The world’s ultra high net worth population reached 199,235 individuals, according to the World Ultra Wealth Report, created by UBS and analysts from Wealth-X. The amount is the highest it has ever been. Overall, their wealth totals US$27.8 trillion.

Growth in the past year has been largely due to increases in the UHNWI populations of North America and Europe with a rise of nearly 10,000 UHNWIs between them. This has also led to a total increase in wealth of US$1.5 trillion. On the other hand, emerging markets suffered slight setbacks. These setbacks hit the UHNW population in both China and Brazil, the 4th and 7th wealthiest UHNW countries in the world respectively.

Despite the growth of Europe and of the United States this past year, Asia is predicted to eclipse both regions by 2032 in both UHNW population and wealth. This is in spite of the disappointing growth in UHNW population and wealth in China this year. However, this situation does not look to last for long, especially considering the promotion private banking has received in China over the last week.