The population of the ultra-wealthy grew in the past year, despite ongoing global economic uncertainties, says a new report.
The world’s ultra-high-net-worth population grew to an all-time high of nearly 200,000 individuals with a combined fortune of nearly $28 trillion this year, according to Wealth-X and UBS.
The Wealth-X and UBS Ultra Wealth Report 2013 reported the population with at least $30 million in assets rose to 199,235. The ultra-wealthy population grew by 6 percent over the previous year and added $2 trillion to their total wealth.
The report also identified 2,000 billionaires worldwide with a combined wealth of $6.5 trillion. Representing 1 percent of the ultra-high-net-worth population, the billionaires account for 23 percent of the UHNW total assets.
The growth in the UHNW population was due mostly to increases in North America and Europe, with the two regions responsible for a net gain of nearly 10,000 individuals and an increase of $1.5 trillion.
China and Brazil saw a decrease in the ultra-high-net worth populations and wealth due to economic slowdowns in these countries, Wealth-X says.
The UHNW population grew in Asia from 42,895 last year to 44,505 this year, with a combined wealth of $6.5 trillion, an increase of 5.4 percent from last year. The report forecasts that Asia will produce more UHNW individuals and wealth than both the United States and Europe in the next five years.
The UHNW population continues to be dominated by men, with 88 percent of the population being male and 12 percent female. Self-made individuals, making up 65 percent of the population, outnumber individuals who inherited their wealth, according to the report.