A Closer Look at the Global Ultrawealthy Population: Key Cities and Emerging Hubs
The world's ultrawealthy population has reached a new peak, with 426,330 individuals now holding a net worth of at least $30 million. This represents a 7.6% increase from the previous year, according to the latest data from Wealth-X. Despite their small numbers—about 0.005% of the global population—the ultrawealthy command significant economic power, with a combined net worth of $49.2 trillion. Billionaires, who make up just 0.8% of this group, account for a staggering 24% of this wealth.
The Ultrawealthy: Concentrated in a Few Key Locations
A notable trend among the ultrawealthy is their geographical concentration. Nearly 75% of these individuals live in just ten countries, with the United States alone accounting for 35% of the world's ultra-high net worth (UHNW) individuals. As expected, this wealth is also concentrated in certain cities, with one-sixth of the ultrawealthy population living in just ten urban centres.
Top 10 Cities for Ultra-High Net-Worth Individuals
These cities have become magnets for the ultrawealthy, offering the amenities, opportunities, and connectivity that appeal to those with significant financial resources. According to Wealth-X's 2024 Ultra Wealth Report, the following cities boast the highest populations of ultra-high net-worth individuals:
New York: 16,630
Hong Kong: 12,545
Los Angeles: 8,955
Tokyo: 6,445
San Francisco: 6,405
London: 6,245
Chicago: 5,725
Paris: 5,370
Washington, DC: 4,950
Dallas: 4,875
Emerging Wealth Hubs: A Shift in Global Wealth
While established cities like New York, Hong Kong, and Los Angeles continue to dominate, there's a noticeable shift towards emerging markets, particularly in Asia. Wealth-X predicts that in the next five years, nearly 42% of the ultrawealthy will reside in just 50 cities, up from 38% in 2015. Among the most rapidly growing hubs are cities in India, including Bengaluru, Hyderabad, and Delhi. These cities are witnessing annual growth rates of between 14% and 16% in their ultrawealthy populations, signalling their rising importance on the global stage.
The Future of Global Wealth
As the number of ultrawealthy individuals continues to grow, so too does their influence on global economic trends. The concentration of wealth in specific cities highlights the importance of these urban centres in the global economy. As emerging markets like India gain prominence, the landscape of global wealth is likely to become even more dynamic. Investors, policymakers, and businesses should keep a close eye on these trends, as the ultrawealthy will continue to shape the future of global wealth distribution.