UBS Global Wealth Report 2023: 243,000 UHNWs, 59.4 Millionaires Representing 1.1% of Global Population & Owns 45.8% of Global Wealth, 629,000 Millionaires in Hong Kong, 332,000 Millionaires in Singapore, Top 10 UHNW Countries are United States, China, Germany, India, Canada, Russia, United Kingdom, Japan, France & Australia
UBS has released the UBS Global Wealth Report 2023, providing key insights into global wealth in 2022, millionaire & UHNW population, and wealth per individual. In 2022, there are 243,000 UHNWs (> $50 million) and 59.4 million people who are millionaires (> $1 million), representing 1.1% of population and owns 45.8% of wealth. There are 642 million people with $100k to $1 million of wealth, representing 12% of global population and owns 39.4% of global wealth. The Top 10 UHNW Countries are United States, China, Germany, India, Canada, Russia, United Kingdom, Japan, France, Australia and the Top 5 APAC Countries with most UHNWs are China, India, Japan, Australia, South Korea. The Top 5 Countries with most millionaires are United States (22.7 million), China (6.2 million), France (2.8 million), Japan (2.7 million), Germany (2.6 million), and the Top 5 APAC Countries with most millionaires are China (6.2 million), Japan (2.7 million), Australia (1.8 million), South Korea (1.2 million), India (849,000). The no. of millionaires in United Kingdom (UK) 2.5 million, Switzerland 1 million, Hong Kong 629,000, and Singapore 332,000. The Top 5 Countries Wealth Per Individual (Mean / Average) – Switzerland $685,000, United States $551,000, Hong Kong $551,000, Australia $496,000, Denmark $409,000. The Top 5 Countries Wealth Per Individual (Median) – Belgium $249,000, Australia $247,000, Hong Kong $202,000, New Zealand $193,000, Denmark $186,000. In 2022, the Top 3 Countries with Biggest Wealth Gain are Norway, Singapore, and United Arab Emirates (UAE). The Top 1% Owning the Share of Wealth in Country – Brazil 48%, India 41%, United States 34.2%, China 31.1%, Germany 30%. In 2022, the total Global Wealth is at $454.4 trillion (-2.4%), Average Wealth Per Adult at $84,718 (-3.6%), Median Wealth (50th percentile) at $8,654, Top 10% (90th percentile) at $1.08 million and Top 1% (99th percentile) at $1.15 million (2021). The UBS Global Wealth Report 2023 is a joint publication by Credit Suisse & UBS. UHNW ~ Ultra high net worth
“ 243,000 UHNWs, 59.4 Millionaires Representing 1.1% of Global Population & Owns 45.8% of Global Wealth, 629,000 Millionaires in Hong Kong, 332,000 Millionaires in Singapore, Top 10 UHNW Countries are United States, China, Germany, India, Canada, Russia, United Kingdom, Japan, France & Australia “
Iqbal Khan, UBS President Global Wealth Management: “As the world’s largest truly global wealth manager, we are uniquely positioned to draw on knowledge and insights from across our wealth management business. This year’s Global Wealth Report reveals valuable insights about the state of our economy and society, as well as the shifting meaning and potential of prosperity. This sweeping analysis of household wealth covers the estimated wealth holdings of 5.4 billion adults around the world and across the wealth spectrum. It looks to future trends, helping us to frame expectations, understand the ever-changing nature of wealth creation, and better conceive of the power of wealth to broadly benefit our society.”
Anthony Shorrocks, Economist & Report Author: “Much of the decline in wealth in 2022 was driven by high inflation and the appreciation of the US dollar against many other currencies. If exchange rates were held constant at 2021 rates, then total wealth would have increased by 3.4% and wealth per adult by 2.2% during 2022. This is still the slowest increase of wealth at constant exchange rates since 2008. Keeping exchange rates constant but counting the effects of inflation results in a real wealth loss of –2.6% in 2022. Similarly, financial assets contributed most to wealth declines while non-financial assets (mostly real estate) stayed resilient, despite rapidly rising interest rates. But the relative contributions of financial and non-financial assets may reverse in 2023 if house prices decline in response to higher interest rates.”
Nannette Hechler-Fayd’herbe, Chief Investment Officer for EMEA region & Global Head of Economics & Research at Credit Suisse: “Wealth evolution proved resilient during the COVID-19 era and grew at a record pace during 2021. But inflation, rising interest rates and currency depreciation caused a reversal in 2022. Over the next five years, we expect global wealth will rise by 38% reaching USD 629 trillion by 2027, with wealth per adult looking set to increase by 30% to reach USD 110,270. We also expect the number of millionaires to grow markedly over the next five years to reach 86 million, while the number of UHNWIs will rise to 372,000.”
The Global Wealth Report – The Global Wealth Report is one of the most comprehensive analyses of global household wealth available. The report has been issued by the Credit Suisse Research Institute, the bank’s in-house think tank, underpinned by the unique insights of the leading academics in the field, Prof. Anthony Shorrocks, Prof. James Davies, Prof. Rodrigo Lluberas and Prof. Daniel Waldenström. (Credit Suisse AG, a UBS Group company)
UBS Global Wealth Report 2023
UBS has released the UBS Global Wealth Report 2023, providing key insights into global wealth in 2022, millionaire & UHNW population, and wealth per individual.
Summary – Millionaires & UHNWs
- No. of Millionaires in 2022 – 59.4 million (1.1% of population owns 45.8% of wealth)
- $100k to $1 million wealth – 642 million people (12% of population owns 39.4% of wealth)
- UHNWs with more than $50 million – 243,000
- Top 10 UHNW Countries – United States, China, Germany, India, Canada, Russia, United Kingdom, Japan, France, Australia
- Top 5 APAC Countries with most UHNWs – China, India, Japan, Australia, South Korea
- Top 5 Countries with most millionaires – United States (22.7 million), China (6.2 million), France (2.8 million), Japan (2.7 million), Germany (2.6 million)
- Top 5 APAC Countries with most millionaires – China (6.2 million), Japan (2.7 million), Australia (1.8 million), South Korea (1.2 million), India (849,000)
- United Kingdom (UK) millionaires – 2.5 million
- Switzerland millionaires – 1 million
- Hong Kong millionaires – 629,000
- Singapore millionaries – 332,000
- Top 5 Countries Wealth Per Individual (Mean / Average) – Switzerland $685,000, United States $551,000, Hong Kong $551,000, Australia $496,000, Denmark $409,000
- Top 5 Countries Wealth Per Individual (Median) – Belgium $249,000, Australia $247,000, Hong Kong $202,000, New Zealand $193,000, Denmark $186,000
- Top 3 Countries with Biggest Wealth Gain in 2022 – Norway, Singapore, United Arab Emirates (UAE)
- Top 1% Owning Share of Wealth in Country – Brazil 48%, India 41%, United States 34.2%, China 31.1%, Germany 30%
Summary – Global Wealth
- Global Wealth – $454.4 trillion (-2.4%)
- Average Wealth Per Adult – $84,718 (-3.6%)
- Median Wealth (50th percentile) – $8,654
- Top 10% (90th percentile) – $1.08 million
- Top 1% (99th percentile) – $1.15 million (2021)
UBS Global Wealth Report 2023
1) 2022 Wealth Overview
- Total Wealth – $454.4 trillion (-2.4%)
- Average Wealth Per Adult – $84,718 (-3.6%)
Global Wealth Population:
- More than $1 million – 59.4 million people (1.1%)
- $100k to $1 million – 642 million people (12%)
- $10k to $100k – 1.84 billion people (34.4%)
- Less than $10k – 2.81 billion people (52.5%)
Global Wealth Breakdown:
- More than $1 million – $208.3 trillion wealth (45.8%)
- $100k to $1 million – $178.9 trillion wealth (39.4%)
- $10k to $100k – $61.9 trillion wealth (13.6%)
- Less than $10k – $5.3 trillion wealth (1.2%)
2) Millionaire Population (> $1 million)
Millionaire Population Breakdown:
- More than $50 million (UHNW) – 243,000
- $10 million to $50 million – 2.51 million
- $5 million to $10 million – 5 million
- $1 milllion to $5 million – 51.5 million
UHNW ~ Ultra high net worth
Top 20 UHNW Countries:
- United States
- China
- Germany
- India
- Canada
- Russia
- United Kingdom
- Japan
- France
- Australia
- Italy
- Switzerland
- South Korea
- Brazil
- Hong Kong
- Taiwan
- Spain
- Sweden
No. Millionaires by Country in 2022:
- United States – 22.7 million
- China – 6.2 million
- France – 2.8 million
- Japan – 2.7 million
- Germany – 2.6 million
- United Kingdom – 2.5 million
- Canada – 2 million
- Australia – 1.8 million
- Italy – 1.3 million
- South Korea – 1.2 million
- Netherlands -1.1 million
- Spain – 1.1 million
- Switzerland – 1 million
- India – 849,000
- Taiwan – 765,000
- Hong Kong – 629,000
- Denmark – 366,000
- Saudi Arabia – 354,000
- Singapore – 332,000
Millionaire Population by Country in 2022:
- United States – 38%
- China – 11%
- France – 5%
- Japan – 5%
- Germany – 4%
- United Kingdom – 4%
- Canada – 3%
- Australia – 3%
- Italy – 2%
- Korea – 2%
- Netherlands – 2%
- Spain – 2%
- Switzerland – 2%
- India – 1%
- Taiwan – 1%
- Hong Kong – 1%
- Rest of World – 13%
- Total – 100%
No. of Millionaires by Region in 2022 (2027)
- North America – 24.7 million (29.6 million)
- Latin America – 1.1 million (2.2 million)
- Europe – 16.2 million (23.1 million)
- China – 6.2 milion (13.1 milllion)
- India – 849,000 (1.4 million)
- APAC – 9.7 milllion (15.4 million)
- Africa – 361,000 (768,000)
No. of Millionaires by Country in 2027 (5 Years from 2022)
- United States – 26.3 million (+16%)
- China – 13.1 million (+112%)
- United Kingdom – 4.7 million (+86%)
- France – 4 million (+43%)
- Japan – 3.8 million (+40%)
- Germany – 3.4 million (+30%)
- Canada – 3.3 million (+63%)
- Australia – 2.8 million (+53%)
- South Korea – 2 million (+64%)
- Italy – 1.6 million (+25%)
- Switzerland – 1.5 million (+39%)
- Spain – 1.4 million (+25%)
- India – 1.4 million (+69%)
- Netherlands – 1.3 million (+17%)
- Taiwan – 1.2 million (+70%)
- Hong Kong – 1 million (+73%)
- Brazil – 788,000 (+91%)
- Russia – 569,000 (+40%)
3) Wealth Per Individual
Top 20 Countries by Wealth Per Individual (Average / Mean)
- Switzerland – $685,000
- United States – $551,000
- Hong Kong – $551,000
- Australia – $496,000
- Denmark – $409,000
- New Zealand – $388,000
- Norway – $385,000
- Singapore – $382,000
- Canada – $369,000
- Netherlands – $358,000
- Belgium – $352,000
- France – $312,000
- United Kingdom – $302,000
- Sweden – $296,000
- Taiwan – $273,000
- Germany – $256,000
- Ireland – $247,000
- Austria – $245,000
- Israel – $235,000
- Korea – $230,000
Top 20 Countries by Wealth Per Individual (Median):
- Belgium – $249,000
- Australia – $247,000
- Hong Kong – $202,000
- New Zealand – $193,000
- Denmark – $186,000
- Switzerland – $167,000
- United Kingdom – $151,000
- Norway – $143,000
- Canada – $137,000
- France – $133,000
- Netherlands – $112,000
- Taiwan – $108,000
- United States – $107,000
- Spain – $107,000
- Italy – $107,000
- Japan – $103,000
- Singapore – $99,000
- Korea – $92,000
- Ireland – $90,000
- Qatar – $90,000
4) 2022 Biggest Wealth Change
2022 Biggest Wealth Gain:
- Norway
- Singapore
- United Arab Emirates
2022 Biggest Wealth Loss:
- Sweden
- New Zealand
- Australia
- Canada
- Netherlands
- Denmark
- United States
- Israel
- Japan
- Taiwan
- United Kingdom
5) Largest Wealth Share of Country Owned by Top 1%
Top 1% Share of Wealth in Country:
- Brazil – 48%
- India – 41%
- United States – 34.2%
- China – 31.1%
- Germany – 30%
- Taiwan – 26.4%
- Canada – 24.3%
- Italy – 23.1%
- South Korea – 23.1%
- Spain – 22.4%
- Australia – 21.7%
- France – 21.2%
- United Kingdom – 20.7%
- Japan – 18.8%
6) Global Wealth Breakdown
Global Wealth Population:
- More than $1 million – 59.4 million people (1.1%)
- $100k to $1 million – 642 million people (12%)
- $10k to $100k – 1.84 billion people (34.4%)
- Less than $10k – 2.81 billion people (52.5%)
Global Wealth Breakdown:
- More than $1 million – $208.3 trillion wealth (45.8%)
- $100k to $1 million – $178.9 trillion wealth (39.4%)
- $10k to $100k – $61.9 trillion wealth (13.6%)
- Less than $10k – $5.3 trillion wealth (1.2%)
Global Wealth Percentile:
- Median Wealth (50th percentile) – $8,654
- Top 10% (90th percentile) – $1.08 million
- Top 1% (99th percentile) – $1.15 million (2021)
Global Wealth By Region:
- North America – 42%
- Europe – 27%
- China – 36%
- APAC (ex-China & India) – 17%
- India – 10%
- Latin America – 7%
- Africa – 4%
Global Wealth by Region:
- North America – $151 trillion (-4.5%)
- Latin America – $15 trillion (+18.6%)
- Europe – $104 trillion (-3.4%)
- China – $84.4 trillion (-1.7%)
- India – $15.3 trilion (+4.6%)
- APAC – $77.9 trillion (-2.6%)
- Africa – $5.9 trillion (+1.5%)
- APAC ~ exclude China, India
Wealth Per Individual (Average):
- North America – $531,826
- Latin America – $32,760
- Europe – $177,179
- China – $75,731
- India – $16,500
- APAC – $61,154
- Africa – $8,345
Global Median Wealth By Region:
- North America – $109,285
- Europe – $30,509
- China – $30,696
- India – $4,107
- APAC (ex-China & India) – $5,673
- Latin America – $6,028
- Africa – $1,398
Median Wealth (50th Percentile):
- United States – $107,000
- Canada – $143,000
- Brazil – $5,100
- Mexico – $17,000
- United Kingdom – $165,000
- France – $145,000
- Germany – $71,000
- Italy – $117,000
- Netherlands – $120,000
- Spain – $116,000
- Belgium – $263,000
- Russia – $7,500
Median Wealth – APAC & Middle East (50th Percentile):
- Japan – $124,000
- China – $30,000
- India – $4,100
- Hong Kong – $210,000
- Taiwan – $117,000
- South Korea – $100,000
- Singapore – $99,000
- Indonesia – $5,300
- Australia – $268,000
- United Arab Emirates – $31,000
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