The world’s ultra-high-net-worth population, individuals with $30 million or more in net worth, increased by 1.7% in 2020 to 295,450 individuals, according to Wealth-X’s World Ultra Wealth Report 2021. This was well off the near double-digit growth a year earlier, but resilient performance nonetheless amid the upheaval of the pandemic, volatile capital markets and the deepest contraction in world economic output for a generation.
Overall, the combined net worth of this population in 2020 increased by 2% to $35.5 trillion.
Although ultra-rich individuals represent a mere 1.2% of the world’s high-net-worth population (individuals with $1 million of net worth), their combined accounts command an outsize 34% share of global net worth.
The top 10 countries are home to three-quarters of the global ultra-high-net-worth population. These wealth markets recorded sharply contrasting performance in 2020, yet their positions in the top 10 ranking remain unchanged from a year earlier, the report said.
Among the findings, the top three countries increased their share of the global ultra-wealthy population to more than 50%.
In Europe, the top three wealth markets saw their ultra-rich populations lose members. A fourth country’s population edged up slightly.
In Asia, South Korea and Taiwan made aggressive moves to join the top 10, falling just short, but posing a threat in future rankings. The ultra-high-net-worth population of South Korea surged by 15% in 2020, lifting the country above Italy and Russia to 11th place.
The number of ultra-wealthy individuals in Taiwan rose by an even faster 23%, following growth of 16% in 2019. The country has overtaken Spain and Brazil in recent years to climb to 14th place in the rankings.
See the gallery for the top 10 countries with the biggest ultra-high-net-worth populations.
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