Asia Overtakes Europe in Number of Ultra Wealthy, With Strong Growth Forecast Through 2027

Asia overtook Europe for number of ultra wealthy people in 2019 and is expected to see the strongest growth in this population through 2027.
India's expanding economy and diversification of supply chains away from China are fueling Asia's rise in ultra high net worth individuals.
North America will continue having the largest share (35%) of global ultra wealthy people in 2027.
Europe's share of the ultra wealthy is forecast to decline from 41.4% in 2004 to 25% in 2027.
The total number of ultra high net worth individuals globally is predicted to reach 528,100 by 2027, up from 395,070 currently.

statista.com

Relevant topic timeline:

8/24/2023

Asia’s poor grew by 68 million people after pandemic, report says

The number of people living in extreme poverty in developing Asia has increased by 67.8 million due to the COVID-19 pandemic and rising living costs, with more than 155 million people living on less than $2.15 a day last year, according to the Asian Development Bank.

8/31/2023

Mapped: The Richest Billionaires in Every U.S. State

The number of millionaires worldwide has increased significantly over the last decade, with total millionaire wealth reaching $208.3 trillion in 2022, driven by factors such as tech revolutions and market booms; North America is home to the largest percentage of millionaires (42%), followed by Europe (27%); however, wealth inequality remains a significant issue, and the number of millionaires is projected to grow to 86 million by 2027.

9/6/2023

Hong Kong’s uber-rich population shrinks 23% as New York, Singapore close gap

Hong Kong's ultra-wealthy population decreased by 23% in 2022, while New York and Singapore saw growth, according to a report by Altrata, with China's Covid-19 restrictions, economic slowdown, geopolitical issues, and equities slump cited as reasons for the decline. However, Altrata predicts that the global super-rich population will rebound by 2027, reaching 528,100 individuals with a net worth of $60.3 trillion.

9/8/2023

India Only Top 10 Country With Rising Ultra-Wealthy Population in 2022 While Asia's Falls Due to Lockdowns and War

India was the only country among the top 10 ultra high net worth nations to see an increase in its ultra wealthy population in 2022, despite a global decline, with a combined net worth of over $1.4 trillion.

9/8/2023

Global Ultra-Wealthy Population Declines for First Time in 4 Years as Bear Market Erodes Fortunes

The global population of ultra high net worth individuals (UHNW) experienced a setback in 2022, with a 5.4% decrease in their numbers and a 4.3% drop in their combined net worth, primarily due to factors such as Russia's invasion of Ukraine and high inflation; however, the losses are not expected to be permanent as the UHNW population is projected to continue growing.

9/20/2023

Australia Set to Regain Top Spot for Millionaire Growth in 2023 While China Sees Sharp Decline

The migration of millionaires and billionaires is expected to increase, with 122,000 High Net Worth Individuals projected to move to a new country by the end of 2023, according to Henley & Partners’ Private Wealth Migration Report. Australia is expected to become the top destination for millionaires, while China is anticipated to lose the most millionaires, followed by India.

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Posted 9/11/2023, 12:43:57 PM

Asia Overtakes Europe in Number of Ultra Wealthy, With Strong Growth Forecast Through 2027

Asia overtook Europe for number of ultra wealthy people in 2019 and is expected to see the strongest growth in this population through 2027.
India's expanding economy and diversification of supply chains away from China are fueling Asia's rise in ultra high net worth individuals.
North America will continue having the largest share (35%) of global ultra wealthy people in 2027.
Europe's share of the ultra wealthy is forecast to decline from 41.4% in 2004 to 25% in 2027.
The total number of ultra high net worth individuals globally is predicted to reach 528,100 by 2027, up from 395,070 currently.

statista.com

Relevant topic timeline:

8/24/2023

Asia’s poor grew by 68 million people after pandemic, report says

8/31/2023

Mapped: The Richest Billionaires in Every U.S. State

9/6/2023

Hong Kong’s uber-rich population shrinks 23% as New York, Singapore close gap

9/8/2023

India Only Top 10 Country With Rising Ultra-Wealthy Population in 2022 While Asia's Falls Due to Lockdowns and War

9/8/2023

Global Ultra-Wealthy Population Declines for First Time in 4 Years as Bear Market Erodes Fortunes

9/20/2023

Australia Set to Regain Top Spot for Millionaire Growth in 2023 While China Sees Sharp Decline