North America and Asia dominated wealth growth in 2020 as the only two regions worldwide to see an increase in high net worth individuals and their riches.
Globally, the ‘very high net worth’ (VHNW) population grew 1.3 percent in 2020 to reach 2.7 million individuals, according to a recent report by Wealth-X.
Total VHNW wealth mirrored population growth, rising by 1.2 percent to $26.8 trillion.
Wealth-X defines VHNW individuals as those with a net worth of between $5 million and $30 million.
North America and Asia
Of the five regions covered in the report, North America and Asia were the only ones to see growth in VHNW population and growth.
Wealth leader North America saw a 7.1 percent increase in VHNW individuals to 1.1 million (41.5 percent of the global total) with their collective network growing 7 percent to 11 trillion, driven primarily by equity market performance.
Runner-up Asia saw VHNW population and wealth grow to 761,070 and $7.6 trillion, respectively, both marking a 5.2 percent increase which the report attributes in no small part to relatively more effective control of the pandemic.
U.S.: Wealth Leader, By Far
By country, U.S. led the ranks with VHNW population and wealth of over 1 million and nearly $9.5 trillion, respectively. This was followed by China, Japan, Germany and France.
U.S. dominance was even more evident when comparing cities, occupying seven out of the top ten ranks led by New York with VHNW population reaching 121,610.
Hong Kong was one of the few non-U.S. markets in the top ranks with a VHNW population of 60,425, a 5.4 percent decrease.
