Ultra-rich: Hong Kong Leads Growth, US Remains Leader

As of June 2025, the U.S. is home to nearly 38% of the global population of UHNIs. Asia and Europe account for 50% of the total, each accounting for about 25%. Followed by Middle-east on the fourth spot.

In the first half of 2025, both North America and Asia regions saw approximately 6% growth in their UHNW population, as compared to the previous year. In the U.S., these gains were fueled by a strong local economy, healthy corporate earnings and new tax breaks for the wealthy. Meanwhile in Asia, while trade disruptions caused by shifting global policies and U.S tariffs hindered a stronger growth, the region still managed to make more wealth for its ultra-wealthy. Interest-rate cuts, fiscal stimulus, a stronger renminbi, state-backed investment in AI and advanced manufacturing, helped support wealth portfolios.

Interestingly, during this period, Hong Kong’s UHNW population grew 23%, recording the highest rise, globally. Notable drivers of this growth were real-estate reforms and an influx of firms from mainland China looking to list their stocks in the HK market.

The second spot was taken by Germany that noted a 7.7% growth in its UHNW population, nearly the same as India. In Germany, the growth was led by strong equity returns on DAX index, rate cuts, euro appreciation, and significant fiscal spending on defense and infrastructure

In 2024, the ultra-wealthy spent $290 billion on luxury goods and services with luxury cars being the single most popular category, making 35% of these purchases. Personal luxury goods, fine wines and spirits, and premium homeware and furniture together accounted for 40%. Followed by fine art and luxury hospitality at 15%.

Overall, the ultra-wealthy accounted for 21% of the total global sales of luxury goods and services in 2024, establishing themselves as the core clientele of the luxury industry; driving both repeat sales and influencing new consumers. The Altrata study finds that the spending patterns of UHNWI are often guided by their peers. On an average, each UHNI knows at least 70 others in the similar wealth bracket; a network built through participation in board positions, charitable work and social events.

Currently Gen-Z and millenials make up 8% of the UHNW population. However, in the next 15 years, their share will rise to 35% of this cohort. Preceding them will be Gen-X that is likely to see its share rise from the current 25% to 45%. The share of Baby Boomer and Silent generations will drop from 67% to 20% by 2040.

The traditional industries driving this wealth; banking and finance and consumer services continue to dominate even today. However as wealth is shifting between generations so are their interests in industries.

Gen X holds the largest market share in the banking and finance industries, followed by Baby Boomers, and then Gen Z and Millennials. Thanks to digital disruption and social media, the next generations (Gen Z and Millennials) can create and grow wealth in new ways. These opportunities apply to influencers, celebrities, and brand owners alike. The new generations are already leading the market share in the technology industry and dominating the hospitality and entertainment sectors.