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Where do the World’s Ultra-Wealthy Live?


In recent years, the globe has been thrown into disorder by pandemics, geopolitical tensions, and supply chain disruptions, but that hasn’t stopped the world’s ultra-wealthy population from rising rapidly.

According to Knight Frank’s Wealth Report, the number of Ultra-High Net Worth Individuals (UHNWIs) increased by 9.3% between 2020 and 2021. During that time, ultra-wealthy people increased in nearly every region. In addition, the report shows the global distribution of uber-affluent people. 

More precisely, a small handful of ultra-wealthy individuals control a considerable amount of the world’s wealth or bank accounts. These UHNW people, like their money, are concentrated in a small number of places around the world.

Where Are the Rich?

They’ve quickly recovered their allure two years after the Covid-19 outbreak forced people to flee the world’s biggest cities.

According to Wealth Report, the ultra-rich prefer to reside in New York, Tokyo, and Paris, with London and Los Angeles following closely. However, the capital of the United Kingdom has been named the best place to live and invest.

Ultra Rich: By Region

UHNWIs are classified as people with $30 million or more in net assets, including their primary residence.

North America has the unique subset of UHNWIs globally, followed by Asia. In these two regions, the ultra-wealthy population increased by 12.2 percent and 7.2 percent, respectively, over the last year.

Europe follows North America and Asia. Surprisingly, the ultra-rich in Russia and the Commonwealth of Independent States (6,500) rose at the second-fastest rate of all areas, at 11.2 percent. This expansion was likely aided by rising oil prices, house prices, and stock market valuations.

The crushing penalties and economic impact from the invasion of Ukraine, on the other hand, might significantly reduce oligarch riches for many years to come. Monaco has the highest population density per capita globally, with five individuals per thousand citizens. Surprisingly, the ultra-rich in Russia and the Commonwealth of Independent States (6,500) rose at the second-fastest rate of all areas, at 11.2 percent.

North America, Europe, and Asia had the most significant concentration of such individuals, with the United States having the most significant number of UHNWIs. On the other side, Europe had the highest number of billionaires as of 2019.


Ultra-High-Net-Worth Individual (UHNWI)

1. North America

North America has the unique subset of UHNWIs globally, with over 230,000 in 2021. In this region, the ultra-wealthy population increased by 12.2 percent.

2. Asia

In 2021, the number of UHNWIs in Asia increased by 7.2%, with 169,889 Ultra-High-Net-worth individuals.

3. Europe

154,008 7.4%

The ultra-high net worth population (UHNW) people grew by 7.4 percent in Europe.

4. Australia

Over 24,245 ultra-high-net-worth population in Australia, grew by 9.8% previously.

5. Latin America

In Latin America, Brazil and Mexico lead in terms of HNWI and UHNWI population, followed by Chile, Colombia, Peru, and Argentina, in that order. Latin America’s 10,337 UHNW population witnessed a growth of 7.6% from 2020 to 2021.

6. Middle East

The number of ultra-high-net-worth people (UHNWIs) in the Middle East grew by 8.8 percent in two years to around 9,717.

7. Russia

In 2021, Russia had a 6,542 ultra-high-net-worth population, increasing 11.2%, making it the second-fastest.

8. Africa

Africa has the slow subset of UHNWIs globally, with over 2,240 in 2021. However, the ultra-wealthy population in this region increased slightly by 0.8 percent.

Ultra Rich: By Country

France (30,000), Germany (28,000), the United Kingdom (25,000), and Italy were the top countries for ultra-wealthy people in 2021. (17,000). Monaco has the highest population density per capita globally, with five individuals per thousand citizens.

China, Japan, Canada, Hong Kong, Switzerland, and India ranked the rest of the top ten countries by UHNW population. The United States is the ultimate place for the vast majority of the world’s ultra-wealthy. New York Metropolis had the highest concentration of them of any city on the planet.

According to the survey, the United States (13 percent), the United Kingdom (11 percent), France (10 percent), Japan (8 percent), and the Chinese mainland (6 percent) saw the highest increases in ultra-wealthy populations. Globally, an estimated 129,557 UHNWIs under the age of 40 are self-made, accounting for 21% of the entire population with a net worth of at least $30 million. With 45 percent (2,923) of its UHNWIs falling into this group, Russia has the highest relative number of next-generation wealth builders.

What Will Happen to the UHNWI Population in the Next Five Years?

According to the upcoming edition of The Wealth Report, the global population of ultra-high-net-worth individuals (UHNWIs), defined as those with $30 million or more, is expected to expand by 27% following five years 2025, bringing the total to 663,483. With a growth rate of 39 percent, Asia is expected to witness the highest increase in the number of UHNWIs, headed by Indonesia (67 percent) and India (63 percent ). However, with the predicted growth of 23%, Europe will maintain its position as the second-largest wealth hub, bringing the total number of UHNWIs to 185,860.

By 2026, the number of ultra-wealthy people in the world is expected to rise by 28 percent. However, it’s worth mentioning that growth from 2016 to 21 was about three times this, at over 75%.

Singapore’s ultra-rich population is expected to increase by 268 percent, while mainland China’s ultra-rich population is expected to increase by more than 42 percent. Meanwhile, North America is expected to expand by 28% by 2026, bringing the total number of UHNWIs to 300,000. Latin America is not far behind in this list. For example, Argentina’s ultra-wealthy population is expected to grow by 38% in the face of widespread hyperinflation.

What is Driving the rise of ultra-high-net-worth individuals worldwide?

The ultra-rich invest just under two-thirds of their money in real estate. Unsurprisingly, the most costly property is in Monaco, where purchasers would need to pay at least $34 million to enter the top 1% of most expensive properties.

In the Mediterranean principality, a million dollars buys only 14.6 square meters of living space, compared to 30.6 square meters in London and 256 square meters in So Paulo.

According to Knight Frank, this tendency is being driven by sky-high asset prices and a real estate bubble. Another factor is ultra-low lending rates, which fell throughout the pandemic.

Thanks to low borrowing costs, the ultra-wealthy have more leverage to expand their wealth, such as buying more property or investing in financial assets. In reality, the average ultra-high-net-worth individual owns 2.9 properties.

It’s worth noting that robust GDP projections frequently accompany wealth estimates. For example, the International Monetary Fund forecasts a post-pandemic solid rebound. On the other hand, the Ukraine issue could pose significant threats to the global economy, particularly in terms of inflation and financial markets.

For example, Russia produces 12% of world oil production, a significant driver of inflation. At the same time, Ukraine supplies 90% of America’s neon, a critical component of the semiconductor sector, potentially exacerbating supply chain concerns.


As of 2020, 72.5 percent of the world’s ultra-wealthy persons (UHNW) regard their wealth as self-made. In comparison, 7.4 percent of people claim to have inherited their riches, with the rest claiming a combination of inheritance and hard work. As a result, inflation is a huge factor for the ultra-rich as they plan their investments for the new year.

Read More 5 Countries With the Richest Histories

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