Ultra High Net Worth Individuals (UHNWI’s), or individuals who have more than $30 million in net assets, the ultra rich, are now $2 trillion richer thanks to a great 2014. According to the Wealth-X and UBS World Ultra Wealth Report 2014, the total net wealth of UHNWI’s is now nearly $30 trillion, an increase of 7% from the $28 trillion total in 2013.
The real shocker was the amount of wealth that was held in the hands of these 211,275 individuals: though they account for only .004% of the world’s population, they control almost 13% of the total global wealth.
How do these super-rich spend their money? According to the report, the average ultra wealthy person spends $1.1 million each year on luxury goods and services. All together, they spend a combined $40 billion on cars, $23 billion on private aviation, $22 billion on yachts and $8 billion on alcohol.
The report also confirms the massive trend of intergenerational wealth transfers that are currently underway, as UHNWI’s and billionaires with partially inherited wealth were the fastest growing segment of this population.
For further information, download the report here.