The world’s richest individuals are getting richer, and fast. The global population of ultra-high-net-worth individuals ( UHNWIs ), defined as those with net assets exceeding US$30 million, totalled 510,810 at the end of June 2025, a rise of 5.4% since the beginning of the year, according to a recent report.

This followed a very robust expansion of 12% in 2024 – the third-strongest growth in the past decade. The total net worth of the ultra-high-net-worth ( UHNW ) class rose by 6.7% to $59.8 trillion at the end of June 2025 ( and by 11.6% in 2024 ) – a figure double that of the annual GDP of the US, finds wealth data and intelligence company Altrata’s World Ultra Wealth Report 2025.

Collectively, global UHNWIs now control US$59.8 trillion in wealth, a sum that is nearly twice the size of the annual US GDP.

While North America still holds the largest share of the global ultra-wealthy population, Asia is gaining ground quickly as a powerful and long-term engine of wealth creation.

Over six months from January to June 2025, Asia’s UHNW population grew by 6.4%, outpacing Europe and nearly matching North America’s. The region now hosts 129,100 UHNWIs, with a collective net worth of US$14.8 trillion, representing more than a quarter of global UHNW wealth.

Headwinds

What makes this growth impressive is the backdrop. Asia’s expansion came despite multiple macroeconomic challenges – among them, protectionist US trade policies, geopolitical tensions and slowing demand from China, the region’s largest economy.

However, a combination of factors helped underpin Asia’s resilience – a weaker US dollar, monetary loosening across key markets, strong equity market performance and fiscal stimulus in China.

Notably, average capital market returns across Asia outpaced those in many developed peers, with Japan, Hong Kong, South Korea and Taiwan delivering particularly strong results. Hong Kong, in particular, was a standout, registering the fastest UHNW population growth among major global wealth centres.

Hong Kong wealth magnet

After years of political headwinds and investor caution, Hong Kong has made a clear comeback. In the first half of 2025, the city posted double-digit growth in the number UHNWIs, supported by an influx of Chinese firms listing on the Hong Kong Stock Exchange and a broad recovery in its financial markets.

Investor appetite was fuelled by regulatory reforms, selective real estate opportunities and equity market momentum, which made the city an attractive platform for wealth creation once again. Hong Kong ranked second globally among UHNW cities, as of June 2025, behind only New York.

Meanwhile, China, despite its scale, underperformed relative to its peers in UHNW growth in both 2024 and H1 2025. The country still ranks second globally by UHNW population, but its wealth expansion was restrained by heightened trade conflict, tighter global restrictions and subdued domestic demand.

That said, China’s total UHNW wealth still reached US$5.9 trillion, thanks to support from interest rate cuts, renminbi appreciation and state-led investments in sectors like artificial intelligence and advanced manufacturing. While growth was slower, China’s wealth base remains formidable and central to the region’s long-term trajectory.

Emerging India

Looking forward, India stands out as a rising force. The four Indian cities of Bengaluru, Mumbai, Hyderabad and Delhi are forecasted by the Altrata report to have the fastest UHNW population growth by 2030.

India’s surge is being powered by a young, tech-savvy entrepreneur class, robust financial markets and increasing global capital inflows. With a current UHNW population of 11,865 individuals and wealth holdings of US$1.5 trillion, India’s rise is a long-term structural story and a regional growth driver that will likely reshape the global wealth map in the next decade.

Asia’s next-gens rise

The most transformative trend in ultra-wealthy space may not be geographic, however; it will be generational. By 2040, millennials and Gen Z will represent 35% of the global UHNW population, up from just 8% today. In Asia, where youth populations are larger and more entrepreneurial, this transition is expected to be even more pronounced.

These next-generation ultra wealthy are more likely to have built their wealth through technology, entertainment and hospitality, diverging from older cohorts whose wealth predominantly came from finance, manufacturing and real estate.

With 9% of next-gen UHNWIs citing technology as their core industry, and another 15% from entertainment and hospitality, this shift is already reshaping Asia’s ultra-wealth profile.

Globally, the ultra wealthy are clustering in cities, with just 10 metro areas hosting around 20% of all UHNWIs. While New York remains number one, Asian cities are rapidly climbing.

In addition to Hong Kong, cities like Tokyo ( with 6,940 UHNWIs ), Singapore and Shanghai are consolidating their positions as regional hubs for wealth management, capital formation and luxury living.

Philanthropy, luxury

Despite comprising just 1.1% of the global high-net-worth ( HNW ) population, the UHNW class holds 32% of total HNW wealth and accounts for 21% of global luxury spending, estimated at US$290 billion in 2024. Their investable assets alone total US$30 trillion, with significant implications for asset managers, private banks and family offices operating across Asia.

Philanthropy is also a growing arena with US$207 billion in annual personal donations globally coming from UHNWls, many of whom are based in Asia’s emerging economies, where charitable giving is increasingly seen as both a legacy and strategic tool.

Looking ahead, Asia is set to define the next era of ultra-wealth creation. By 2030, the global UHNW population will grow to 676,970, Altrata forecasts, and it will be Asia, powered by shifting capital, rapid digital transformation and a generational transfer of wealth, that leads this global ascent.