The world’s ultrawealthy population last year hit a record 119,235 individuals with a combined net worth of $27.8 trillion, according to new report from Wealth-X and UBS.
The report identified 2,170 billionaires in this population with a total net worth of $6.5 trillion, or 23% of the world’s ultrahigh-net-worth wealth.
It noted that the 88% of the world’s wealthiest individuals were men and 65% created their own wealth.
The report was based on a survey of 12 countries.
North America and Europe drove growth in the last 12 months, adding some 10,000 individuals for a total increase in wealth of $1.5 trillion.
Because of economic slowdown in the emerging markets, the report said, Brazil and China experienced declines in ultrawealthy population and wealth.
The report forecast that the world’s ultrawealthy population would grow by 4% over the next five years, and average annual wealth would increase by 5.4%.
The five-year forecast for change in ultra-rich population and wealth by regions:
- North America: 3.9% and 5%
- Europe: 2.3% and 3.7%
- Asia: 5.9% and 8.5%
- Latin America: 4.6% and 5.8%
- Middle East: 5.6% and 3%
- Oceania: 3.6% and 1.9%
- Africa: 6.5% and 5.1%
The report predicted that Asia’s ultrawealthy population and wealth would surpass that of Europe by 2021 and 2017, respectively.
It will take Asia longer to eclipse North America. It is expected to have a larger ultra-rich population by 2032, and greater total high-net-worth wealth by 2024.
Check out World’s Top 10 Cities of the Super Rich: 2013 on ThinkAdvisor.