Managing Your Cash Flow
The top eight territories where you can find the ultra-rich population
3 min read
02 March 2016
With the population of individuals in possession of assets worth over $30m declining in 2015, we’ve highlighted the wealthiest regions around the globe, which comes ahead of the ultra-rich’s huge predicted resurgence.
The data was taken from the Knight Frank Wealth Report, which calculated the number of ultra high net worth individuals (UHNWIs) worldwide.
It was revealed that the population of ultra-wealthy fell by three per cent last year to 187,500 from 193,100 in 2014. That said, the figure is still up considerably from a decade ago when the 2005 global amount of UHNWIs sat at 116,800.
The decline in 2015 has been put down to economic growth slowing and fluctuating financial circumstances that have been affected by developments such as the drop in oil prices.
“Despite longer term growth, data from 2015 shows the first annual dip in the global ultra-wealthy population since the financial crisis,” said Gráinne Gilmore, head of UK residential research, Knight Frank.
“Last year, only 34 out of the 91 countries for which individual data is compiled saw a rise in the number of UHNWIs.”
The top eight territories in 2015 for ultra high net worth individuals were:
(1) North America – 69,283
(2) Europe – 46,191
(3) Asia – 41,072
(4) Latin America & Caribbean – 9,492
(5) Middle East – 8,910
(6) Russia and CIS – 6,105
(7) Australasia – 3,795
(8) Africa – 2,620
While the number fell in 2015, the report also noted that the global population of ultra-wealthy individuals is set to experience a resurgence to spike 41 per cent by 2025, reaching 263,500 ultra-wealthy individuals.
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And when the 2025 territorial breakdown is revealed, Asia is set to have overtake Europe to snatch second place at 67,999 ultra-wealthy and 58,465 respectively.
There will also be closer competition between Middle East and Latin America & the Caribbean, as the former overtakes the latter – with just a few hundred people splitting the difference.
Andrew Amoils, head of research at New World Wealth, said: “2015 was a poor year for global UHNWIs. This was mainly due to a fall in equity markets in US$ terms. New business formation also slowed, especially in Europe and Latin America.
“Africa’s poor performance over the past year reflects declining commodity prices and a loss of business confidence in big African markets such as South Africa, Nigeria and Egypt.”
Interestingly, an age breakdown of those with assets of $10m or more in developed markets such as the UK are likely to be in their mid to late 50s or 60s compared to younger ages in developing markets.
The Forbes billionaires list of 2016 was released on 1 March and revealed Bill Gates retained the top spot with a $75.8bn fortune – we broke down the results to reveal the ten wealthiest business moguls in Britain.