Population of the World’s Ultra-Rich Grew 7.6% Last Year, With Continued Concentration at the Top

The ultra-wealthy rebounded in size and influence last year.

The global population of the ultra-rich rose by 7.6% to 426,300 individuals last year, with a correlating 7.1% jump in net worth to US$49.2 trillion, according to Altrata’s annual report on those with at least US$30 million in investable assets.

The majority of this group (80%) have a net worth between US$30 million and US$100 million, while those worth US$100 million to US$1 billion make up most of the remaining 20%. Billionaires represent only a sliver of the ultra-rich population (0.8%), but hold 24% of all wealth.

The largest percentage of wealthy individuals in the world live in North America. Their numbers continued to rise last year, increasing by 11.9% to 161,280. This increases the region’s global share of ultra rich to 37.8%. The collective net worth of this group rose by a similar percentage, to US$18.6 trillion.

The U.S. continues to far outpace any other nation in terms of wealth. The country saw a 13% rise in its ultra-wealthy population making it home to a little more than one-third of the global ultra-wealthy population, according to the report.

Meanwhile, the pace of wealth growth in Asia appears to be shifting. Hong Kong was the only Chinese city to make the top 10 of the world’s wealthiest locales amid a “structural slowing” of China’s economy and the mainland’s tightening grip on the city. Hong Kong which saw no material change in its wealth status, ranked second behind New York in terms of number of wealthy individuals.

In contrast, the report said that three of the fastest-growing cities among the top 10 for the ultra wealthy in the next five years will be in India. Bengaluru, Hyderabad, and Delhi are expected to grow at an annual average rate of 14% to 16%.

In other regions, the populations of the ultra-rich declined by almost 6% in the Middle East and by nearly double digits in Africa. But more individuals reached the upper wealth tiers in Europe, where the ultra-rich gained 9.4% more members, and in Central and South America, which gained 18.2% more.

The world’s wealthiest also account for a significant amount of global spending and giving. The report said the group spent US$118 billion on personal luxury goods last year, equivalent to 30% of all spending in the category. They also accounted for US$190 billion of philanthropic donations, equal to 38% of all giving.

Looking ahead, the report predicts that this ultra-wealthy population will grow to more than 587,000 individuals by 2028 (an increase of more than 160,000 from 2023 figures), adding US$19 trillion of newly created wealth.

U.K.-listed Intermediate Capital Group plans to sell one of Singapore’s largest independent tertiary education institutions, which could be valued at as much as 700 million Singapore dollars, equivalent to US$526 million, people familiar with the situation said.

The alternative asset management company, which acquired PSB Academy in 2018, is working with corporate advisory firm Rippledot Capital Advisers to explore options, the people said.

ICG and Rippledot declined to comment.

The U.K.-based company, which has $107.0 billion in assets under management as of the end of 2024, acquired PSB Academy from Baring Private Equity Asia for an undisclosed price.

Set up in 1964, PSB Academy currently hosts over 20,000 students each year and offers certification, diploma and degree courses. It has operations across Asia, including Indonesia, China and Sri Lanka.

The Asian education sector has become increasingly attractive to private-equity firms and strategic investors due to rapid urbanization and a fast-growing middle class that can now afford higher education for their children.

In 2021, private-equity firm KKR invested in EQuest Education Group, Vietnam’s largest private education institution. A year before, China Maple Leaf Educational Systems paid S$730.0 million to buy Canadian International School in Singapore.