The current economic situation has led to rampant inflation as well as a general sense of unease about the future. In spite of the fact that this is the case, a strong showing in the stock market has led to the Ultra Wealthy becoming even richer.

An ultra high net worth individual is defined as someone that possesses over $30 million in various assets, and there are around 600,000 of them all around the world. The Knight Frank Wealth Report for 2024 has revealed the countries in which these individuals tend to reside, with some countries hosting a larger proportion of the upper crust than others.

With all of that having been said and now out of the way, it is important to note that the US continues to dominate the top of the last. America isn’t just in the number 1 spot, it holds it by a large margin with 35.9% of ultra wealthy individuals calling it home. This comes up to 225,077 people in total, and it bears mentioning that their numbers have increased by 7.9% year over year.

However, the country that saw the most growth in ultra wealthy population was Turkey. While there are under 2,000 individuals in this social strata living within Turkey’s borders, their numbers have increased by a whopping 9.7% within the span of a year. India has also seen a startling growth rate of 6.1%, with its 13,263 ultra wealthy people bringing it to 11th place with all things having been considered and taken into account.

If we were to look at these statistics through the perspective of pure numbers, we would see that China comes in second place. 98,551 Chinese people are considered ultra wealthy, and they represent 15.7% of the overall global total which puts China in second place in this category as well. Their numbers swelled by 3.3%, which is quite respectable when compared to a few other nations out there.

Germany, Canada, and France round off the top five, with 29,021, 27,928, and 24,941 ultra high net worth individuals respectively. However, Canada saw the best growth rate with 2%, whereas Germany only managed 1.1%, and France’s UHNW population remained relatively stagnant with a 0.2% rate of growth.

It’s quite clear that most of this wealth growth has occurred in the West with the notable exception of China. Japan is the only other Eastern country that cracked the top ten list, but its meager growth rate of 0.3% means that it might not hold this status for very long. The UK surpassed Japan with 23,072 individuals compared to the East Asian nation’s 21,710, allowing the British kingdom to reach 6th place with a 3.1% growth rate that’s on par with that of China’s.

The last three countries in the top ten list were Italy in 8th place with 15,952 ultra wealthy people, Australia in 9th place with 15,347, and Switzerland in 10th place with 14,374. Their growth rates were quite high at 3.8%, 2.9%, and 5.2% respectively. India’s high growth rate and the slow growth in France and Japan might mean that the list will look very different in a decade or so.