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NextGen Magazine

 
 

U.S. Boasts Highest Number of Ultra-Wealthy, But Other Countries Catching Up Fast

By:
Chris Gaetano
Published Date:
Sep 13, 2018
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For now, the United States still has the highest number of ultra high net worth individuals, defined as those worth $30 million or more, but its rate of growth in the population of such people is low compared to other countries, indicating it may lose its top spot soon, according to CNBC. The United States currently boasts 79,595 individuals who could be classified as ultra high net worth, as defined by research firm Wealth-X—far more than even its closest competitor, Japan, which has 17,915. However, its year-over-year population growth for the mega-wealthy was 8.9 percent, which is lower than every other top-10 country save for Italy, at 7.9 percent. The rest are experiencing an increase in their wealthiest citizens faster than the United States, in some cases significantly so: While Hong Kong has a population of just over 10,000 super-rich individuals, its year-over-year change in population is 31 percent; the next fastest growing country, France, while expanding its own ranks much more slowly than Hong Kong, still has a rate of increase nearly twice as high as the United States', at 17.3 percent. 

When looking at individual cities, New York was number two, at 8,865 ultra high net worth individuals. Four other American cities are in the top 10: Los Angeles (5,250), Chicago (3,255), San Francisco (2,820) and Washington, D.C (2,753). The number one richest city? Hong Kong, at 10,010.