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Ammon News - The global population of people worth $30 million or more increased 8% in 2023, with much of the growth coming from the U.S., according to a new report.

There are now 426,330 individuals worth $30 million or more, known as ultra-high-net worth (UHNW) individuals, according to Altrata’s World Ultra Wealth Report 2024. Their total wealth surged by 7% to $49 trillion in 2023, helped mainly by the year-end stock rally.

In the U.S., the ultra-high-net-worth population increased 13%, to 147,950, meaning the U.S. now accounts for a third of the world’s ultra-high-net worth population.

Over the next five years, the UHNW population is expected to grow by 38% to 587,650, according to the report. Their combined fortunes will rise by $19 trillion — creating a massive new opportunity for companies that cater to the ultra-wealthy, according to the report.

“The market for personal luxury goods and lifestyle services has expanded rapidly, driven by the more varied interests and demands of a progressively diverse global UHNW population,” the report said. “There has been a similar trend across high-end real estate around the world, alongside an increasing focus on family wealth transfer planning and legacy transition amid a surge in first-generation wealth.”

CNBC