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.
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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.
Please read the Top 10 Big Trends for Super-Wealthy:
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
Increase: 67%
No Change: 32%
Decrease: 1%
4. Luxury Spending: 2014 vs. 2013
Increase: 36%
No Change: 57%
Decrease: 7%
5. Top Reasons for Making Investments of Passion
Personal Pleasure: 61%
Capital Growth: 22%
Status: 15%
6. Top Regions Looking at Art as an Investment
Latin America: 86%
Middle East: 58%
Russia/CIS: 57%
7. Philanthropic Giving 2014 vs. 2013
Increase: 15%
No Change: 81%
Decrease: 5%
8. Countries With the Most UHNWs in 2013
United States: 39,378
Japan: 16,540
Germany: 11,392
United Kingdom: 10,149
9. Countries Forecast to Have Greatest Precentage Gain in UHNWs by 2023
China: 80%
Singapore: 55%
Brazil: 44%
United States: 21%
10. Global Cities Ranked by Expected Precentage Growth in UHNWs by 2023
Ho Chi Minh City, Vietnam: 173%
Jakarta, Indonesia: 148%
Ordos, China: 141%
Mumbai: 126%
New Delhi: 118%
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