2024年世界超財(cái)富報(bào)告（英）-2024-WN8

WorldUltraWealthReport2024ThoughtleadershipWorldUltraWealthReport2024BrianAlsterChiefExecutiveOfficerJeffWenderChiefRevenueOfficerManuelBianchiSeniorVicePresidentandGlobalHeadofSalesAmandaCifoneSeniorMarketingDirectorLeadauthorsMayaImbergSeniorDirector,HeadofThoughtLeadershipandAnalyticsMaeenShabanDirectorofResearchandAnalyticsDesignStephanieWarburtonDirectorofVisualCommunicationsDawnLastreVisualCommunicationsSpecialist?DelinianLimitedanditsaffiliatedcompanies.July2024.Thispublicationisforyourinformationonlyandisnotintendedasanoffer,orasolicitationofanoffer,tobuyorsellanyproductorotherspecificservice.Allinformationandopinionsindicatedaresubjecttochangewithoutnotice.Contents01Executivesummary02Introduction1203Awealthtierofinfluence04Theultrawealthyin202305Regional,countryandcityperformance06Lookingahead36815192007Methodology08AboutAltrataAltrata|WorldUltraWealthReport202401ExecutivesummaryIn2023,theglobalultrahighnetworth(UHNW)populationincreasedby7.6%toahighof426,330individuals.Thismarkedastrongreboundfromthepreviousyear’sdeclineandmeansthisexclusivegroupismorethan20%largerthanitwasfiveyearsago.Thoughlargelysluggish,economicgrowthwasmoreresilientthanexpected.Wealthportfolioswerebolsteredprimarilybyalate-yearrallyinglobalequities,GrowthinNorthAmericaoutpacedthatinEuropeandespeciallyAsia.Theultrawealthypopulationintheworld’sleadingultrawealthregionincreasedby11.9%in2023to161,280individuals,raisingNorthAmerica’sglobalshareto37.8%.Europerecordedabove-averagegrowthof9.4%incontrasttoAsia,whichgrewbyunder3%to110,630individuals,reflectingtheregion’sgeneralgrowthsettlingatalevelbelowitspre-pandemictrend.ThisalsoledtoEuroperegainingitsstatusasthesecond-largestultrawealthregionforthefirsttimesince2019.increasingtheUHNWpopulation’stotalnetworthby7.1%to$49.2trn.TheUSposteddouble-digitgrowthinUHNWnumbers,whilesecond-rankedChinarecordedasecondconsecutiveannualfall.TheUS,hometojustoverathirdoftheglobalUHNWclass,recordeda13%riseinitsultrawealthypopulationto147,950individuals.TherewassimilargrowthofUHNWnumbersinthird-rankedGermany.Incontrast,China’sUHNWnumbersfellby1%,reflectingarelativelysluggisheconomyandadeepeningreal-estatedownturn(HongKong’sUHNWnumbersalsofollowedthistrend).However,Asia’sotherleadingwealthmarketsofJapanandIndiaenjoyedrobustgrowth.Theglobalultrawealthypopulationwillexpandacrossallregionsoverthenextfiveyears.Despitecontinuingvolatilityanduncertainty,weforecasttheglobalultrawealthypopulationtototal587,650individualsby2028andaccountforanadditional$19trnofnewlycreatedwealth.NorthAmericawillcontinuetoaccountforthelargestregionalshareoftheglobalUHNWpopulation,risingslightlyto39%.Asia’scatch-upprocesshaslargelyplayedout,andtheregion’ssharewillincreaseonlyslightlyby1%to27%in2028.Europe’sshareoftheglobaltotalwillcontinuetodeclineslightly,to25%by2028,downfrom28%in2019.Threeofthetop10fastest-growingUHNWcitiesoverthenextfiveyearswillbeinIndia.Reflectingthecountry’sstatusasoneoftheworld’sfastest-growingeconomies,theUHNWpopulationinBengaluru,HyderabadandDelhiareallexpectedtogrowatanannualaveragerateof14-16%.ManilainthePhilippinesandKualaLumpurinMalaysiaalsoentertheranksofthetop10fastest-growingUHNWcities.Theworld’smajorcitieswillbeanincreasinglyimportantbaseforwealthgeneration.By2028,weforecastthatalmost42%oftheultrawealthyclasswillbebasedinoneofthetop50UHNWcities,upfrom38%in2015.Therankingofthe10largestUHNWcitiesisexpectedtochangelittle,withNewYork,HongKong,LosAngelesandTokyostilltoppingthetable.Altrata|WorldUltraWealthReport2024|102IntroductionAltrata’slatestWorldUltraWealthReport–the12thpoweredbyWealth-Xdata–providesourcomprehensiveanalysisoftheglobalultrahighnetworth(UHNW)population.Thisexclusivegroupofwealthyindividuals,eachwithanetworthinexcessof$30m,hasgrownsteadilyinsizeandinfluenceoverthepastdecade.Theircollectivewealthnowtotalsanimmense$49trn—morethanthecombinedGDPoftheUSandChineseeconomies.Thisyear’seditionfocusesontheoverallultrawealthylandscape,presentingadetailedoverviewoftheUHNWpopulationin2023anditssignificanceamongtheglobalrich.Itassessestheimpactofrecentdevelopmentsinworldmarketsontheultrawealthyclassandtheoutlookforwealthgeneration.2023wasanotherturbulentyearfortheglobaleconomywithcomplexgeopolitics,regionalconflicts,avolatileclimateandpolicyindecision.Againstthisbackdrop,mostwealthmarketsreboundedfromthepainfullossesof2022,withinvestorenthusiasmforgenerativeartificialintelligenceandtheprospectofmonetaryeasingbyglobalcentralbanksdeliveringalate-yearboosttomarketsentimentandequityreturns.Inthisreport,weexamineindetailtheeffectsacrosstheglobalUHNWclassandthechangesincumulativenetworth,highlightingthekeydriversandregionalwealthtrends,rankingtheleadingultrawealthycountriesandcities,andpresentingourupdatedfive-yearforecastfortheUHNWpopulation.Wealth-X’scomprehensivedatabaseonthewealthyanditsdetailedWealthandInvestableAssetsModelprovideunrivaledinsightintotheworld’sUHNWpopulation,itscharacteristicsandtheconstantlychanginglandscapeofwealthcreation,makingitanessentialresourceforanyorganizationlookingtoprospectforandengagewithindividualsinthisexclusivedemographic.KeydefinitionsUltrahighnetworth(UHNW)individualsThosewithanetworthof$30m+(alsoreferredtoasthe“ultrawealthy”).Veryhighnetworth(VHNW)individualsThosewithanetworthof$5m-$30m.Altrata|WorldUltraWealthReport2024|203AwealthtierofinfluenceTheultrawealthyholdanoutsizedproportionofwealthIn2023,theglobalpopulationofhighnetworth(HNW)individuals,eachwithwealthinexcessof$1m,totaledanestimated38.1millionindividuals.Withinthiswealthypopulation,theultrawealthyclassof426,330individualsisahighlyexclusivesegment,representingjust1.1%oftheHNWcohortbutholdingasubstantiallylargershareofwealth.At$49.2trnin2023,thecollectivenetworthoftheUHNWpopulationaccountedfor32%ofwealthheldbyallHNWindividuals.Ourdata(goingbackto2004)showsthattheultrawealthyhaveaccountedforaremarkablystableshareoftheglobalHNWpopulationanditscombinednetworthoverthepasttwodecades.Theshareoftheultrawealthypopulationhasremainedatjustabove1%,whiletheproportionoftotalHNWwealthheldbytheUHNWclasshasheldfairlysteadywithinanarrow32-35%range.ThewealthybytierGlobalpopulationandwealthbymajorwealthtierin2023Wealthtier426,3303,974,460UHNW($30m+)VHNW($5m-$30m)$1m-$5m$49,159bn$39,491bn33,685,090$63,001bnPopulationWealthSource:Wealth-X,anAltratacompany,2024Theultrawealthycomprise1%oftheglobalmillionairepopulation,yethold32%ofthisgroup’stotalwealth.Altrata|WorldUltraWealthReport2024|3AwealthtierofinfluenceGlobally,theultrawealthyaccountfor:Thisimmensestockofwealthgivestheultrawealthythecapacitytowieldconsiderableinfluenceonallfacetsofsociety–frompoliticsandeconomicstotechnologyandhealthcare–andtheyareofparticularimportancetoorganizationsinvolvedintheluxury,wealthmanagementandphilanthropicsectors,amongmanyothers.$118bnofpersonalluxurygoodsspend,equivalentto30%ofthetotalspend1Theultrawealthypopulationhasgrownstronglyoverthepastdecade,andsohavethemanyindustriesthatcaterspecificallytothesuperrich.Themarketforpersonalluxurygoodsandlifestyleserviceshasexpandedrapidly,drivenbythemorevariedinterestsanddemandsofaprogressivelydiverseglobalUHNWpopulation.Therehasbeenasimilartrendacrosshigh-endrealestatearoundtheworld,alongsideanincreasingfocusonfamilywealthtransferplanningandlegacytransitionamidasurgeinfirst-generationwealth.$190bnofphilanthropicdonations,equivalentto38%ofallgivingbyindividuals2$38trnTheUHNWclassisverymuchthemainclienteleforfinancialservices,primebrokerageandassetmanagementcompanies,whetherdirectlyorviafamilyoffices.Thisgroupalsoaccountsforaprominentandgrowingshareofglobalindividualgivingtophilanthropicorganizations,withpersonaldonationsbytheultrawealthyestimatedatasubstantial$190bnin2022.ofinvestableassets,equivalentto32%ofglobalassetsundermanagement(AUM)3Source:Wealth-X(anAltratacompany).EstimatesusingWealth-XdataandBain/AltagammaforoverallluxurygoodsspendandBostonConsultingGroupforoverallAUM.1Refersto2023data.Source:Wealth-X(anAltratacompany).BasedonestimatesusingWealth-XdataandBain/Altagamma.23Refersto2022data.Source:Wealth-X,anAltratacompany.Forfurtherinformation,seeAltrata’sUltraHighNetWorthPhilanthropy2024report.Refersto2023data.Source:Wealth-X(anAltratacompany).BasedonestimatesusingWealth-XdataandBostonConsultingGroup.Altrata|WorldUltraWealthReport2024|4AwealthtierofinfluenceUnevenwealthdistributionTheunevennatureoftheglobaldistributionofwealthisalsoevidentamongtheworld’srichestindividuals.Almost80%oftheglobalultrawealthyclasshaveanetworthofbetween$30mand$100m,inlinewiththegeneraltrendofalargeshareofthecohort’spopulationfallingwithinthe“l(fā)ower”wealthtiers.Thisishighlightedbyanestimatedmedianwealthlevelof$51macrosstheUHNWclass,whichcompareswithamuchhigheraveragelevelof$115m.Thoseindividualswithanetworthof$100mto$1bncomprisejustunderafifthoftheultrawealthypopulation,andholdstockofwealthbroadlysimilartothoseinthe$30mto$100mcohort.Attheverytopofthewealthpyramid,thebillionaireclassrepresentsjust0.8%oftheglobalUHNWpopulation,yetitholds24%ofallultrawealth.TheultrawealthybytierGlobalUHNWpopulationandwealthbywealthtierin2023Wealthtier3,1947,198$1bn+*$500m-$1bn$100m-$500m$30m-$100m80,230$11,107bn$5,153bn$15,284bn335,460$16,743bnPopulationWealth*Billionairepopulationandwealthdatareflectthosefrom2022,aspresentedinourBillionaireCensus2023.Source:Wealth-X,anAltratacompany,2024Almost80%ofultrawealthyindividualshaveanetworthofbetween$30mand$100m.Altrata|WorldUltraWealthReport2024|504Theultrawealthyin2023Surpassingexpectations–astrongreboundinUHNWwealthIn2023,theglobalUHNWpopulationincreasedby7.6%toahighof426,330individuals,markingastrongreboundfromthepreviousyear’sdecline.Wealthportfolioswerebolsteredprimarilybyalate-yearrallyinglobalequities,ledbydevelopedmarkets.Economicgrowthwasgenerallysluggish–constrainedbyhighinflation,tightmonetarypolicy,cost-of-livingpressuresandgeopoliticalconflict–but,nevertheless,itwasmoreresilientthanexpected.Asrecessionfearseasedandglobalinflationlessened,theprospectofcentralbankinterestratecutslifted“risk-on”sentimentinmostassetclasses.Amidgrowingoptimismofasoftlandingfortheworldeconomy,thetotalnetworthoftheUHNWpopulationincreasedby7.1%to$49.2trnin2023.Thisshiftininvestorexpectationsoverthecourseoftheyearwasreflectedincontrastingsectorreturns,withthepatternlargelyareverseof2022.Thestrongestequitygainswereintechnology,financialservicesandconsumerproducts,whichoutperformedmoredefensivesectorssuchashealthcare,utilitiesandenergy.Travelandtourismcontinueditspost-pandemicrecovery,whereashigherinterestratesweighedonreal-estateactivityandcorporatetransactions.Fixed-incomemarketsgenerallyshowedmarginalpositivereturns,aftertwoyearsofdecline,whilehigh-volatilitycryptoassetsralliedstronglyaftertheir2022slump.TheglobalbackdropforwealthmarketsremainedturbulentgiventheincreasinglycomplexgeopoliticsshapedbyRussia’sinvasionofUkraine,deepeningrivalrybetweenChinaandthewest,anewIsrael-Hamaswar,wideningtraderestrictionsandongoingtechnologicalandclimatedisruption.TheglobaleconomyataglanceSelectglobalindicatorsfor2023(year-on-yearchange)3.2%4.6%8.3%24%-18%-16%-30%AdvancedEmergingandUS$termsTransactionsCapitalraisedRealGDPeconomiesdevelopingeconomiesMSCIWorldOilpricegrowthConsumerpriceinflationEquityIndex(US$/barrel)IPOactivitySources:InternationalMonetaryFund,WorldEconomicOutlook,April2024;MorganStanleyCapitalInternational(MSCI);PwCGlobalIPOWatch2023;WestTexasIntermediate(WTI)crudeoil.Altrata|WorldUltraWealthReport2024|6Theultrawealthyin2023TheultrawealthyacrosstheglobeGlobalUHNWpopulationin2023426,330oftheworld’sUHNWpopulation%TotalUHNWpopulation7.6%Changeinpopulationfrom2022EuropeAsiaNorthAmerica111,5409.4%26.2%110,6302.7%25.9%161,28011.9%37.8%MiddleEast19,480-5.7%4.6%LatinAmericaandAfrica2,710-10.3%0.6%theCaribbean13,99018.2%3.3%Pacific6,7000.1%1.6%GlobalUHNWwealthin2023$49,159bnTotalUHNWwealthoftheworld’sUHNWwealth%7.1%Changeinwealthfrom2022EuropeNorthAmericaAsia$12,920bn26.3%8.8%$12,343bn2.1%25.1%$18,586bn37.8%11.7%MiddleEast$2,630bn-7.5%5.4%LatinAmericaandAfrica$317bn-11.9%theCaribbean$1,757bn0.6%Pacific19.5%3.6%$606bn0.3%1.2%Note:Dataonthetotalorpercentageoftheworld’sUHNWpopulationandwealthmaynotaddupexactlyortotal100%owingtorounding.Source:Wealth-X,anAltratacompany,2024Altrata|WorldUltraWealthReport2024|705Regional,countryandcityperformanceNorthAmericaResilienteconomyandequitygainsdrivestrongexpansionofUHNWclassTheUHNWpopulationintheworld’sleadingultrawealthregionincreasedby11.9%in2023to161,280individuals,drivenbyastrongexpansionintheUS.GrowthoutpacedthatinEuropeandespeciallyinAsia,raisingNorthAmerica’sshareoftheglobalultrawealthyclassto38%.Collectivenetworthoftheregion’sUHNWpopulationroseby11.7%to$18.6trn.WealthholdingsweresupportedbyanunexpectedlyresilientUSeconomy,despitetheFederalReserve(theUScentralbank)continuingitsaggressivepolicytighteningoverthefirsthalfoftheyear.Amidfirmconsumerdemandandhighersubsidy-backedinvestment,theregionoutperformeditsglobalpeersintermsofeconomicgrowth.However,themainboosttoUHNWportfolioscamefromdouble-digitequityreturns,heavilyconcentratedamongstellargainsbytheso-called“magnificentseven”mega-captechstocks.TheS&P500closedtheyearup26%andthetech-heavyNASDAQCompositeindexup43%,bothindicesreversingsharplossesof2022.Otherregionalassetmarketsweremoresedate,butmostdeliveredmoderategains.TheUSdollarweakenedslightlyagainstsomeothermajorcurrencies,includingtheeuro.NorthAmericahadthestrongestUHNWpopulationgrowthofthethreemajorwealthregions.AAllttrraattaa||WWoorrllddUUllttrraaWWeeaalltthhRReeppoorrtt22002244|8Regional,countryandcityperformanceEuropeWealthassetsbolsteredbyequityrebound,despitetheweakperformanceofmajoreconomiesEurope’sUHNWpopulationrecordedabove-averagegrowthof9.4%to111,540individuals.ThiswasthreetimesthepaceofexpansioninAsia,whichledtoEuroperegainingitsstatusassecond-largestultrawealthregionforthefirsttimesince2019.Economicperformancewasmixed.ThelargestwealthmarketsofGermany,theUKandFranceflirtedwithrecessioninthefaceofhighinflation,interestratehikesandstructuralweaknesses,whereasgrowthwasfairlyrobustinsouthernandpartsofeasternEurope(supportedbybuoyanttourismsectorsandEUstructuralfunds).Equitymarketsperformedstronglyonthewhole–theMSCIEuropeIndexclosedtheyearup21%–withrisingoptimismoverfallinginflationandfutureratecutsfuelingalate-yearrally.UKcapitalmarketreturnstendedtolagtheregionalaverage.TherewasabroadslowdownacrosstheEuropeanreal-estatesector,butsomesupportforwealthportfoliosfromrelativecurrencyappreciation.CombinedwealthoftheUHNWclassincreasedby8.8%to$12.9trn.EuropeovertookAsiatoregainitspositionassecond-largestUHNWregion.AsiaOnlyamildrecoveryfrom2022’sslump,withUHNWgrowthlaggingNorthAmericaandEuropeAsia’sUHNWpopulationgrewby2.7%to110,630individuals.Thiswasonlyamodestreboundfromthesharpdeclineofthepreviousyearandwellbelowtheglobaltrend,resultinginAsiabeingovertakenbyEuropeintheregionalranking.Thisreflectednumerousfactors:thestructuralslowingofChina’seconomy;weakglobaldemandacrosstheregion’sexport-orientedeconomies;highandstickyinflation;andtightmonetarypolicy,inparttosupportunder-pressurecurrencies.Theregion’seconomicperformancewasstillrespectableinaglobalcontextbut,ingeneral,Asiangrowthissettlingatalevelbelowitspre-pandemictrend.Collectivenetworthheldbytheregion’sUHNWclassroseby2.1%to$12.3trn,equivalenttoa25%globalshare.WealthgainsremainedfirminIndiainanotheryearofrobusteconomicexpansion.Therewerepocketsofstrongequityreturnsinthetech-heavymarketsofSouthKoreaandTaiwanandinJapan,wherethecountry’scentralbankmaintaineditsaccommodativepolicystance.Chinesestockswereadragonregionalassetperformance,recordingathirdconsecutiveyearofdecline(inUSdollarterms).MiddleEastFallinUHNWpopulationamidlowercommoditypricesandsubduedcapitalmarketsAfterstronggainsin2021-22,theMiddleEastrecordedadeclineinultrawealthynumbersandtotalnetworth.Theregion’sUHNWpopulationfellby5.7%to19,480individuals,equivalenttoa4.6%globalshare.Adropinglobalenergypricesfromelevatedlevelsdampenedrevenuetrendsinhydrocarbon-exportingcountries.Capital-marketreturnsweregenerallyweak,underperformingtheemerging-marketaverage,amidthecorrectionincommoditymarketsandwiththeUSdollarcurrencypeginmostGulfArabcountrieslesssupportiveofUHNWportfoliosthanintheprevioustwoyears.Thewindfallfrompeakhydrocarbonpricessupportedfirmernon-oilinvestmentanddiversificationactivityinthelarger,richereconomies,suchasSaudiArabiaandUAE,butgrowthintheregiondisappointed,withmanycountriesstrugglinginthefaceofcivilconflicts,highlivingcostsorsocialunrest.TotalUHNWwealthintheMiddleEastdeclinedby7.5%to$2.6trn.Altrata|WorldUltraWealthReport2024|9Regional,countryandcityperformanceLatinAmericaandtheCaribbeanMonetaryeasingandforeigninvestmentdriveathirdyearofrobustUHNWgrowthLatinAmericaandtheCaribbeanrecordedathirdsuccessiveyearofdynamicgrowthinitsUHNWclassandnetworth,continuingitsimpressivereboundfromadeepslumpin2020.Theultrawealthypopulationsurgedby18.2%to13,990individuals,whichwasthestrongestexpansionofanyregion.Cumulativenetworthincreasedby19.5%to$1.8trn,despitelessfavorabletermsoftradeacrossthemajorcommodity-exportingwealthmarkets.Assetportfolioswerebolsteredbyequitymarketgains(especiallyinBrazil,PeruandMexico),monetaryeasingandfirmeconomicgrowth.ActivitywassupportedbytheresilienceoftheUSeconomy,stronginvestmentinflowsduetonearshoring,solidtourismgrowthandthepass-througheffectsofratecutsonsentimentanddemand.MostLatinAmericancentralbankswereaheadofthecurvein2021withtheirtighteningcyclesand,withfallinginflation,theywereabletomoveearlierthantheirdeveloped-economycounterparts(suchastheFed)inreducinginterestrates.AnexceptionwasMexico,whichaggressivelyraisedrates,drivingasubstantialpesoappreciationof15%againsttheUSdollar.LatinAmericaandtheCaribbeansawthefastestUHNWgrowthofanyregion–arepeatof2022.ThePacificandAfricaSluggishtrendinAustraliaandafallinAfrica’sUHNWpopulationTheUHNWpopulationinthePacificregion,whichmainlyreflectsdevelopmentsinAustralia,wasstableat6,700individuals.Economicandfinancial-marketdevelopmentsweresubduedgivenlowercommodityprices,sluggishdemandinChina(Australia’slargestexportmarket)andhighinterestratesthatweighedoncapital-marketandreal-estatereturns,aswellasbroaderconsumptionandsentiment.Africa,thesmallestUHNWregion,recordedthelargestrelativefallinultrawealthynumbersofanyregionin2023,downby10.3%to2,710individuals.Highexposureamongcommodityproducerstoweakertermsoftrade,aswellastightfinancingconditions,powershortagesandwidespreadsocialunrestandpoliticalconflictallweighedonassetportfolios.Thetworegionsaccountedforacombined2.2%oftheglobalUHNWpopulation.Altrata|WorldUltraWealthReport2024|10Regional,countryandcityperformanceLeadingUHNWcountriesAlmostthree-quartersoftheglobalultrawealthypopulationresideinjust10countries,highlightingtheinfluentialstatusofthisgroupofwealthmarketsandthefocusedopportunitiesforcompaniesandorganizationsthattargetand/orcatertotheultrawealthy.Here,wehighlightthekeycountrytrendsandrecentchangesinUHNWpopulationsize.Top10UHNWcountriesUHNWpopulationin2023Year-on-yearchangeRankandwealthinpopulation1US$17,154bn147,95013.1%2China$5,202bn46,060-1.0%34567Germany22,21016,56513.3%$2,624bnJapan$1,566bn10.4%10.6%14.1%UK$1,592bn15,64013,65513,33012,54510,4809,540France$1,472bnCanada$1,432bn-0.6%-0.4%8910HongKong$1,483bnItaly$1,180bn13.8%India$1,209bn8.5%Note:Populationnumbersareroundedtothenearest5.Changesaremeasuredbasedonmodelinputsupdatedretrospectivelyandnotonpreviouslypublished?gures.Forfu?herinformationaboutourWealthandInvestableAssetsModel,pleaseseetheMethodologysection.Source:Wealth-X,anAltratacompany,2024Mostoftheworld’smajorwealthmarketssawastrongreboundintheirUHNWpopulationsin2023;Chinawasanotableexception.Altrata|WorldUltraWealthReport2024|11Regional,countryandcityperformanceSevenofthetop10wealthmarketsexpandedtheirUHNWnumbersThisincludedtheUS,byfartheworld’slargestwealthcenter,whichrecordeda13%riseinitsultrawealthypopulation.At147,950individuals,theUSishometojustoverathirdoftheglobalUHNWclass.Tech-ledcapitalmarketgainsandastandouteconomicperformanceamongitsdeveloped-marketpeerswerethemaindrivers,overshadowingslightcurrencyweaknessandheightenedpoliticalinstability.TherewassimilargrowthofUHNWnumbersinGermany,whichconsolidateditsstatusastheleadingUHNWcountryinEurope(rankedthirdglobally).Theeconomywasanotableunderperformerintheeurozone,reflectingstructuralconstraintsanditsexposuretorecentsupplyshocks.Nevertheless,ultrawealthwasbolsteredbysentiment-drivenequity-marketreturns,improvedtermsoftradefromlowerenergycosts,andtheresilienceofthecountry’slargebaseofinnovativesmallandmedium-sizedenterprises.AllofthemajorEuropeanmarketsregisteredasolidreboundinultrawealthynumbersafteraweakperformancein2022.Second-rankedChinarecordedasecondconsecutiveannualfallinitsUHNWpopulation.UltrawealthtrendswerelessfavorableinChina,theworld’ssecond-largestUHNWmarket,whichsuffereda1%fallinitscohortpopulation.Arelativelysluggisheconomy,adeepeningreal-estatedownturn,underperformingcapitalmarkets,worseningdemographicsandgeneralinvestoruncertaintylinkedtogeopoliticalstrainsposedachallengingenvironmentforwealthcreation.Thesemi-autonomousterritoryofHongKongalsorecordedafallinultrawealthynumbers(seeleadingUHNWcities).ThiscontrastedwithrobustgrowthoftheUHNWpopulationsinAsia’sotherleadingwealthmarketsofJapanandIndia.TheaccommodativemonetarypolicystancebytheJapanesecentralbankremainedatailwindfordomesticassetsandconsumerspending.Indiamaintaineditsstatusasoneoftheworld’sfastest-growingeconomies,withinfrastructuredevelopment,capitalinflowsandresilientdemandsupportingwealthgeneration.Givenitsexpansivelaborandconsumermarkets,Indiaislikelytomakegradualprogressupthecountryrankingsinthecomingyears.Threeregionsdominatethecountryrankings,butthecompositionwillgraduallyshift.The10largestultrawealthmarketsarelocatedacrossthreeregions,withfourinEurope,fourinAsiaandtwoinNorthAmerica.Thisconfigurationhasremainedlargelyunchangedoverthepastdecade,althoughthegraduallyshiftingpatternofglobalwealthdistributioncouldwellleadtoseveralnewentrantsbecominganestablishedpresenceoverthenextfiveto10years.ThemostlikelyareSaudiArabiaandBrazil(bothrankedinthetop15in2023),havingregisteredstronggrowthintheirrespectiveUHNWpopulationsinrecentyears.Altrata|WorldUltraWealthReport2024|12Regional,countryandcityperformanceLeadingUHNWcitiesThetop10citiesarehometoaroundasixthoftheworld’sUHNWpopulation.ThedistributionofultrawealthatcitylevelhasevolvedoverthepastdecadeastheUHNWclasshasbecomemorediverseandmobile,althoughtheallureofthehigh-endbusiness,cultural,real-estate,educationalandlifestyleopportunitiesofferedbyestablishedglobalcitiesremainsstrong.Below,wehighlightsomeofthestructuraldriversandrecentchangesinUHNWcitypopulationsize.Top10UHNWcitiesUHNWpopulationin2023Year-on-yearchangeinpopulation1NewYorkHongKongLosAngelesTokyo16,63012,5458,9556,44513.8%2-0.4%3456715.4%10.7%14.9%11.1%12.6%SanFranciscoLondon6,4056,2455,725Chicago8910Paris5,3704,9504,87514.5%14.6%16.1%Was