In 2023, roughly 1.49 billion adults worldwide had a net worth of less than 10,000 U.S. dollars. By comparison, 58 million adults had a net worth of more than one million U.S. dollars in the same year. Wealth distribution The distribution of wealth is an indicator of economic inequality. The United Nations says that wealth includes the sum of natural, human, and physical assets. Wealth is not synonymous with income, however, because having a large income can be depleted if one has significant expenses. In 2023, nearly 1,700 billionaires had a total wealth between one to two billion U.S. dollars. Wealth worldwide China had the highest number of billionaires in 2023, with the United States following behind. That same year, New York had the most billionaires worldwide.

In 2023, by far the highest number of individuals with net assets of at least ** million U.S. dollars worldwide were residing in North America, reaching over ******* people. Asia recorded the second highest number of UHNWIs in the world with over ******* individuals.A small share owns vast sums of wealthThe vast majority of global wealth is concentrated in the hands of a few people. Only *** percent of the global population owns assets worth more than *** million U.S. dollars. The richest people in the world are Elon Mask, Jeff Bezos, and Bernard Arnault. When it comes to women, Francoise Bettencourt Meyers led the ranking of the most affluent women worldwide. The wealth of over ** percent of UHNWIs was self-made. Where UHNWIs live and where they leave Unsurprisingly, as North America is the world region with the highest number of UHNWIs, the United States is the country with the highest UHNWI count. However, Hong Kong, special administrative (SAR) region in China, is the city with the highest number of UHNWIs. Nevertheless, China was the country that recorded the highest outflux of UHNWIs in 2022.

Graph and download economic data for Net Worth Held by the Top 0.1% (99.9th to 100th Wealth Percentiles) (WFRBLTP1246) from Q3 1989 to Q1 2025 about net worth, wealth, percentile, Net, and USA.

By 2030, the middle-class population in Asia-Pacific is expected to increase from **** billion people in 2015 to **** billion people. In comparison, the middle-class population of sub-Saharan Africa is expected to increase from *** million in 2015 to *** million in 2030. Worldwide wealth While the middle-class has been on the rise, there is still a huge disparity in global wealth and income. The United States had the highest number of individuals belonging to the top one percent of wealth holders, and the value of global wealth is only expected to increase over the coming years. Around ** percent of the world’s population had assets valued at less than 10,000 U.S. dollars, while less than *** percent had assets of more than one million U.S. dollars. Asia had the highest percentage of investable assets in the world in 2018, whereas Oceania had the highest percentage of non-investable assets. The middle-class The middle class is the group of people whose income falls in the middle of the scale. China accounted for over half of the global population for middle-class wealth in 2017. In the United States, the debate about the middle class “disappearing” has been a popular topic due to the increase in wealth among the top billionaires in the nation. Due to this, there have been arguments to increase taxes on the rich to help support the middle class.

Goal 10Reduce inequality within and among countriesTarget 10.1: By 2030, progressively achieve and sustain income growth of the bottom 40 per cent of the population at a rate higher than the national averageIndicator 10.1.1: Growth rates of household expenditure or income per capita among the bottom 40 per cent of the population and the total populationSI_HEI_TOTL: Growth rates of household expenditure or income per capita (%)Target 10.2: By 2030, empower and promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other statusIndicator 10.2.1: Proportion of people living below 50 per cent of median income, by sex, age and persons with disabilitiesSI_POV_50MI: Proportion of people living below 50 percent of median income (%)Target 10.3: Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and practices and promoting appropriate legislation, policies and action in this regardIndicator 10.3.1: Proportion of population reporting having personally felt discriminated against or harassed in the previous 12 months on the basis of a ground of discrimination prohibited under international human rights lawVC_VOV_GDSD: Proportion of population reporting having felt discriminated against, by grounds of discrimination, sex and disability (%)Target 10.4: Adopt policies, especially fiscal, wage and social protection policies, and progressively achieve greater equalityIndicator 10.4.1: Labour share of GDPSL_EMP_GTOTL: Labour share of GDP (%)Indicator 10.4.2: Redistributive impact of fiscal policySI_DST_FISP: Redistributive impact of fiscal policy, Gini index (%)Target 10.5: Improve the regulation and monitoring of global financial markets and institutions and strengthen the implementation of such regulationsIndicator 10.5.1: Financial Soundness IndicatorsFI_FSI_FSANL: Non-performing loans to total gross loans (%)FI_FSI_FSERA: Return on assets (%)FI_FSI_FSKA: Regulatory capital to assets (%)FI_FSI_FSKNL: Non-performing loans net of provisions to capital (%)FI_FSI_FSKRTC: Regulatory Tier 1 capital to risk-weighted assets (%)FI_FSI_FSLS: Liquid assets to short term liabilities (%)FI_FSI_FSSNO: Net open position in foreign exchange to capital (%)Target 10.6: Ensure enhanced representation and voice for developing countries in decision-making in global international economic and financial institutions in order to deliver more effective, credible, accountable and legitimate institutionsIndicator 10.6.1: Proportion of members and voting rights of developing countries in international organizationsSG_INT_MBRDEV: Proportion of members of developing countries in international organizations, by organization (%)SG_INT_VRTDEV: Proportion of voting rights of developing countries in international organizations, by organization (%)Target 10.7: Facilitate orderly, safe, regular and responsible migration and mobility of people, including through the implementation of planned and well-managed migration policiesIndicator 10.7.1: Recruitment cost borne by employee as a proportion of monthly income earned in country of destinationIndicator 10.7.2: Number of countries with migration policies that facilitate orderly, safe, regular and responsible migration and mobility of peopleSG_CPA_MIGRP: Proportion of countries with migration policies to facilitate orderly, safe, regular and responsible migration and mobility of people, by policy domain (%)SG_CPA_MIGRS: Countries with migration policies to facilitate orderly, safe, regular and responsible migration and mobility of people, by policy domain (1 = Requires further progress; 2 = Partially meets; 3 = Meets; 4 = Fully meets)Indicator 10.7.3: Number of people who died or disappeared in the process of migration towards an international destinationiSM_DTH_MIGR: Total deaths and disappearances recorded during migration (number)Indicator 10.7.4: Proportion of the population who are refugees, by country of originSM_POP_REFG_OR: Number of refugees per 100,000 population, by country of origin (per 100,000 population)Target 10.a: Implement the principle of special and differential treatment for developing countries, in particular least developed countries, in accordance with World Trade Organization agreementsIndicator 10.a.1: Proportion of tariff lines applied to imports from least developed countries and developing countries with zero-tariffTM_TRF_ZERO: Proportion of tariff lines applied to imports with zero-tariff (%)Target 10.b: Encourage official development assistance and financial flows, including foreign direct investment, to States where the need is greatest, in particular least developed countries, African countries, small island developing States and landlocked developing countries, in accordance with their national plans and programmesIndicator 10.b.1: Total resource flows for development, by recipient and donor countries and type of flow (e.g. official development assistance, foreign direct investment and other flows)DC_TRF_TOTDL: Total assistance for development, by donor countries (millions of current United States dollars)DC_TRF_TOTL: Total assistance for development, by recipient countries (millions of current United States dollars)DC_TRF_TFDV: Total resource flows for development, by recipient and donor countries (millions of current United States dollars)Target 10.c: By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per centIndicator 10.c.1: Remittance costs as a proportion of the amount remittedSI_RMT_COST: Remittance costs as a proportion of the amount remitted (%)SI_RMT_COST_BC: Corridor remittance costs as a proportion of the amount remitted (%)SI_RMT_COST_SC: SmaRT corridor remittance costs as a proportion of the amount remitted (%)

In 2023, the number of individuals living in the United Kingdom (UK) with a net worth of over *** million U.S. dollars excluding the value of their primary residence was roughly over ***** million people. This number has been forecasted to decrease to *** million people in 2028.

According to Cognitive Market Research, the global Insurance For Insurance For High Net Worth Individual (HNWIs) market size will be USD 103514.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 41405.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 31054.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 23808.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 5175.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 2070.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
The Non-Life Insurance Type held the highest Insurance For Insurance For High Net Worth Individual (HNWIs) market revenue share in 2024.

Market Dynamics of Insurance For Insurance For High Net Worth Individual (HNWIs) Market

Key Drivers for Insurance For Insurance For High Net Worth Individual (HNWIs) Market

Increasing Wealth Concentration to Increase the Demand Globally

Increasing wealth concentration is driving the Insurance for High Net Worth Individuals (HNWIs) Market as the global population of affluent individuals continues to grow, particularly in emerging markets. As HNWIs accumulate more wealth, they acquire high-value assets such as luxury properties, art, yachts, and private jets, which require specialized insurance coverage. This wealth concentration also leads to a greater awareness of the need for comprehensive risk management strategies, prompting HNWIs to seek bespoke insurance products that offer protection tailored to their unique portfolios. Additionally, as wealth is concentrated in fewer hands, the demand for sophisticated financial services, including personalized insurance solutions, rises, further fueling market growth. This trend is particularly pronounced in regions with rapid economic expansion and wealth generation.

Growing Demand of Luxury Asset Protection to Propel Market Growth

The growing demand for luxury asset protection is a significant driver of the Insurance for High Net Worth Individuals (HNWIs) Market. As HNWIs invest in high-value assets like luxury real estate, fine art, yachts, and rare collectibles, the need for specialized insurance coverage to protect these investments increases. These assets are often subject to unique risks, such as theft, damage, or market fluctuations, requiring tailored insurance products that offer comprehensive protection. Additionally, the rising value of luxury assets over time amplifies the potential financial loss in the event of an incident, further motivating HNWIs to seek out customized insurance solutions. This trend is particularly strong in regions with growing luxury markets, where the affluent are increasingly focused on safeguarding their valuable possessions.

Restraint Factor for the Insurance For Insurance For High Net Worth Individual (HNWIs) Market

High Premium Costs to Limit the Sales

High premium costs are a significant restraint in the Insurance for High Net Worth Individuals (HNWIs) Market. These specialized insurance products are tailored to cover luxury assets and unique risks, which often involve extensive underwriting and risk assessment processes. As a result, the premiums for such policies can be substantially higher than standard insurance, making them less accessible even for wealthy individuals. This can lead to potential clients being deterred by the cost, especially in markets where economic conditions may cause HNWIs to be more cautious with their spending. Additionally, the perception that these high premiums may not justify the benefits provided can further limit demand, particularly among those who are less familiar with the advantages of customized insurance solutions.

Impact of Covid-19 on the Insurance For Insurance For High Net Worth Individual (HNWIs) Market

COVID-19 has i...

Iceland was the country with the highest rate of millionaires worldwide in 2022, with more than ***percent of the adult population owning assets worth more than one million U.S. dollars. Luxembourg followed behind with ** percent of the population being millionaires, with Switzerland in third.

Goal 10Reduce inequality within and among countriesTarget 10.1: By 2030, progressively achieve and sustain income growth of the bottom 40 per cent of the population at a rate higher than the national averageIndicator 10.1.1: Growth rates of household expenditure or income per capita among the bottom 40 per cent of the population and the total populationSI_HEI_TOTL: Growth rates of household expenditure or income per capita (%)Target 10.2: By 2030, empower and promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other statusIndicator 10.2.1: Proportion of people living below 50 per cent of median income, by sex, age and persons with disabilitiesSI_POV_50MI: Proportion of people living below 50 percent of median income (%)Target 10.3: Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and practices and promoting appropriate legislation, policies and action in this regardIndicator 10.3.1: Proportion of population reporting having personally felt discriminated against or harassed in the previous 12 months on the basis of a ground of discrimination prohibited under international human rights lawVC_VOV_GDSD: Proportion of population reporting having felt discriminated against, by grounds of discrimination, sex and disability (%)Target 10.4: Adopt policies, especially fiscal, wage and social protection policies, and progressively achieve greater equalityIndicator 10.4.1: Labour share of GDPSL_EMP_GTOTL: Labour share of GDP (%)Indicator 10.4.2: Redistributive impact of fiscal policySI_DST_FISP: Redistributive impact of fiscal policy, Gini index (%)Target 10.5: Improve the regulation and monitoring of global financial markets and institutions and strengthen the implementation of such regulationsIndicator 10.5.1: Financial Soundness IndicatorsFI_FSI_FSANL: Non-performing loans to total gross loans (%)FI_FSI_FSERA: Return on assets (%)FI_FSI_FSKA: Regulatory capital to assets (%)FI_FSI_FSKNL: Non-performing loans net of provisions to capital (%)FI_FSI_FSKRTC: Regulatory Tier 1 capital to risk-weighted assets (%)FI_FSI_FSLS: Liquid assets to short term liabilities (%)FI_FSI_FSSNO: Net open position in foreign exchange to capital (%)Target 10.6: Ensure enhanced representation and voice for developing countries in decision-making in global international economic and financial institutions in order to deliver more effective, credible, accountable and legitimate institutionsIndicator 10.6.1: Proportion of members and voting rights of developing countries in international organizationsSG_INT_MBRDEV: Proportion of members of developing countries in international organizations, by organization (%)SG_INT_VRTDEV: Proportion of voting rights of developing countries in international organizations, by organization (%)Target 10.7: Facilitate orderly, safe, regular and responsible migration and mobility of people, including through the implementation of planned and well-managed migration policiesIndicator 10.7.1: Recruitment cost borne by employee as a proportion of monthly income earned in country of destinationIndicator 10.7.2: Number of countries with migration policies that facilitate orderly, safe, regular and responsible migration and mobility of peopleSG_CPA_MIGRP: Proportion of countries with migration policies to facilitate orderly, safe, regular and responsible migration and mobility of people, by policy domain (%)SG_CPA_MIGRS: Countries with migration policies to facilitate orderly, safe, regular and responsible migration and mobility of people, by policy domain (1 = Requires further progress; 2 = Partially meets; 3 = Meets; 4 = Fully meets)Indicator 10.7.3: Number of people who died or disappeared in the process of migration towards an international destinationiSM_DTH_MIGR: Total deaths and disappearances recorded during migration (number)Indicator 10.7.4: Proportion of the population who are refugees, by country of originSM_POP_REFG_OR: Number of refugees per 100,000 population, by country of origin (per 100,000 population)Target 10.a: Implement the principle of special and differential treatment for developing countries, in particular least developed countries, in accordance with World Trade Organization agreementsIndicator 10.a.1: Proportion of tariff lines applied to imports from least developed countries and developing countries with zero-tariffTM_TRF_ZERO: Proportion of tariff lines applied to imports with zero-tariff (%)Target 10.b: Encourage official development assistance and financial flows, including foreign direct investment, to States where the need is greatest, in particular least developed countries, African countries, small island developing States and landlocked developing countries, in accordance with their national plans and programmesIndicator 10.b.1: Total resource flows for development, by recipient and donor countries and type of flow (e.g. official development assistance, foreign direct investment and other flows)DC_TRF_TOTDL: Total assistance for development, by donor countries (millions of current United States dollars)DC_TRF_TOTL: Total assistance for development, by recipient countries (millions of current United States dollars)DC_TRF_TFDV: Total resource flows for development, by recipient and donor countries (millions of current United States dollars)Target 10.c: By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per centIndicator 10.c.1: Remittance costs as a proportion of the amount remittedSI_RMT_COST: Remittance costs as a proportion of the amount remitted (%)SI_RMT_COST_BC: Corridor remittance costs as a proportion of the amount remitted (%)SI_RMT_COST_SC: SmaRT corridor remittance costs as a proportion of the amount remitted (%)

According to Cognitive Market Research, the global Property Management & Real Estate Software market size will be USD 5369.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 9.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 2147.8 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 1610.8 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 1235.0 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 268.4 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 107.3 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.
The Commercial property type held the highest Property Management & Real Estate Software market revenue share in 2024.

Market Dynamics of Property Management & Real Estate Software Market

Key Drivers for Property Management & Real Estate Software Market

Population Growth and Urbanization to Increase the Demand Globally

The rapid growth of urban populations worldwide is driving increased demand for residential and commercial properties. As cities expand, the need for efficient property management systems becomes essential to manage the complexities of high-density living and commercial activities. In 2012, 52.5% of the global population lived in urban areas, which increased to 56.9% by 2022. This urban population share is generally higher in developed regions (79.7% in 2022) compared to developing regions (52.3%). In Least Developed Countries (LDCs), only 35.8% of the population resides in urban areas. By 2050, over two-thirds of the world's population is expected to live in urban areas. Governments and the private sector are investing heavily in infrastructure projects, which are boosting real estate development and creating a demand for advanced software solutions to manage the growing portfolio of properties.

Integration with IoT and Smart Technologies to Propel Market Growth

Integrating property management software with IoT and smart technologies allows for remote property monitoring, predictive maintenance, and efficient energy management. For example, sensors in rental units can detect water leaks or temperature changes, providing real-time alerts to property managers. This proactive approach prevents costly damage and enhances tenant comfort. Furthermore, smart thermostats and lighting systems optimize energy use, lowering utility costs and reducing environmental impact.

Restraint Factor for the Property Management & Real Estate Software Market

High Cost of Implementation and Resistance to Adoption to Limit the Sales

High initial costs, including software licensing fees, customization expenses, and staff training, present significant barriers for smaller property management firms. These financial constraints can hinder adoption and limit access to advanced software solutions, affecting operational efficiency and competitiveness in the market. Resistance to changing from traditional manual property management processes also hampers the adoption of property management software. Property managers and stakeholders may find it challenging to transition from paper-based systems, slowing the advancement and widespread implementation of digital solutions in the industry..

Impact of Covid-19 on the Property Management & Real Estate Software Market

The pandemic necessitated remote work and contactless interactions, driving the accelerated adoption of digital property management solutions. Property managers increasingly relied on software for virtual tours, online lease signing, and digital rent collection. Social distancing measures made virtual tours and remote leasing essential, boosting demand for property management software with these features, and enabling property viewings and tenant acquisition without physical interaction. Property management software improved communication bet...

In the first quarter of 2024, almost two-thirds percent of the total wealth in the United States was owned by the top 10 percent of earners. In comparison, the lowest 50 percent of earners only owned 2.5 percent of the total wealth. Income inequality in the U.S. Despite the idea that the United States is a country where hard work and pulling yourself up by your bootstraps will inevitably lead to success, this is often not the case. In 2023, 7.4 percent of U.S. households had an annual income under 15,000 U.S. dollars. With such a small percentage of people in the United States owning such a vast majority of the country’s wealth, the gap between the rich and poor in America remains stark. The top one percent The United States follows closely behind China as the country with the most billionaires in the world. Elon Musk alone held around 219 billion U.S. dollars in 2022. Over the past 50 years, the CEO-to-worker compensation ratio has exploded, causing the gap between rich and poor to grow, with some economists theorizing that this gap is the largest it has been since right before the Great Depression.

A multi-millionaire is defined as someone owning ** million U.S. dollars or more. It was forecasted that there would be almost ** thousand individuals in Australia defined as multi-millionaires by 2026. This is in line with the country’s growing economy over the years as well as the growing wealth inequality that was becoming a cause for concern in the island nation.

Distribution of the wealthy

As a rich country with plenty of natural resources and a high Human Development Index, Australia had always had a large number of high net-worth individuals or HNWIs. There were over *** thousand millionaires including a couple dozen of billionaires, with these figures expected to grow significantly over the next few years.

Income inequality

Despite the increase of wealth and economic growth, there was a concern at the level of poverty and homelessness due to the rising wealth inequality nationally. The number of homeless people living in Australia had only been increasing with more than a hundred thousand people currently without shelter. Furthermore, most of the wealth was being pushed from the country to the cities, affecting the livelihood of those living in the countryside or outback.

The statistic shows the number of millionaires in mainland China from 2015 to 2024, as estimated by a research institute in China. According to the report, there were 4.14 million millionaires owning assets worth over six million yuan - roughly equivalent to one million U.S. dollars - and 1,68 million millionaires with personal wealth of over ten million yuan in mainland China in 2024.

In 2023, an estimate of 27.8 million Colombian adults had a net worth of less than 10 thousand U.S. dollars. In contrast, the total net assets of approximately 38 thousand people above 18 years old in the South American country surpassed one million dollars. Colombia is among the most unequal countries in Latin America.

In 2016, there were approximately **** thousand millionaires in Pakistan. The number of individuals owning one million U.S. dollars or more in Pakistan is expected to rise to **** thousand by 2026. HNWI forecast in Pakistan Individuals with investible assets of at least one million U.S. dollars in current exchange rate terms are considered high net worth. The number of high-net-worth individuals in Pakistan is expected to rise overall between 2022 and 2028, settling at just under ***** thousand individuals. Countries with the highest millionaire rate In 2021, Switzerland had the highest rate of millionaires in the world, with **** percent of the adult population owning assets worth more than one million U.S. dollars. Luxembourg came in second, with **** percent of the population being millionaires, and Iceland came in third. Furthermore, over ** million people in the United States were among the world's top one percent of ultra-high net-worth individuals in 2021. China came second, with over **** million top one percent wealth holders worldwide.

In 2022, the majority of Indian adults had a wealth of 10,000 U.S. dollars or less. On the other hand, about *** percent were worth more than *********** dollars that year. India The Republic of India is one of the world’s largest and most economically powerful states. India gained independence from Great Britain on August 15, 1947, after having been under their power for 200 years. With a population of about *** billion people, it was the second most populous country in the world. Of that *** billion, about **** million lived in New Delhi, the capital. Wealth inequality India suffers from extreme income inequality. It is estimated that the top 10 percent of the population holds ** percent of the national wealth. Billionaire fortune has increase sporadically in the last years whereas minimum wages have remain stunted.

As of 2019, ** percent of millionaires in the United States had a net worth of between *********** and ********************** U.S. dollars. On the other end of the scale, **** percent of millionaires had a net worth of over *** million U.S. dollars.

According to the report, there were around 110,100 super-rich mainland Chinese households who owned wealth of over 100 million yuan as of January 2024, slightly decreased from the previous year.

South Africa was home to the highest number of millionaires in Africa as of 2023. The country had ****** high net worth individuals (HNWIs), corresponding to roughly ********* of the total number of millionaires on the continent. Second, in rank, Egypt counted ****** HNWIs. According to the source, approximately ******* HNWIs lived in Africa, each with *** million U.S. dollars or more net assets, excluding government funds. The wealth value refers to assets such as cash, properties, and business interests held by individuals living in a country with fewer liabilities. The rich in Africa Compared to 2020, the number of African millionaires increased by nearly **** percent. This means that ****** people joined the group of individuals with minimum net assets of *** million U.S. dollars. The number of centi- and multimillionaires has increased as well. In 2022, the Nigerian Aliko Dangote held the title of the wealthiest person in Africa. Founder and chairman of Dangote Cement, the largest cement producer in the whole African continent, the billionaire also owns salt and sugar manufacturing companies. His net worth is estimated at nearly ** billion U.S. dollars. Trillions of U.S. dollars in riches Total private wealth in Africa amounted to *** trillion U.S. dollars in 2021, a slight increase from 2020. That year, the coronavirus (COVID-19) pandemic had led to job losses, drops in salaries, and the closure of many local businesses. Compared to other African countries, South Africa concentrated the largest private wealth. Egypt, Nigeria, Morocco, and Kenya completed the leading wealth markets. The five nations accounted for over ** percent of Africa’s total wealth in 2021.

At the end of 2020, there were nearly *** thousand dollar-millionaires in India. This was a significant decrease compared to over *** thousand millionaires at the end of the previous year. In total, there were nearly ** million dollar-millionaires worldwide in 2020. The highest density of millionaires had been recorded in Switzerland with nearly ** percent, whereas India had a density of *** percent. Persons owning assets worth more than one million U.S. dollars are considered high-net-worth individuals (HNWI).

India’s super-rich Persons owning assets worth more than ** million U.S. dollars are considered ultra-high-net-worth individuals (UHNWI). In 2020, these roughly six thousand individuals owned approximately *** billion dollars. By far the richest person in India was Reliance chairmen Mukesh Ambani. His female counterpart was Roshni Nadar Malhotra, CEO of HCL Technologies and daughter of HCL-founder Shiv Nadar.

Wealth with a purpose Shiv Nadar was not only one of the richest Indians in 2020, but he also contributed around ***** billion Indian rupees for philanthropic initiatives. He was only topped by Wipro-chairman Azim Premji that year. Through Premji’s donations in that sector, education received the vast majority of philanthropic donations that year. Besides private donations, spending on corporate social responsibility (CSR) has grown as well in recent years.