The global ultra high net worth (UHNW) population is expected to increase by 31 per cent to approximately 677,000 individuals by 2030, according to a report from Altrata.

Asia is expected to register the strongest growth in UHNW population, although the US is forecast to remain the largest UHNW region “by far”.

Altrata's World Ultra Wealth Report, which defined UHNWs as those with a net worth of $30m or more, found that the UHNW population rose by 5.4 per cent in the first half of 2025 to 510,810 at the end of June.

The total net worth of the UHNW population increased by 6.7 per cent to $59.8trn over the same period.

UHNW individuals now account for $30trn in investible assets, $207bn in annual giving, and $290bn in luxury spending.

The US is home to 38 per cent of the total UHNW population, more than the combined share of all other countries in the top 10.

In the UK, the UHNW population totalled 18,785, with a combined net worth of $1.9trn, the second highest population and wealth total in Europe after Germany.

Altrata said that economic performance across Europe remained “lacklustre”, particularly in the main wealth markets of Germany, the UK, and France.

The report also highlighted a “huge shift” in the generational makeup of the UHNW population over the next 15 years.

By 2040, Generation Z and Millennials will account for almost 35 per cent of the global UHNW population, up from just 8 per cent today, while Generation X will account for 45 per cent, almost doubling from the current 25 per cent.

UHNWs from the next generations of wealth holders were more likely to have hospitality, entertainment or technology as their primary industries than the average UHNW individual, although banking and finance still dominated, according to the report.

“The global UHNW population totalled 510,810 individuals at the end of June 2025, a rise of 5.4 per cent from the beginning of the year,” the report stated.

“This followed a robust expansion of 12 per cent in 2024 – the third-strongest growth in the past decade – as wealth generation continued apace among the world’s richest individuals.

“Global asset markets were volatile, roiled by geopolitical tensions, lacklustre economic growth, rising protectionism, heightened interstate conflict in the Middle East, and an erratic realignment in the US of long-established economic, trade, and security relations under a new administration.

“Policy uncertainty and weakened confidence in institutions prompted strategic diversification among US investors into other safe-haven markets, leading to a broad depreciation trend in the US dollar.

“However, as in 2024, recessionary concerns were unfounded and most equity markets delivered solid returns. Global rates eased gradually lower, real estate markets stabilised, fiscal spending plans ramped higher, and investor enthusiasm for AI adoption and crypto deregulation lifted mega-cap technology stocks and digital assets.”

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