Ultra-rich club sees further climb in wealth
Print Edition
A bare 0.004 percent of the world’s adult population controls nearly US$30 trillion in assets, 13 percent of the world’s total wealth, according to a new study.
And perhaps unsurprisingly, the study by Swiss bank UBS and luxury industry consultant Wealth-X said the concentration of money in the hands of the ultra-rich is growing.
The report said 211,275 people qualify as “ultra-high net worth” (UHNW) — those with assets above US$30 million. Of them, 2,325 have over US$1 billion.
Their numbers grew 6 percent over the past year, but their wealth grew 7 percent, as asset markets like stocks and property soared around the world.
The fastest growth, indeed, came in the “demi-billionaire” group worth a half-billion to a billion dollars apiece, according to the study.
“Even amidst geopolitical conflicts, socio-economic strife, and volatile currency markets, the world’s equity markets displayed strong performances, thereby enabling UHNW individuals’ wealth to increase and their influence across industries and sectors to grow — from their importance in wealth management to their consumption of luxury goods,” it said.
“Such a large concentration of wealth in the hands of these few individuals means that they tend to have a large degree of influence, whether on global equity markets or specific industries.”
Of the nearly US$30 trillion this elite group controls, just over one-third is in the hands of tycoons in North America, more than one-quarter in Europe, and 23 percent in Asia. Of them, 87 percent are men, average age of 59, and nearly one-quarter of them were in banking. Of them, 68 percent were “self-made” rich, 13 percent rich by inheritance, and the rest a combination of the two.
The average ultra-rich woman was 57, and more likely to be involved in non-profit and social organizations (19 percent) than any other sector. Nearly half became wealthy through inheritance, while one-third were self-made wealthy. The average UHNW-er spends US$1 million a year on luxury goods and services.
Yet, the study points out, luxury items can be “part and parcel of their lifestyle and are not necessarily considered a ‘luxury.’”
“For example, UHNW individuals with private jets use their aircraft not only for leisure, but also for business purposes. On the other hand, while yachts, and particularly superyachts, are usually a non-necessity, many UHNW individuals lead very public lives, and the privacy of a family holiday on a yacht is a very special treat.”
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