What Is an Ultra-High-Net-Worth Individual (UHNWI)?
Ultra-high-net-worth individuals (UHNWI) are people with a net worth of at least $30 million. This category is composed of the wealthiest people in the world, who control a tremendous amount of global wealth. This group of people is small—in terms of total population—but it continues to grow.
In 2023, the group totaled 579,625 individuals globally, down 3.8% from 2022, according to Knight Frank's Wealth Report Series, published in 2023. The U.S. has the most UHNWIs globally by a large margin (41.6%).
Key Takeaways
- According to Knight Frank's definition, ultra-high-net-worth individuals are those with at least $30 million in investable assets.
- The U.S. is home to the most UHNWIs in the world—241,253.
- Most UHNWIs allocate a significant portion of their portfolios to equities, commercial real estate, and bonds. The majority of their wealth stems from the value of their primary and secondary homes.
Understanding Ultra-High-Net-Worth Individuals (UHNWIs)
The U.S. is home to 41.6% of the world's UHNWIs—241,253. Europe is the next closest, with 155,996. It is followed by China, which has 150,362.
The United Arab Emirates grew the most from 2021 to 2022 (18.1%). Knight Frank forecasts that the ranks of the ultra-wealthy will grow by 85% from a total of 579,625 to 744,812 by 2027.
By 2027, Hungary is expected to experience the most growth (74.4%), followed by Turkey (69.1%). The U.S. will continue to have the most UHNWIs by 2027, adding 24.6% more super-rich individuals.
More than 86% of ultra-high-net-worth wealth is held by people 50 and older, and a majority are men, according to a report published by Wealth-X in 2022. Only 10.8% are women, but that number is on the rise—among those below 50, women account for 13.9% vs. 10.2% of men under 50.
Ultra-high net worth is generally quoted in terms of combined net assets over a certain figure. While $30 million is typically the number used, the exact amount can differ depending on who defines it, the region the person lives in, and when the term is used.
Examples of UHNWIs
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 list] reflects changes since 5 pm EST of [the] prior trading day."
On Forbes' ever-changing list, on June 23, 2023, Elon Musk led the billionaire pack with $243 billion. He was followed by:
- Bernard Arnault and his family ($222.6 billion)
- Jeff Bezos ($152 billion)
- Larry Elison ($148.6 billion)
The total worth of billionaires in 2023 tops $12.2 trillion, a decrease from $12.7 trillion in 2022. Others near the top of the world's UHNWI population include Warren Buffet, Bill Gates, and Larry Page.
2,640
The number of billionaires in 2023, according to Forbes.
How the UHNWIs Invest
Most UHNWIs do not have their money sitting in certificates of deposit (CDs), money market accounts, mutual funds, or a 401(k). Many ultra-high-net-worth individuals store the majority of their wealth in:
- Primary and secondary homes
- Stocks and bonds
- Venture capital and private equity
Many UHNWIs invest in property—on average, UHNWIs allocate 21% of their wealth to investment properties like residential or office buildings.
When Forbes published its list of billionaires for 2023, it pointed out that billionaires suffered losses and slow growth in 2023.
What Defines Ultra-High Net Worth?
Net worth is the combined value of all of your assets. How much you need to be considered ultra-high net worth will change with time as more people become millionaires and billionaires. For now, the threshold is considered by most to be $30 million.
How Many People Have an Ultra-High Net Worth?
According to Knight Frank's definition, there are 529,625 people with a net worth of over $30 million. Because there are now more billionaires than ever, the Forbes billionaire list might be a better indicator of UHNW. In June 2023, there were 44 people with a net worth of more than $30 billion.
What Percentage of the U.S. Population Has $2 million?
Surveys find different figures, but the latest information from the U.S. Census Bureau 2021 survey shows that one in 10 households (10%) have a net worth of more than $1.41 million.
The Bottom Line
Ultra-high net worth individuals are loosely defined as people with more than $30 million in net worth. This is measured by combining the value of all assets, not just investable or physical assets.
In June 2023, hundreds of thousands of individuals worldwide met this definition. The number of millionaires in the world continues to grow, so it's safe to say that there will soon be many more UHNWIs. In fact, there are so many that the definition might soon need to be changed.
FAQs
As mentioned above, an ultra-high-net-worth individual (UHNWI) is anyone who has a net worth of over $30 million, including their primary residence. People who fall into this category tend to be the most wealthy people in the world, holding a good portion of global wealth.
What qualifies as an ultra-high-net-worth individual? ›
Ultra-high-net-worth individuals (UHNWIs) are people with a net worth of at least $30 million. Their ranks continue to grow globally. Net worth is the value of the assets a person or corporation owns, minus the liabilities they owe.
What is a total ultra-high-net-worth individual? ›
According to The Wealth Report, published by Knight Frank in 2021, there are more than 520,000 ultra-high-net-worth individuals in the world. About a third of these individuals reside in the U.S. In fact, the U.S. houses more UHNWIs than any other country, including all of Europe combined.
What are the criteria for high-net-worth individuals? ›
A high net-worth individual (HNI) falls under the category of investors in the Indian stock market. Individual investors exceeding its net worth value of Rs. 5 crore are categorised under high-net-worth individuals in India. These individuals are mostly business owners, corporate executives, entrepreneurs and more.
What is a high-net-worth individual requirement? ›
Eligibility Thresholds: The financial eligibility thresholds to rely on the HNWI exemption are increasing to require the individual to have an income of at least £170,000 and net assets of at least £430,000 throughout the last financial year (the figures currently being £100,000 and £250,000 respectively).
Is 3 million net worth rich? ›
To feel wealthy, Americans say you need a net worth of at least $2.2 million on average, according to financial services company Charles Schwab's annual Modern Wealth Survey. But even if you have that much in the bank, it might not be enough to be considered rich in certain places, the survey found.
Where does 3 million net worth rank? ›
The 95th percentile is considered wealthy, with $3.2 million household net worth, so even more spending power, which means estate planning and possibly more than one home.
What is considered ultra high net worth range? ›
While there's no legal standard when it comes to defining who is an ultra-high-net-worth individual (UHNWI), they're often defined as those who have $30 million or more in assets. These funds must be in investable assets, which is an important distinction to make.
Can you have a high net worth and still be poor? ›
So, who are low-income, high net worth individuals? They are people who have over $1 million in investable assets, but earn below the median income for their area. They may have inherited their wealth, or built it over time through strategic investing and financial planning.
How do you calculate high net worth? ›
To calculate your net worth, you subtract your total liabilities from your total assets. Total assets will include your investments, savings, cash deposits, and any equity that you have in a home, car, or other similar assets. Total liabilities would include any debt, such as student loans and credit card debt.
In 2021, there were around about 7.4 million high net worth individuals individuals in North America. High net worth individuals are those with financial assets worth at least one million U.S. dollars.
What is a respectable net worth? ›
Net worth is the difference between the values of your assets and liabilities. The average American net worth is $1,063,700, as of 2022. Net worth averages increase with age from $183,500 for those 35 and under to $1,794,600 for those 65 to 74. Net worth, however, tends to drop for those 75 and older.
What is considered ultra-high net worth range? ›
While there's no legal standard when it comes to defining who is an ultra-high-net-worth individual (UHNWI), they're often defined as those who have $30 million or more in assets. These funds must be in investable assets, which is an important distinction to make.
What net worth is considered extremely wealthy? ›
According to Schwab's 2023 Modern Wealth Survey, Americans perceive an average net worth of $2.2 million as wealthy. Knight Frank's research indicates that a net worth of $4.4 million is required to be in the top 1% in America, a figure much higher than in countries like Japan, the U.K. and Australia.
What net worth is considered very wealthy? ›
Top 2% wealth: The top 2% of Americans have a net worth of about $2.472 million, aligning closely with the surveyed perception of wealth. Top 5% wealth: The next tier, the top 5%, has a net worth of around $1.03 million. Top 10% wealth: The top 10% of the population has a net worth of approximately $854,900.
What net worth is considered elite? ›
It's getting more expensive to crack into the top 1% of wealth in the U.S. You now need a net worth of at least $5.8 million in order to be part of that small but elite group, according to the upcoming 2024 wealth report from Knight Frank. That is a notable 12% increase from the $5.1 million needed just one year ago.
