Global Ultra-Wealthy Population Declines in 2022, India Bucks the Trend

Asia experienced the largest drop in its ultra-high-net-worth (UHNW) population, declining by 10.9% in 2022, attributed to China's strict Covid lockdown and the war in Ukraine. Europe recorded the second-worst regional performance with a 7.1% fall, mainly due to Russia's invasion of Ukraine. North America, the world's largest ultra-wealth market, saw a 4% decline, largely influenced by the U.S. Federal Reserve's aggressive rate-hiking cycle. Meanwhile, the Middle East, Latin America, and the Caribbean saw gains in their UHNW populations. Despite the recent decline, Altrata expects an increase in the global ultra-wealthy population over the next five years, with notable increases from Asia and North America.