The wealth of the ultra-rich fell across most regions in 2022, according to an Altrata report, including Asia which recorded the sharpest decline.
Global ultra-high net worth (UHNW) wealth – defined as riches belonging to individuals with a net worth of $30 million or more – fell 5.5 percent to $45.4 trillion in 2022, according to Altrata’s World Ultra Wealth Report 2023. The global UHNW population shrunk in line at a 5.4 percent decrease to 395,070 individuals.
Compared to other regions, Asia fell the sharpest with UHNW wealth decreasing 10.6 percent to $12.1 trillion and UHNW population decreasing 10.9 percent to 108,370 individuals. This was attributed to lockdowns, the Ukraine war, disrupted supply chains, financial market performance and a stronger dollar.
Within the region, Hong Kong and Japan's UHNW population shrunk the most at a 23 percent decrease to 12,165 individuals and a 21.9 percent decrease to 14,940 individuals, respectively. India notably bucked the trend with a 3.2 percent rise in its UHNW population in 2022 to 8,880 individuals.
Wealth Outlook
Despite the drop, Asia is still projected to see the strongest growth in UHNW wealth and population over the next five years, according to Altrata. During this period, the wealth intelligence firm expects the region to account for 29 percent of global UHNW wealth, up from 27 percent in 2022 and just 15 percent in 2004.
Europe (7.1 percent decrease), the Pacific region (4.6 percent decrease), North America (4 percent decrease) and Africa (0.8 percent decrease) all saw UHNW wealth shrink in 2022. In contrast, the Middle East (15.7 percent increase) as well as Latin America and the Caribbean (17.5 percent increase) registered significant wealth growth.
