High net worth investors (HNWIs) expanded in number and wealth in 2023 and 2024, although growth varied sharply by region. The available research also points to rising interest in private markets, substantial intergenerational transfers, and a strong concentration of wealth in the United States and a small number of global cities.
Contents
- Global HNWI population and wealth
- Regional growth and decline
- Portfolio allocation and private markets
- Ultra-high-net-worth investors
- The United States and leading wealth hubs
- Australia’s HNW investor market
- Advice, succession, and the next generation
Global HNWI population and wealth
The Capgemini World Wealth Report 2024 measured a broad expansion during 2023. Global HNWI wealth increased 4.7% to $86.8 trillion, while the HNWI population grew 5.1% to 22.8 million. These figures describe the worldwide HNWI market for 2023 and are not forecasts.
The composition of that market is highly concentrated. UHNWI investors represented just over 1% of the total HNWI population but held more than 34% of total HNWI wealth, according to the same report. This distinction matters when interpreting average wealth figures: a relatively small ultra-wealthy group has a large influence on aggregate totals.
The later Capgemini World Wealth Report 2025 reported that the global HNWI population rose another 2.6% in 2024. The global UHNWI population grew faster, increasing 6.2% in that year. The two measures are related but should not be treated as interchangeable because UHNWI is a narrower segment.
| Measure | Period | Reported result |
|---|---|---|
| Global HNWI wealth | 2023 | $86.8 trillion, up 4.7% |
| Global HNWI population | 2023 | 22.8 million, up 5.1% |
| Global HNWI population | 2024 | Up 2.6% |
| Global UHNWI population | 2024 | Up 6.2% |
Regional growth and decline
North America was the fastest-growing major region in the Capgemini 2024 figures. HNWI wealth rose 7.2% in 2023 and the HNWI population increased 7.1%. Asia-Pacific recorded 4.2% wealth growth and 4.8% population growth. Europe posted 3.9% wealth growth and 4.0% population growth.
The increases were slower in Latin America and the Middle East. Latin American HNWI wealth grew 2.3% and its population grew 2.7% in 2023. Middle Eastern HNWI wealth rose 2.9%, while its population increased 2.1%. Africa was the only region in the report with declining HNWI wealth, down 1.0%; its HNWI population fell 0.1%.
The 2025 report shows a different year-to-year pattern. North American HNWI population growth reached 7.3% in 2024, followed by Asia-Pacific at 2.7%. Europe’s HNWI population fell 2.1%, Latin America’s fell 8.5%, and the Middle East’s fell 2.1%. At the same time, Europe’s ultra-rich population grew 3.5% in 2024. A regional HNWI decline therefore does not necessarily mean every wealth tier declined.
Portfolio allocation and private markets
Cash exposure changed materially across the Capgemini 2024 measurement points. Cash holdings accounted for 25% of HNWI portfolios in early 2024, described as a normalization from the multi-decade high of 34% recorded in January 2023. The two percentages refer to different measurement dates, so they show a change in reported allocation rather than a single-period average.
Private equity was also a major area of interest. Two out of three HNWIs planned to invest more in private equity during 2024, according to the Capgemini World Wealth Report 2024. The following year’s report placed HNWI alternative investments at 15% of portfolios in 2024. Alternative investments are broader than private equity, so the figures should not be added together.
Praemium’s HNW Investor Report 2024 provides an Australia-specific view. Australian HNW investors managed $3.4 trillion in investable assets in 2024, up from $2.98 trillion in the prior year. In the same report, 146,000 Australian HNW investors were already involved in private-market investments and another 32,000 planned to enter private markets within the next year.
Access remains a practical constraint. The Praemium Alternative Assets release 2024 found that one-third of advisers said it was difficult to give HNW clients access to alternative assets. More than 30% of HNW-focused advisers found access through their primary platform difficult, while nearly 10% described it as impossible.
The same source reported that HNW-focused adviser firms held 9% of portfolios in alternatives on average. Firms serving clients with more than $20 million typically held 14%. Sixty-nine percent of HNW-focused advisers saw alternatives as key to meeting future client demand, and these advisers were twice as likely as non-HNW advisers to view alternative assets as vital to future demand.
Use of non-custodial assets also differed by adviser segment: 28% of HNW-focused advisers already used them, compared with 11% of advisers focused further down the wealth spectrum.
Ultra-high-net-worth investors
The Altrata World Ultra Wealth Report 2024 counted more than 426,000 ultra-wealthy individuals globally in 2023. The population grew 7.6% during the year and was 20% larger than five years earlier. Their collective wealth totaled $49.2 trillion, including $38 trillion in investable assets.
The ultra-wealthy held investable assets equal to 32% of global assets under management, according to Altrata. Their economic influence extended beyond portfolios: they accounted for $190 billion in philanthropic giving, equal to 38% of all giving by individuals. They also spent $118 billion on personal luxury goods in 2023, or 30% of all personal luxury spending.
The United States was home to nearly one-third of all UHNW individuals, and the U.S. UHNW population grew 13% in 2023. China’s UHNW population declined 1% in the same year. Altrata projected that the global ultra-wealthy population would rise 38% to 587,650 by 2028. This is a forecast, not a completed count. By 2028, almost 42% of the ultra-wealthy were forecast to be based in one of the top 50 UHNW cities.
Bengaluru, Hyderabad, and Delhi were projected to grow their UHNW populations at annual average rates of 14% to 16% through 2028. These city-level figures are also forecasts and should not be read as historical growth already achieved.
The United States and leading wealth hubs
The Henley & Partners USA Wealth Report 2024 counted more than 5.5 million U.S. HNWIs with over $1 million in liquid investable wealth. The United States held 37% of the world’s millionaires, and its millionaire count rose 62% over the preceding decade. The report counted 9,850 U.S. centi-millionaires and 788 billionaires.
New York City led the listed U.S. wealth hubs with 349,500 millionaires, 744 centi-millionaires, and 60 billionaires. The Bay Area had 305,700 millionaires, followed by Los Angeles with 212,100 and Chicago with 120,500.
| U.S. wealth hub | Millionaires |
|---|---|
| New York City | 349,500 |
| Bay Area | 305,700 |
| Los Angeles | 212,100 |
| Chicago | 120,500 |
| Houston | 90,900 |
| Dallas | 68,600 |
| Seattle | 54,200 |
| Boston | 42,900 |
| Miami | 35,300 |
| Austin | 32,700 |
| Washington, D.C. | 28,300 |
The same report counted 90,900 millionaires in Houston, 68,600 in Dallas, 54,200 in Seattle, 42,900 in Boston, 35,300 in Miami, 32,700 in Austin, and 28,300 in Washington, D.C.
Growth was particularly strong in several U.S. locations over the preceding decade. Austin’s millionaire population grew 110%, Scottsdale’s 102%, and Palm Beach and West Palm Beach’s 93%. Greenwich and Darien, together with the Bay Area, recorded HNWI growth above 80%. Miami, Dallas, Washington, D.C., Seattle, and Houston each saw millionaire cohorts surge by more than 70%.
Australia’s HNW investor market
Australia’s HNW investor population reached 690,000 in 2024, according to the Praemium HNW Investor Report 2024. That was an 8.7% increase from 635,000 in 2023. The group managed $3.4 trillion in investable assets in 2024, compared with $2.98 trillion in the prior year.
The private-market pipeline was substantial but not universal. Of the Australian HNW investor population, 146,000 were already involved in private markets and 32,000 planned to enter within the next year. The accompanying adviser research suggests that demand and implementation capacity were not identical: one-third of advisers found it difficult to provide access to alternatives.
Advice, succession, and the next generation
The Capgemini World Wealth Report 2024 identified advice and succession as important service issues. Sixty-five percent of HNWIs were concerned about a lack of personalized advice tailored to changing financial situations. Among wealth-management executives using behavioral finance, 59% said it helped when advising clients during volatile markets and significant life moments.
Intergenerational wealth transfer is a major future planning issue. Aging generations were expected to transfer more than $80 trillion over the next two decades in the 2024 report. The Capgemini World Wealth Report 2025 put the comparable expected transfer at roughly $83 trillion over the next 20 years. These are forward-looking estimates from separate report editions, not completed transfers.
The 2024 report found that 78% of UHNWI investors considered value-added services essential, while over 77% relied on their wealth manager to support intergenerational wealth-transfer needs. The 2025 report added that 88% of advisers said younger millionaires were more interested in crypto and private equity than older generations.
Relationship continuity may influence where next-generation clients place assets. Sixty-three percent of next-generation wealthy clients said they would follow their relationship manager if that manager changed firms. In the Netherlands, 69% of relationship managers cited a lack of digital tools and technologies as their main source of dissatisfaction, and one in two said they were likely to move to a competitor within 12 months. These Netherlands-specific workforce measures describe adviser sentiment, not investor population growth.