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

Stock traders at the NYSE 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 now up 8% to 426,330 individuals compared to 2023, with most of the growth coming from the US, according to Altrata's World Ultra Wealth Report 2024.

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

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

Over the next five years, the ultra-wealthy population is expected to grow by 38% to 587,650, 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.

The number of millionaires is increasing 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-wealthy population,” the report said. Altrata also observed a similar trend in the luxury real estate sector globally, driven by individuals entering the ultra-wealthy 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 sector.

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