The past two decades have witnessed a doubling in the number of ultra-wealthy individuals, those whose fortunes exceed £100 million.
Currently, 28,420 such multi-millionaires exist, marking a 12% growth from last year, as per a report by wealth consultancy, Henley & Partners.
Low interest rates have bolstered asset values, enhancing everything from real estate to stocks’ worth. The tech sector, predominantly in the USA, has further amplified these numbers, seeing global billionaires rise from fewer than 500 in 2003 to over 2,600 today, based on Forbes data.
Post the 2008 financial crisis, diminished money value coupled with worldwide fiscal fluctuations have contributed to this ascent. “The value of money has declined, leading to more individuals surpassing the £100 million mark,” commented Henley & Partners.
The US remains the hub of super-wealth with 38% of the total, led by New York (775 individuals), San Francisco (692), and Los Angeles (504). London ranks fourth with 388 multi-millionaires, trailed by Asian cities like Beijing and Shanghai.
Predictions suggest a slowing growth of the super-rich, but still an increase to an estimated 39,000 by 2033. Notably, while the term ‘billionaire’ grabs headlines, those worth over £100 million provide a truer reflection of global wealth trends.