The Most Standout Wealth-X World Ultra Wealth Report Facts

Listen to article

The recently released Wealth-X World Ultra Wealth Report 2022 provides valuable insights into the world of UHNWIs, including demographics, key locations, spending patterns, and more

The report is published annually by Altrata and powered by Wealth-X data. This year’s report uses new reporting methodologies. Here are some key findings.

Top UHNW Population Centres

The top 10 countries for UHNWIs are the United States, China, Germany, Japan, Hong Kong, the United Kingdom, Canada, France, Switzerland, and Italy.

The top 10 UHNW cities are Hong Kong, New York City, Los Angeles, Tokyo, London, San Francisco, Paris, Chicago, Washington D.C., and Dallas. The number of American cities demonstrates the larger presence of UHNWIs in the U.S. compared to other countries.

The Wealth Transfer to UHNW Women

Another insight from the report is that women now make up 11% of UHNWIs worldwide. The report also identified some common differences between the spending habits of UHNW men and UHNW women. For instance, UHNW women accounted for 70% of customers purchasing luxury watches and jewellery. Additionally, UHNW women make up 53% of those owning art and collectibles worth more than US$200,000.

While UHNW women are more likely to purchase watches, jewellery, art, and collectables, UHNW men are more likely to purchase yachts, aircraft, cars, and other vehicles. Furthermore, UHNW women are more likely to donate to various philanthropic causes.

The Global Downturn and Wealth Shift from West to East

Due to the global economic downturn, the UHNW population continues to shift from West to East. The U.S. and Europe are experiencing more financial losses than China and other countries, shifting the balance. Overall, the world’s UHNW population fell 6% to 392,410 individuals. Additionally, the total wealth of the global UHNW community fell by 11% to $41.8 trillion. Consequently, the Asia-Pacific region is home to 31.3% of the world’s UHNW population and 29.7% of the global ultra wealth.

Relevance is a leading luxury digital marketing agency specialised in targeting UHNWIs. Discover more UHNW insights from the 2022 Wealth-X report or contact Relevance’s marketing experts to learn more about our services and how we help global luxury brands reach the world’s wealthiest audiences.