Asia experienced the largest decline in its ultra-high-net-worth (UHNW) population globally, with a 10.9% drop in 2022, according to a report by data firm Altrata. The UHNW population in Asia, consisting of individuals with a net worth exceeding $30 million, fell to 108,370 individuals. Several factors contributed to this decline, including China’s strict COVID-19 lockdown measures, the conflict in Ukraine, and disrupted regional supply chains. Tech-heavy markets like South Korea and Taiwan were particularly affected due to compromised exports and consumption.
In contrast, the Middle East, Latin America, and the Caribbean saw strong gains in their UHNW populations. The Middle East experienced a 15.7% increase, largely attributed to a spike in commodity prices, while Latin America and the Caribbean saw a 17.5% rise.
Globally, the ultra-wealthy population declined by over 5.4%, marking the first annual drop in four years. This decrease was influenced by factors such as a surge in inflation and aggressive monetary policy tightening, which led to a reassessment of capital market risk and returns.
Despite the recent volatility, Altrata anticipates an increase in the global UHNW population over the next five years, projecting a rise from 395,070 to 528,100 individuals. Asia is expected to contribute significantly to this growth, and North America is likely to maintain its position as the world’s leading region for the super-wealthy.