Wealth generation for the world’s richest individuals continued apace over the past year and a half, according to a new report from Altrata, which provides intelligence on the wealthy.
The global ultra-high-net-worth population, comprising individuals with a net worth in excess of $30 million, totaled 510,810 at the end of June, up 5.4% since the beginning of the year. This growth followed a robust expansion of 12% in 2024, the third-strongest growth in the past decade.
At the end of June, the total net worth of the ultra-wealthy class had increased by 6.7% to $59.8 trillion, a figure double that of the annual GDP of the United States, Altrata noted.
The United States is home to 38% of the total ultra-wealthy population, making it by far the largest wealth market in the world. The size of the population surged by 21% in 2024 and expanded by 6.5% in the first half of this year.
The report identified a handful of states whose ultra-wealthy populations are projected to increase fastest over the next five years. In those states, favorable demographics and economic growth as well as favorable tax regimes and entrepreneurial policies underpin the formation and growth of businesses owned and/or operated by ultra-wealthy families and those who will become wealthy as a result.
Some of these states have recently experienced rising inflows of ultra-wealthy individuals and related corporate activity, often from the more traditional wealth hubs of California and New York. Those relocating to these areas are attracted by low-tax regimes, remote working trends, emerging tech and finance hubs and general lifestyle appeal.
Several less-established wealth centers are also beckoning the ultra-wealthy. Altrata said this indicates how the huge U.S. wealth market offers a wide choice of locations for an increasingly mobile and connected rich elite.
Altrata noted, however, that the Trump administration’s reordering of the political, legal and migratory environment could prompt some ultra-wealthy individuals to reassess the stability and attractiveness of their U.S.-based investments. It said that despite outmigration, California is still projected to experience firm growth in ultra-wealthy numbers to 2030 and will remain the state with the biggest ultra-wealthy population by far.
See the accompanying gallery for seven states that are projected to have the fastest-growing ultra-high-net-worth populations to 2030.
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