At the end of June 2025, the global population of High-Net-Worth Individuals (HNWI), people with assets exceeding one million dollars, was estimated at 41.3 million. Among them, 510,810 were classified as Ultra High-Net-Worth Individuals (UHNWI), meaning they possessed a fortune exceeding $30 million. Although they represent only 1.1% of the HNWI population, these ultra-wealthy individuals alone accounted for 32.4% of the total wealth in this category, nearly $59,800 billion.
This overrepresentation illustrates the wealth multiplier effect: the greater an individual's assets, the more powerful levers they have to grow their wealth—access to bespoke financial advice, more effective business networks, enhanced diversification capacity, and controlled risk-taking. Driven by the combined effects of global inflation and the accelerated concentration of capital at the top of the wealth pyramid, the traditional HNWI definition—introduced in 1996 by Merrill Lynch and Ernst & Young with a threshold of one million dollars—has lost relevance in developed economies by 2025.
Geographic distribution of UHNWIs
95.1% of the UHNWI population resides in the Northern Hemisphere. Their combined wealth is equally concentrated there, at 95.2%: North America $24,000bn (40.1%) — Europe $14,700bn (24.5%) — Asia $14,800bn (24.8%) — Middle East $3,500bn (5.8%) — Latin America $1,800bn (3%) — Pacific $700bn (1.1%) — Africa $300bn (0.6%).
Continuous growth from 2004 to 2025
This rise in both the number of UHNWIs and their cumulative wealth has driven accelerated growth in the luxury industry. A similar trend has been observed in the high-end real estate market, fueled by stronger international connectivity and mobility among UHNWIs, the acceleration of remote work, and a geopolitical context that has become increasingly unstable and uncertain since the end of 2019 and the onset of the Covid-19 pandemic.
The 10 countries with the highest UHNWI populations (2025)
Nearly three-quarters of the world's UHNWI population reside in just ten countries, highlighting the strong geographic concentration of global wealth. All these countries saw an increase in the number of ultra-wealthy individuals between 2024 and 2025, confirming the ongoing trend of wealth concentration within the most developed or most attractive economies for the ultra-rich.
China records weak growth in its UHNWI population. The world's second-largest UHNWI market underperformed compared to its peers in 2024 and during the first half of 2025. The intensification of the trade conflict with the United States and the tightening of international restrictions weighed heavily on the business climate and export competitiveness. These tensions were compounded by internal structural factors, including persistently weak domestic demand.
In Asia, Japan, the continent's largest wealth market, saw more moderate growth. In the context of an aging population, Japanese financial assets were supported by rising key interest rates, the yen's safe-haven status, and corporate governance reforms. Saudi Arabia and Brazil are among the markets to watch closely for their potential UHNWI population growth.
Billionaires: the United States dominates
The United States is home to more billionaires than any other country, accounting for approximately one-third of the global total—more than three times that of China, the second-ranked country. This phenomenon of ultra-high wealth concentration is reinforced by an unrivalled entrepreneurial ecosystem, a tax environment favourable to large fortunes, and deep financial markets offering exceptional value creation opportunities.
The 10 cities worldwide with the highest UHNWI populations
New York and Hong Kong lead the ranking of cities with the highest UHNWI populations, but urban concentration is becoming a global phenomenon—even in countries with relatively few large fortunes, such as Australia. This evolution reflects the growing influence of regional metropolises that are developing ecosystems conducive to the creation and retention of great wealth.
The generational wealth transfer: a structural phenomenon
This unprecedented intergenerational wealth transfer is redefining investment priorities—particularly among Generation X, Y, and Z heirs, who increasingly favor assets aligned with their values. Prestige real estate benefits directly from this dynamic: it uniquely combines patrimonial value, family legacy, and identity anchoring, something few other asset classes can simultaneously offer.