China was the only major market to record an increase in its ultra-rich population, according to a recent wealth report, contrasting with a broader global decline driven by a myriad of macro headwinds.
Amongst the top 10 largest markets by ultra-high net worth (UHNW) population China was the only one to record growth in the last six months with a 2.3 percent increase to 51,145 individuals, according to the World Ultra Wealth Report 2022 published by London-based Altrata and powered by data from Wealth-X.
The world’s second-largest economy was the runner-up behind the US, which saw its UHNW population drop 10.3 percent to 121,465.
The report defines the ultra-rich as individuals with a minimum net worth of $30 million.
Growth Trend Reversal
Within the broader region in Asia, the UHNW population fell 3.9 percent to 116,080 individuals with total wealth shrinking 10.5 percent.
In addition to production and supply chain challenges caused by China’s zero-Covi policy, major Asian wealth markets also faced other headwinds such as a sharp fall in South Korea’s tech-heavy stock market and the weakening of the Japanese yen to a 30-year low.
Globally, the UHNW population declined 6 percent to 392,410 individuals in the first half of 2022, following a 14 percent increase in the previous year. Some of the drivers cited include inflationary pressures, bearish stock markets, the Russia-Ukraine conflict and generally worsening sentiments.
