People with a net worth exceeding $30 million (€27 million) are referred to as ultra high net worth individuals (UHNWI).
British consultancy Knight Frank recently published its reports on the ultra-wealthy throughout the world. Firstly, it appears the number of ultra-wealthy individuals has grown, albeit the group remains a rather exclusive one. The 2019 report revealed that the number of UHNWI crossed the 500,000 threshold, or increased by 6.4% throughout the year.
Specifically, the number of individuals with a personal fortune of more than $30 million is 513,244. Knight Frank's Global Wealth Sizing Model report took data from multiple sources and revealed that North America dominates in terms of UHNWI, with double the amount of ultra-wealthy residents than in Europe.
The front-runner is obviously the United States, which counts 240,575 ultra-wealthy residents - not far from four times the amount residing in the country ranking second (China, with 61,587).
Unsurprisingly, European countries ranked well: Germany and France scored a respective third and fourth (23,078 and 18,776). Luxembourg, for its part, counts 403 ultra-wealthy residents.
The Knight Frank report also paid attention to forecasting the evolution of UHNWI over the next five years. The consultancy believes Asia will experience the highest rate of growth at 44%, followed by Africa with 32%. The USA will nevertheless continue to dominate with its UHNWI population, with a growth of 22%.
As for Luxembourg, the consultancy predicts a 10.9% growth rate between 2019 and 2024. The European country expected to see its ultra-wealthy population boom is Romania, with a 44% growth rate.
