The number of ultra-high-net-worth individuals (UHNWIs) is rapidly rising. While $30 million is a significant milestone for many, it has become the minimum threshold for the ultra-wealthy. Those with over $30 million increased from 157,000 in 2016 to 220,000 in 2023 — nearly a 28% growth in seven years.
As more multimillionaires and billionaires emerge, the definition of wealth is shifting, especially in luxury markets such as superyachts. Many new UHNWIs are self-made, often accumulating their wealth through technology, entrepreneurship, and executive roles. Unlike others who prioritize preserving their wealth, UHNWIs tend to focus on growing it, as they are less affected by short-term market changes.
The rise in UHNWIs is also influenced by economic factors, including inflation and new investment opportunities in tech and cryptocurrency. In North America alone, the number of UHNWIs increased by 7.3% last year, thanks to a strong economy and government spending initiatives.
Current estimates suggest that $30 million is the starting point for those in the wealthiest circles, although more recent reports indicate that $100 million is becoming the new standard among the ultra-wealthy. By the end of 2023, there were over 626,600 UHNWIs globally, with North America leading this growth, while Europe remains home to many of the richest individuals.
In the coming years, the number of wealthy individuals is expected to rise further, with more than a fifth of UHNWIs planning to invest in commercial or residential real estate. Many also pursue passion investments, including yachts, high-end real estate, fine wine, and art, highlighting a shift towards lifestyle choices that reflect their wealth. This trend underscores the evolving landscape of wealth and its impact on luxury markets, including superyachts.
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