Despite an 11 percent drop in the number of ultra-rich individuals in 2022, Asia still has more ultra-rich individuals than Europe, where ultra-rich are defined as people with a net worth of more than $30 million.
According to Altrata's World Ultra Wealth 2023 report, the number of ultra-wealthy in Asia surpassed that of Europe for the first time in 2019. Analysts predict that Asia's global share of ultra-wealthy individuals will continue to grow in the coming years, potentially reaching 29% in 2027, up from just 15% in 2004. This will come at the expense of Europe, whose share of global ultra-wealthy individuals is expected to fall from 41.4% in 2004 to 25% by 2027.
The ultra-wealthy population is expected to grow around the world, but Asia will see the largest increase over the next five years, surging from 395,070 to 528,100, driven in part by India's economic expansion and a growing trend for companies to diversify their supply chains away from mainland China and instead relocate industrial, logistics and real estate activities to other Asian markets.
As the following graph shows, North America is expected to continue to account for around 35% of the world's ultra-high net worth wealth in 2027, but Europe is expected to lag behind these two regions, despite an overall increase in accumulated wealth.
The report says the global ultra-rich population is expected to grow from 133,000 in 2022 to 528,100 by 2027.
