What Is an Ul𝄹tra-High-Net-Worth Individual (UHNWI)?

Ultra-high-net-worth individuals (UHNWI) are people with a 𝄹net worth of at least $30 million. This category is composed of the wealthiest people in the world. They control a tremendous amount of global wealth. This group of people is small, but it continues to grow.

At the end of 2023, the group totaled 626,600 individuals globally, up 4.2% from a year earlier, according to Knight Frank's 2024 Wealth Report.

Some Stats on Ultra-High-Net-Worth Individuals (UHNWIౠs)

The U.S. is home to the most UHNWIs: 208,560. The global total is about 626,600 UHNWIs. Though Latin America lost UHNWIs, North America and the Middle East grew by 7.2% and 6.2%, respectively. Europe is still home to the wealthiest 1%.

Women comprise about 11% of UHNWIs globally, according to Altrata. And there has been a 38% rise in female UHNWIs over the past decade, according to Knight Frank.

22% of UHNWIs plan to buy a home this year, though this is more popular among 澳洲幸运5开奖号码历史查询:millennials than 澳洲幸运5开奖号码历史查询:baby boomers.

Examples of UHNWIs

Many of the world's super-rich citizens are self-made individuals. This is evident in Forbes' annually curated list of the 澳洲幸运5开奖号码历史查询:world's richest people. On its World's Real-Time Billionaires List, the magazine ranks the daily worth on its wealth-tracking platform. According to the website, "[The list] reflects changes since 5 pm EST of [the] prior trading day."

On Forbes' ever-changing list, on October 7, 2024, Elon Musk led the billionaire pack with $262.6 billion. He was followed by:

• Larry Ellison ($208.8 billion)
• Mark Zuckerburg (205.6 billion)
• Jeff Bezos (199.8 billion)

The total worth of billionaires in 2024 tops $14.2 trillion, an increase of $2 trillion (from $12.2 trillion) in 2023. Others near the top of the world's ultra-high-net-worth population include Bernard Arnault and his family, Warren Buffet, and Larry Page.

How UHNWIs Invest

Most UHNWIs do not have their money sitting in 澳洲幸运5开奖号码历史查询:certificates of deposit (CDs), money market accounts, or a 401(k). Many ultra-high-net-worth individuals store the majority 🌃of their wealth in:

• Primary and secondary homes
• Stocks and bonds
• 澳洲幸运5开奖号码历史查询:Venture capital and 澳洲幸运5开奖号码历史查询:private equity

When Forbes published its list of billionaires for 2024, it pointed out that two-thirds of the billionaires on the list are worth more than they were a year prior, while one-fourth of them are worse off.

The Bottom Line

Ultra-high-net-worth individuals are defined as people with more than $30 million in net worth. This is measured by ꦬcombining the value of all assets, not just investable or physical assets.

Hundreds of thousands of individuals worldwide met this definition. At the end of 2023, 70 new people became ULNWIs every day. According to Knight Frank's projections, the number of ULNWIs will increase by 28.1% from the end of 2023 to 2028, with particularly high growth in India (50%) and the Chinese mainland (47%).

The number of millionaires in the world continues to grow, so it's safe to say that there will soon be many more UHNWIs. In fact, there are so many that the definition might soon need to be changed.