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Global Very-High-Net-Worth Population Rose 10% to 2.7 Million in 2019
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New York City boasts the largest population with a net worth of between US$5 million and US$30 million.
Getty ImagesThe number of very-high-net-worth (VHNW) individuals—those with a net worth of between US$5 million and US$30 million—increased 10% to 2.7 million last year, following a muted growth of just 1% in 2018, according to a Wealth-X report Wednesday.
The combined wealth of this group also increased 10% year-over-year to US$26.6 trillion.
An important driver of the global wealth growth was “the reorientation of policy by major central banks toward monetary stimulus, which delivered a boost to investor sentiment and world equity markets,” the report said.
This is the inaugural study of the VHNW population by Wealth-X, a global wealth intelligence and insight provider. Previously, the firm had been publishing reports on billionaires, ultra-high-net-worth individuals (those with a net worth of at least US$30 million), and millionaires.
The growth of the VHNW population and levels of wealth vary significantly by region. North America led the way, where the VHNW population grew 15.3% to more than 1.05 million and their collective wealth grew 15.2% to US$10.3 billion. Asia and Africa also saw double-digit growth in both the VHNW population and their wealth.
Asia now has 723,790 individuals with a net worth of between US$5 million and US$30 million, surpassing Europe’s 678,370, which represented a 5.5% increase from 2018, according to the report.
Reflecting the overall global picture, all top 10 countries saw a rise in both their VHNW populations and combined wealth in 2019. The U.S. VHNW population stood at 969,075, considerably higher than the runner up, China’s 259,830.
Japan, Germany, and France took the third to fifth spots on the top 10 countries with the most VHNW population. In France, the VHNW population saw a 10.2% increase, in contrast with the low-single-digit growth in Germany, the U.K., and Italy.
New York City Was By Far the Leading VHNW City
Six U.S. cities made the top 10, while Asia and Europe accounted for two cities each. New York was the leading city with a VHNW population of 110,170, rising 16.9% year-over-year. It was followed by Tokyo and Hong Kong.
The other five U.S. cities on the list were Los Angeles, Chicago, San Francisco, Washington, D.C., and Dallas.
Members-Only Clubs Navigate Covid-19’s Unprecedented Challenges
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The Gastropub at The Battery in San Francisco.
Douglas FriedmanThe allure of a private, members-only club has endured throughout the centuries. Unlike country club-style environs where businessmen commiserate with like-minded types, today’s members-only clubs cater to diverse crowds of overachievers with the kind of top-tier service and sophisticated elements commonly found in luxury hotels.
Like other segments of the hospitality industry, private membership clubs have been rocked by Covid-19, as city lockdown ordinances have forced many to temporarily
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