Cities in the United States dominate the list of cities with the highest number of ulta high net worth individuals (UHNWI) in 2023. This comes as no surprise as it is the country with the highest number of UHNWIs. New York had 16,630 individuals with a net worth exceeding 30 million U.S. dollars, followed by Hong Kong with 12,545 individuals.

This statistic illustrates the number of millionaire (HNWI, UHNWI) and billionaire individuals in Germany in selected years from 2014 to 2019, with a forecast for 2024, by wealth bracket. The high, ultra-high and billionaire's population are set to see continued growth. By 2024, the number of billionaires in Germany is set to reach 147.

This statistic illustrates the number of millionaire (HNWI, UHNWI) and billionaire individuals in the United Kingdom (UK) in selected years from 2013 to 2018 and a forecast for 2023, by wealth bracket. The high, ultra-high and billionaire's population grew steadily throughout time, with projection to increase approximately 19 percent, 21 percent and 24 percent respectively by 2023 in comparison to 2018.

In 2023, there were over 13 thousand ultra-high-net-worth individuals (UHNWI) in India. Individuals owning assets worth more than 30 million U.S. dollars were considered to be UHNWI. These figures were expected to reach about 20 thousand UHNWI by 2028.

Singapore Luxury Goods Market size is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow at a CAGR of 4.5% in the forecasted period. i.e. 2026 to 2032.

Key Market Drivers

Tourism Recovery: Singapore's strong tourism recovery following the pandemic is a significant driver of the luxury goods market. According to the Singapore Tourism Board (STB), visitor arrivals reached 13.6 million in 2023, with a significant portion coming from China, Indonesia, and the Middle East. These visitors generated around SGD 26.8 billion in tourism revenue, with shopping accounting for nearly 25% of their expenses.

Growing Ultra-High-Net-Worth Individual (UHNWI) Population: The growing number of ultra-wealthy individuals in Singapore is driving demand for premium and luxury products. According to the Knight Frank Wealth Report 2024, Singapore experienced a 5.4% increase in UHNWIs (individuals with net assets of USD 30 Million or more) in 2023, reaching roughly 4,200 people. This concentration of wealth has established Singapore as having one of the greatest densities of millionaires in the world, with roughly 8.8% of the adult population being millionaires.

In 2023, 225,000 individuals with net assets of at least 30 million U.S. dollars were residing in the United States, by far the highest number of any country. By comparison, China, which had the second highest number of ultra high net worth individuals (UHNWIs), had less than 100,000 individuals with assets amounting to 30 million U.S. dollars or more.Place of residence of ultra high net worth individuals The residency of almost half of the world’s ultra high net worth individuals in the United States explains the dominance of North America in regard to the number of ultra high net worth individuals by region. Hong Kong was the city with the most UHNWIs in 2022, followed by New York, London, and Los Angeles. Source of wealth and gender differences A majority of the world's UHNWIs are self-made. However, looking at billionaires, there is a clear difference between men and women; whereas a majority of billionaire men were self-made, a majority of the women had inherited their fortune.

This statistic illustrates the number of millionaire (HNWI, UHNWI) and billionaire individuals in Ireland in selected years from 2014 to 2019,with a forecast for 2024, by wealth bracket. The high, ultra-high and billionaire's population has been forecast to grow in Ireland between 2019 and 2024.

North America had the most ultra high net worth (UHNW) individuals in 2019. In that year, 105,080 ultra wealthy individuals resided in that region. The second highest number of ultra wealthy individuals lived in Asia with 83,310 individuals.

In 2021, there were around 712 ultra high net worth individuals (UHNWI) residing in Malaysia. This was forecasted to increase to more than one thousand in 2026. In that same year, there were approximately 70 thousand millionaires in Malaysia.

In 2021, the Philippines had about 313 ultra-high net worth individuals (UHNWI). It was projected that in 2026, the number of ultra-high net worth individuals in the country will be 441.

Australia had over 20 thousand ultra-high-net-worth individuals (UHNWI) in 2021, more than double the number of UHNWIs reported five years earlier in 2016. This number was estimated to rise to over 27 thousand individuals by 2026 in the country.

In 2023, Vietnam had around 752 Ultra High Net Worth Individuals (UHNWIs), a slight increase from the previous year. By 2028, the number of UHNWIs in the country was forecasted to reach 978.

This statistic illustrates the number of high net worth individuals in Israel in 2019, broken down by wealth range group. That year, there were 50 people in Israel whose wealth exceeded 500 million U.S. dollars.

In 2016, there were five thousand millionaires in Sri Lanka. This figure was estimated to reach 13 thousand by 2026. In comparison, the country had 80 ultra high net worth individuals (UHNWI) and 10 centa-millionaires in that year. In 2018, there were about 6.07 million millionaires, also called high net worth individuals (HNWI), in the Asia Pacific region.

Richest people in Sri Lanka

One of Sri Lankan’s richest people is Dhammika Pereras, a businessman who is owning about 23 companies in various sectors and whose estimated fortune amounts to 550 million U.S. dollars. He is followed by Sohli and Rusi captain, a family that is the largest shareholder of John Keells Holdings and Chemical Industries Colombo with a fortune of around 250 million U.S. dollars.

Sri Lanka

The population in Sri Lanka amounted to approximately 21.4 million in 2017. Sri Lanka’s economy has been developing in the past years, with a GDP growing at 3.11 percent in 2017. Sri Lanka’s largest sector in terms of GDP contribution is the services sector. About 45.77 percent of the employees were active in the services sector in 2018. The government was able to reduce the poverty level in the past years. Nevertheless, the country’s GDP per capita is still only relatively moderate compared to other Asia Pacific countries.