Ultra-High-Net-Worth Individual

Ultra-high-net-worth individuals (UHNWI) are people with investable assets of at least $30 million. They comprise the wealthiest people in the world and control a tremendous amount of global wealth. This group of people is small but continues to grow. It totaled 521,653 individuals globally in 2020, up 2.4 per cent from 2019, according to Knight Frank's The Wealth Report, published in 2021. The US has the most UHNWIs in the world by a large margin.

The US is home to over a third of the world's UHNWIs—180,060. That's over two and a half times more than China, the country with the second-highest number (70,426), and more than all of the European countries combined at 151,665.

From 2020 to 2025, the ranks of the ultra-wealthy will grow by 27 per cent, according to Knight Frank. Asia will see the most growth (39 per cent), followed by Africa (33 per cent). The U.S. will continue to have the most UHNWIs by 2025, adding 24 per cent super-rich individuals.

Eighty-five per cent of ultra-high-net-worth wealth is held by people 50 and older, and a majority are men, according to a report published by the Milken Institute in 2020. Only one in seven are women, but that number is on the rise. Among those below the age of 50, women account for almost one in five.

Ultra-high-net-worth is generally quoted in terms of liquid assets over a certain figure. While $30 million is typically the gold standard, the exact amount can differ by financial institution and region.

Many of the world's super-rich citizens are self-made individuals. This is evident in Forbes' annually curated list of the world's richest people. On its World's Real-Time Billionaires List, the magazine ranks the daily worth on its wealth-tracking platform. According to the website, "The value of individuals’ public holdings are updated every 5 minutes when respective stock markets are open (there will be a 15-minute delay for stock prices).

Most UHNWIs do not have their money sitting in certificates of deposit (CDs), money market accounts, or mutual funds. Many ultra-high-net-worth individuals (49 per cent) derive the majority of their wealth from owning their own businesses. Twenty-one percent get most of their wealth from their investment portfolios, and 14 per cent get most of their wealth from their salary.

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