Total assets of the super-rich in 2024 increased to 49,000 billion USD thanks to stocks

Stock traders on the NYSE floor in New York City (New York state, USA) in June

The number of millionaires with assets of $30 million or more (i.e., ultra-high-net-worth individuals) in 2024 is expected to increase by 8% to 426,330 individuals compared to 2023, with most of the growth coming from the US, according to Altrata's 2024 World Ultra Wealth Report.

Their total wealth will increase by 7% compared to 2023, reaching $49,000 billion thanks to stocks.

In the US, the number of ultra-rich people increased by 13% to 147,950, meaning the US now accounts for one-third of the ultra-rich population globally.

The ultra-wealthy population is expected to grow by 38% to 587,650 people over the next five years, according to Altrata. Their combined wealth is expected to increase by $19 trillion, creating a huge new opportunity for companies that serve the ultra-wealthy.

Number of millionaires increases globally

“The market for personal luxury goods and lifestyle services will expand rapidly, driven by the diverse interests and needs of the world’s ultra-high-net-worth population,” the report said. Altrata also observed a similar trend in the luxury real estate sector globally, driven by individuals entering the ultra-high-net-worth category for the first time.

The super-rich will spend $118 billion on luxury goods and services in 2023, accounting for about a third of global spending in this segment.

New York City (New York State, USA) is home to the largest concentration of ultra-rich people, with 16,630 millionaires worth $30 million or more. Hong Kong is second with 12,546 individuals, followed by Los Angeles (California State, USA) with 8,955 people and Tokyo (Japan) with 6,445 people.

Source: https://thanhnien.vn/tong-tai-san-cua-gioi-sieu-giau-nam-2024-tang-len-49000-ti-usd-nho-co-phieu-185240720141515152.htm