Russia and China now have more than 100 resident-billionaires each, and together with India have overtaken Western Europe in the number of billionaires they produce. PBI looks at Forbes’ latest research examining ultra high net worth trends in India and around the world.

 

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Bar chart showing how UHNWs in emerging markets are younger and more likely to be self-madeRussia and China’s super rich are growing in number and growing fast. Until the past 12 months, no nation other than the US was home to more than 100 billionaires – today China has 115 and Russia 101. Together with India, these three nations now have more billionaires than Western Europe, according to research from Forbes.

This new breed of ultra high net worth individuals (UHNWI) from the world’s rapidly expanding emerging markets are younger, predominantly self-made, remain involved in their businesses. This younger cohort are more focussed on new technologies, but also more cautious.

The Forbes study also found that while recovery seems to have come quickly to many UHNWIs, there are still lingering effects from the 2008-09 global downturn. In general, this has made UHNWIs more risk averse with many having significant concerns about the possible impact of inflation over the coming years. Hedging against inflation risk is a key theme among this segment.

This suggests that private banks will increasingly have to tailor their services to this demanding, but potentially lucrative, client segment.

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The Société Générale-sponsored research is helping the French bank shape its wider strategy of moving upwards into the UHNW segment, Société Générale Private Banking global chief executive Daniel Truchi said.

UHNWIs, defined as clients with a minimum of €30m or $30m of investible assets, make up 38% of SGPB’s total assets under management as of 31 March.

Research was based on data from Forbes and looked at the characteristics of 1,200 UHNWIs in 12 countries or regions.

See also: India UHNW households to triple by 2016