### Summary
The 2023 Global Wealth Report by Credit Suisse reveals that global wealth per adult fell by 3.6 percent in 2022, but increased by 2.2 percent when exchange rates are held constant. The report also highlights the top-heavy distribution of wealth, with 52.5 percent of the world's adult population holding just 1.2 percent of the world's assets, while the top 1.1 percent of adults hold 45.8 percent of wealth.
### Facts
- 🏰 The super-rich are increasingly choosing luxury villas over five-star hotels for their vacations.
- 🌍 Italy, France, Greece, and Portugal are popular destinations for luxury villa rentals.
- 💰 High-end villa rentals can cost over $130,000 per week.
- 💼 Hiring a high-end travel consultant for villa selection can cost $25,000 annually on top of a $150,000 joining fee.
- 💵 Wealth per global adult fell by 3.6 percent in 2022, but increased by 2.2 percent when exchange rates are held constant.
- 🔝 Individuals with less than $10,000 hold just 1.2 percent of the world's assets, while those worth over $1 million hold 45.8 percent.
- 🇺🇸 The United States is home to 38 percent of the world's millionaires and dominates the ranks of the ultra-rich.
- ✨ The wealth of America's wealthy has not translated into substantially greater growth rates in personal wealth for ordinary Americans.
- 🇯🇵 Japan's top 1 percenters hold 18.8 percent of the nation's wealth, while America's top 1 percenters hold 34.2 percent.
The super rich are increasingly choosing luxury villas over five-star hotels for quick getaways, with Italy, France, Greece, and Portugal offering popular options, and high-end travel consultants charging substantial fees to find the perfect villa vacation; however, the distribution of global wealth remains highly unequal, with 1.1 percent of the adult population holding 45.8 percent of the world's wealth, and the US driving this top-heavy statistic, as 38 percent of the world's millionaires reside there.
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.
Billionaires' wealth has grown by 109% in the past decade, raising concerns about escalating wealth inequality and leading economists and millionaires to call on governments to impose taxes on the superrich.
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.
Asia is expected to continue to have more ultra wealthy people than Europe, with analysts predicting that Asia's global share of ultra high net worth individuals could hit 29 percent by 2027.
The number of centi-millionaires in London has decreased by 4% since 2022, with many wealthy individuals choosing to relocate to Paris due to threats of higher taxes and the potential abolition of non-dom status by Labour, while Emmanuel Macron's tax reforms have made France an attractive destination for wealthy expats.
The ranks of India's ultra-rich are growing, with an increase of 216 fortunes of $120 million or more compared to last year, and the sources of affluence are shifting towards consumer goods, materials, and healthcare industries rather than traditional sectors like industry and finance. Additionally, the wealth distribution is becoming more diverse, with rich individuals residing in various cities across the country.