Home TOP NEWS 0.004% richest control 13% world’s wealth

0.004% richest control 13% world’s wealth

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Microsoft co-founder Bill Gates

 

Microsoft co-founder Bill Gates
Microsoft co-founder Bill Gates

Only 0.004 percent of the world’s high networth adult population controls almost 13 percent of the world’s total wealth, according to a new study.

Global ultra high net worth (UHNW) individuals’ population has reached a record high of 211,275 with combined net worth of nearly $30 trillion, Wealth-X, the world’s leading ultra high net worth (UHNW) intelligence firm said in the study released .

The combined wealth of ultra wealthy individuals — those with $30 million and above in net assets — increased by 7 percent to $29.725 trillion in 2014, almost twice the GDP of the world’s largest economy, the US.

North America and Europe continue to dominate the global landscape with the largest UHNW population and wealth.

There are 183,810 male ultra rich individuals as of 2014, and 23.6 percent are involved in the finance, banking and investment industry, a 3.6 percent increase from last year.

There are 27,465 female UHNW individuals as of 2014, and 48 percent of them fully inherited their wealth, a decline from 53 percent in 2013.

Almost $13 trillion of the world’s high networth individuals wealth is held in private company holdings, nearly twice the amount held in public company stakes.

The report said 64 percent of the world’s high networth population is self-made and only 17 percent have fully inherited their wealth.

World’s ultra wealthy population is a significant source of revenue for the luxury industry, accounting for almost 19 percent of the luxury industry’s market, it said.