Maybe we should call the next 10 years the Decade of the Ultra-High-Net-Worth Individual. It’s certainly a mouthful, but judging by the Knight Frank’s Wealth Report 2014, it’s accurate.
The report detailed the attitudes and trends of the richest of the rich, and one thing that stands out is the expected growth in their numbers by 2023. The U.S., which has the largest number of UHNW people, will see double-digit percentage growth. At the same time, countries with few in the category, such as Vietnam, will see spectacular growth in percentage terms.
For its report, which looked at charitable giving and luxury spending, among other metrics, Knight Frank surveyed 600 private bankers and wealth advisors that represent 23,000 ultra-high-net-worth individuals.
1. Biggest Risks to Wealth Creation
Global Economic Conditions: 33%
Local Economic Conditions: 19%
Local Political Situation: 18%
Local Taxation Conditions: 18%
Global Political Situation: 11%
2. Biggest Positives to Wealth Creation
Global Economic Conditions: 50%
Local Economic Conditions: 28%
Local Political Situation: 8%
Local Taxation Conditions: 10%
Global Political Situation: 4%
3. Expectations for North American Wealth Growth 2014
No Change: 32%
4. Luxury Spending: 2014 vs. 2013
No Change: 57%
5. Top Reasons for Making Investments of Passion
Personal Pleasure: 61%