Wealthy individuals with at least $1m in investable assets are set to see their investable wealth increase by 45 per cent over the next five years, a report from Altrata has found.

Its Investable Assets of the Global Wealthy report noted that while there were an estimated 50.2 million people who qualified as millionaires by total net worth, only 16 million held at least $1m in investable wealth.

These ‘investable wealth millionaires’ collectively hold $67.3trn in investable assets, equivalent to more than half of global annual GDP.

This stock of assets is forecast to increase by 45 per cent over the next five years to $97.5trn by 2030, according to the report.

The vast majority of investable wealth millionaires held between $1m and $5m of investable assets, with 14.1 million falling in this cohort, holding a combined $27trn.

Although just 190,500 people had more than $30m in investable wealth, their combined stock of investable assets was $24trn.

The US was the leading market with more than 6.8 million individuals with at least $1m in investable wealth, holding $26.2trn in investable assets, followed by China (2.1 million people with $8.7trn), and Japan (790,700 people with $3trn).

Altrata’s report also showed that investable wealth millionaires were primarily men, with women accounting for just a 21 per cent share, while the average age was 62, rising to 68 among those with more than $30m in investable wealth.

“Net worth is commonly used to indicate an individual’s overall financial status, yet for wealth and asset managers the level of investable wealth is a far more valuable indicator of an individual’s financial flexibility, risk capacity, and wealth-building potential,” said Altrata global head of financial services, Eden Willis.

“This unique analysis of wealthy individuals across the globe highlights the way some of our clients leverage our data to identify and qualify the customers that will have the greatest impact on their AUM.”

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