Number of ultra-wealthy individuals is soaring: $49 trillion in wealth

According to a report prepared by data firm Altrata, as income distribution deteriorates, the poor are becoming poorer while the wealthy are growing their fortunes.

According to the report, the wealth of the ultra-wealthy increased by 7.1 percent annually in 2023, reaching $49.2 trillion. The number of ultra-wealthy individuals—defined as those with assets of $30 million or more—also rose by 7.6 percent last year, reaching 426,330 people.

According to a report by Sözcü newspaper columnist Tolga Uğur, the number of ultra-wealthy individuals has increased by 20 percent over the last 5 years, a period during which the world has struggled with many crises such as Covid-19, inflation, and wars in the Middle East and Ukraine.

NUMBER OF 'ULTRA-WEALTHY' TO INCREASE BY 38 PERCENT IN 4 YEARS

According to the findings in the report, the number of ultra-wealthy individuals is expected to reach 587,650 by 2028, an increase of 38 percent. Calculations show that the total wealth of those with assets between $1 million and $5 million is $63 trillion, while the wealth of those with assets between $5 million and $30 million is calculated at $39.4 trillion. Thus, the wealth of the 38 million people who are dollar millionaires reached $151.6 trillion in 2023. This small group, characterized as ultra-wealthy and numbering fewer than 500,000, made $118 billion in luxury consumption expenditures in 2023. Thirty percent of the spending by the ultra-wealthy went toward luxury goods.

THE US IS IN FIRST PLACE

The US ranks first in the number of ultra-wealthy individuals. There are 147,950 ultra-wealthy individuals in the US holding $17.1 trillion in wealth. Following the US, China, Germany, Japan, and the United Kingdom make up the top 5.

Looking at it on a city basis, the highest number of "ultra-wealthy" individuals live in New York, with 16,630 people. Hong Kong follows with 12,546 people, while Los Angeles with 8,955 and Tokyo with 6,445 also stand out in the number of ultra-wealthy individuals.

The report also predicted that the start of interest rate cuts by central banks and growth in industries would contribute to the wealth of the "ultra-wealthy."

News Source: 12punto