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World's ultra wealthy population reaches all-time record
Growth in North America and Europe, Asia Rebounds while Latin America Slips In Inaugural Wealth-X and UBS World Ultra Wealth Report
Despite ongoing economic and geopolitical uncertainties, the world’s ultra wealthy population reached an all-time high of 199,235 individuals with a combined fortune of nearly US$28 trillion in 2013, growing by more than six percent in population size from the previous year and adding US$2 trillion to their combined wealth, greater than the GDP of India.
The Wealth-X and UBS World Ultra Wealth Report 2013 released today also identified more than 2,000 billionaires globally with a total net worth of US$6.5 trillion, equal to 23 percent of the world’s ultra high net worth (UHNW) total wealth. This is more than any other wealth tier despite making up only one percent of the UHNW population.
The report defines UHNW individuals as those with total net assets of US$30 million and above.
Other key findings from the report:
- Growth was largely due to North America and Europe, with the two regions responsible for a net gain of nearly 10,000 UHNW individuals and a total increase in wealth of US$1.5 trillion.
- China and Brazil, the fourth and seventh wealthiest UHNW nations in the world, saw a contraction in their UHNW populations and wealth due to economic slowdowns in these countries.
- Asia rebounded from last year’s contraction, when there were 42,895 UHNW individuals in the region. As of 2013, there are 44,505 UHNW individuals in Asia with a combined wealth of US$6.5 trillion, an increase of 5.4 percent from the previous year.
- Although the United States and Europe grew faster than Asia in the past 12 months, Asia will produce more UHNW individuals and wealth than both regions in the next five years.
- The report forecasts that at current growth rates, Asia’s ultra wealthy population and wealth will eclipse that of Europe in 2021 and 2017 respectively. Asia will have a larger UHNW population by 2032 and have a greater total wealth by 2024.
- Latin America was the only region to suffer a decline, with both its UHNW population and total wealth falling, by 600 individuals and US$75 billion respectively.
- The global UHNW population continues to be dominated by men, who form 88 percent of the total population. Female UHNW individuals make up the remaining 12 percent, or 23,505 individuals globally. Self-made individuals, forming 65 percent of the population, outnumber individuals who inherited their wealth.
- The average wealth of an UHNW individual has risen to US$139 million, up US$1.8 million from last year.
Wealth-X quote on the significance of the report
“The Wealth-X and UBS World Ultra Wealth Report 2013 is based on the depth and breadth of our research and analysis from our database, which enables us to provide the most insightful intelligence on the world’s UHNW population for individuals and organisations to make important decisions,” Wealth-X CEO Mykolas D. Rambus said.
Wealth-X quote on the Wealth-X and UBS partnership
“Wealth-X is pleased to partner with UBS for the first time to deliver the Wealth-X and UBS World Ultra Wealth Report 2013,” Wealth-X CEO Mykolas D. Rambus said. “Expert commentary from UBS complements Wealth-X’s global intelligence on the world’s UHNW population, producing a report that demonstrates a true collaboration between the global leader in wealth management and the world’s leading UHNW intelligence provider.”
UBS quote on the Wealth-X and UBS partnership
"UBS is happy to partner with Wealth-X in presenting the Wealth-X and UBS World Ultra Wealth Report 2013. We draw on our 150-year heritage to serve the world's most successful families, and more than half of the world's billionaires. These are long-term, trusted relationships which span generations. The study provides unique insights of the UHNW sector so we can better meet the needs of this highly sophisticated and global clientele," Josef Stadler, Global Head of Ultra High Net Worth, UBS Wealth Management said.
UBS quote on the development of UHNW population in Asia Pacific
"The report forecasts that Asia will generate more UHNW individuals and wealth than the US and Europe in the next five years. This closely mirrors our own observations of the trajectory of wealth creation in Asia. In Asia, the UHNW segment is dominated by entrepreneurs in their first or second generation who are still heavily involved in their family businesses. The services they require go beyond personal investment advice, to include family succession matters and growing the business. At the top end of the segment, you have the family offices and institutional-like client groups which require complex, bespoke solutions and fast execution. UBS's ability to offer world-class and worldwide capabilities across wealth management, investment bank and global asset management, places us at a distinctive advantage in servicing these clients," Joseph Poon, Head of Ultra High Net Worth, Southeast Asia, UBS Wealth Management said.
For the report’s microsite and additional video commentaries by Wealth-X and UBS executives, visit www.wealthx.com/wealthxubswealthreport.
Wealth-X is the definitive source of intelligence on the ultra wealthy with the world’s largest collection of curated research on UHNW individuals, defined as those with assets of US$30 million and above. The firm's Wealth-X Professional solution is the standard for banking, luxury marketing and not-for-profit professionals working with the ultra affluent. Headquartered in Singapore, Wealth-X has 12 offices across five continents. (www.wealthx.com)
UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. Its business strategy is centered on its pre-eminent global wealth management businesses and its universal bank in Switzerland. Together with a client-focused Investment Bank and a strong, well-diversified Global Asset Management business, UBS will expand its premier wealth management franchise and drive further growth across the Group.
UBS is present in all major financial centers worldwide. It has offices in more than 50 countries, with about 35 percent of its employees working in the Americas, 36 percent in Switzerland, 17 percent in the rest of Europe, the Middle East and Africa and 12 percent in Asia Pacific. UBS employs about 61,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE). (www.ubs.com)
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