Wealth among the wealthy is spiking with 12,040 new ultra high net worth (UHNW) individuals minted this year.
There are now a record 211,275 ultra high net worth individuals globally, a 6% increase from 2013, according to the just released Wealth-X and UBS World Ultra Wealth Report 2014.
An Ultra High Net Worth (UHNW) individual is defined as someone with US$30 million and above in net assets.
According to the study, the combined wealth of the world’s UHNW individuals increased by 7% to US$29.725 trillion in 2014, almost twice the GDP of the world’s largest economy, the United States.
All that wealth has given rise to a variety of services: From Christmas tree stylists, doctor house calls, personal shoppers and even a hooker liaison.
“The wealthy want convenience, more money or things that buy them time,” says Glenn Selig, founder of The Publicity Agency which offers specialized public relations services for High Net Worth Individuals.
PR for High Net Worth Individuals, Selig says, is for people who are interested in legacy, philanthropy and making more money.
As for the Ultra High Net Worth individuals, North America and Europe continue to dominate the global landscape as the regions with the largest Ultra High Net Worth population and wealth. The United States maintains its position as the world’s top UHNW country in 2014 with a population of 69,560 UHNW individuals with a combined net worth of over US$9.6 trillion, a 6% and 7% increase respectively from last year.
The Wealth-X and UBS World Ultra Wealth Report 2014 forecasts that the global UHNW population will reach 250,000 individuals in the next five years. The report also predicts that Asia will be the region that sees the fastest growth in UHNW wealth, overtaking Europe in terms of UHNW wealth in the next ten years.
Below are other key findings from the Wealth-X and UBS World Ultra Wealth Report 2014:
-North America’s UHNW population grew by 6.2% to 74,865 individuals and their combined net worth rose 6% to US$10.3 trillion.
-Europe’s UHNW population expanded by 6.5% to 61,820 individuals and their combined net worth rose nearly 9% US$8.4 trillion.
-There are almost twice as many UHNW individuals in Asia than in the Middle East, Latin America and the Caribbean, Africa and the Pacific regions combined. Yet, Asia’s UHNW population grew by only 4.8% to 46,635 individuals and their total net worth rose by less than 6% to nearly US$7 trillion. Only Latin America and the Caribbean had lower growth rates.
-Latin America and the Caribbean saw the slowest UHNW population growth of any region. The region’s UHNW population grew by 4.6% to 14,805 individuals and their combined net worth rose 5.5% to US$2.2 trillion. This performance, however, indicates a recovery from last year’s decline.
-Almost US$13 trillion of the world’s UHNW wealth is held in private company holdings, nearly twice the amount held in public company stakes.
64% of the world’s UHNW population is self-made and only 17% have fully inherited their wealth.
-The world’s UHNW population is a significant source of revenue for the luxury industry, accounting for almost 19% of the luxury industry’s market.
SOURCE: The Publicity Agency
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