The ranks of the global “ultra high net worth” (UHNW) individuals swelled by 46,000 last year to a record 218,200 as the world’s richest people benefited from “almost an explosion of wealth” during the recovery from the pandemic. The richest 1% of the global population increased their share of all the world’s wealth for a second year running to 46%, up from 44% in 2020. Shorrocks said the number of millionaires was becoming so large that it was becoming “an increasingly irrelevant measure of wealth”. More than a third of the millionaires live in the US, which is home to 24.5 million millionaires, or 39% of the world’s total. China is in second place, with 10% of the world’s millionaires, ahead of Japan with 5.4%, the UK (4.6%) and France (4.5%).

Source: The Guardian September 20, 2022 19:20 UTC