Hundreds of thousands of individuals around the globe last year saw their net worth cross a threshold allowing them to be deemed “ultra-rich.”
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According to Wealth-X’s 2018 World Ultra Wealth Report, the number of ultra-wealthy individuals – defined as those with a net worth in excess of $30 million – grew by about 13 percent last year to 255,810 people. That represents a significantly faster rate than in 2016, when that number grew by just 3.5 percent. Last year’s accelerated pace of wealth accumulation is due to improving economies around the globe, rising stock prices and a jump in corporate earnings, according to Wealth-X.
That upward trend is expected to continue. By 2022, the number of ultra-high net worth people around the globe is expected to swell to 360,390.
Here’s a list of the countries with the largest concentrations of ultra-high net worth individuals.
1. United States
The United States had by far the largest share of individuals boasting a net worth in excess of $30 million, according to Wealth-X. Nearly 79,600 individuals in the country enjoyed ultra-high net worth status last year, boasting a cumulative $9.8 trillion in wealth.
New York, Los Angeles, Chicago, San Francisco and Washington, D.C., comprised half of the list of the top 10 global cities with the highest number of ultra-wealthy people.
The Americas, however, are forecast to record the slowest growth in concentration of ultra-wealthy individuals over the next five years.
Japan had about 17,900 ultra-high net worth individuals as of last year, which was an 11 percent jump over the year prior. Altogether, these people had more than $1.6 trillion in wealth.
Tokyo was third, while Osaka was tenth on the list of cities with the largest number of ultra-wealthy residents.
The concentration of ultra-rich individuals jumped by more than 14 percent last year in China to 16,875 people, who had $2.4 trillion in collective wealth.
The Asia-Pacific region is likely to see the strongest growth in its ultra-wealthy population, which is expected to increase annually by more than 8 percent over the course of the next five years.
China is expected to lead growth among economies in the region, according to Wealth-X. It is also one of the countries that has seen the strongest growth in its ultra-wealthy population over the past five years.
In Germany, 12.3 percent more people saw their net worth exceed the $30 million level in 2017. In total, the country had more than 15,000 ultra-wealthy individuals who had a collective wealth of $1.8 trillion.
Canada saw its number of ultra-wealthy individuals rise by 14 percent in 2017 to 10,840 people. In total, these individuals had $1.15 trillion in wealth.
France, Hong Kong, the United Kingdom, Switzerland and Italy rounded out the list of the top 10 countries with the highest amount of ultra-rich individuals.