Ultra-High-Net-Worth Individual (UHNWI)
An ultra-high-net-worth individual (UHNWI) is a person with a net worth of at least $30 million. This classification identifies a small but influential segment of global wealth holders who control a disproportionate share of assets and investment activity.
Definition and measurement
- Net worth is the total value of all assets (financial and nonfinancial) minus liabilities.
- The UHNWI threshold commonly cited by wealth reports is $30 million in total net worth.
- This threshold is not fixed and may shift over time as global wealth changes.
Size and geographic distribution
- Global UHNWI population (end of 2023): about 626,600 individuals.
- Annual growth (2023 vs. 2022): ~4.2% increase.
- The United States hosts the largest UHNWI population: about 208,560 individuals.
- Regional growth highlights: North America (+7.2%), Middle East (+6.2%). Latin America saw declines.
Demographics and trends
- Women make up roughly 11% of UHNWIs; female UHNWI representation has risen about 38% over the past decade.
- At the end of 2023, an average of about 70 new UHNWI individuals were added each day.
- Projections (Knight Frank): global UHNWI numbers expected to rise about 28.1% from end-2023 to 2028, with particularly strong growth forecast for India (≈50%) and mainland China (≈47%).
Wealth composition and investment patterns
- UHNWIs typically hold wealth across a mix of:
- Primary and secondary residences (a major component of personal wealth)
- Public equities and bonds
- Venture capital and private equity
- Commercial real estate
- UHNWIs generally do not rely on retail products such as CDs, basic money market accounts, or employer 401(k) plans as primary wealth stores.
- Around 22% of UHNWIs reported plans to buy a home in the near term, with interest stronger among younger cohorts (millennials) than older ones (baby boomers).
Examples and scale among billionaires
- Forbes reported 2,781 billionaires in 2024; the collective net worth of those billionaires reached about $14.2 trillion in 2024 (an increase of roughly $2 trillion from 2023).
- Individual examples (Forbes snapshot, Oct 7, 2024): Elon Musk (~$262.6B), Larry Ellison (~$208.8B), Mark Zuckerberg (~$205.6B), Jeff Bezos (~$199.8B).
- Many UHNWIs are self-made, emerging from entrepreneurship, investing, and ownership stakes in high-growth companies and sectors.
Frequently asked questions
-
What qualifies someone as a UHNWI?
A UHNWI is generally defined as having a net worth of at least $30 million, measured across all assets and liabilities. -
How many UHNWIs exist worldwide?
About 626,600 as of the end of 2023. -
How common are millionaires in the U.S.?
Roughly one in ten U.S. households has a net worth exceeding about $1.41 million (per recent Census-derived estimates).
Outlook and implications
The number of UHNWIs is rising alongside broader global wealth growth, driven by capital markets, real estate appreciation, entrepreneurship, and regional economic expansion. Their investment choices—particularly allocations to private markets and real assets—shape capital flows and influence sectors such as technology, real estate, and venture-backed startups. As the population of very high–net-worth individuals grows, the composition and thresholds of wealth classifications may evolve.
Sources
- Knight Frank, The 2024 Wealth Report
- Forbes, World’s Real-Time Billionaires and World’s Billionaire List (2024)
- U.S. Census Bureau, The Wealth of Households (2020)