrawealthy residents
- Tokyo: 6,445 ultrawealthy residents
- Los Angeles: 8,955 ultrawealthy residents
- Hong Kong: 12,545 ultrawealthy residents
- New York: 16,630 ultrawealthy residents
Also Read:
- Illinois Ranks as the Second Highest-Paying State for Carpenters in the U.S.
- New Report Names Illinois, Not Missouri, as the Top State for Off-the-Grid Living
These cities, with their significant concentrations of wealth, are likely to continue attracting more ultrawealthy individuals, solidifying their status as global financial powerhouses in the years to come.
