Ultra high-net-worth individuals (UHNWI) are ultra-wealthy with a net worth of at least US$30 million in liquid financial assets, meaning an ultra-rich can splash out on private jet travel anytime anywhere.
While some UHNWIs have their own jets, the rest of them book a chartered plane from London to Singapore for US$300K to US$500K within a few seconds on the same day and time.
With over 20,000 private jets owned by UHNWIs and numerous luxury houses around the world, yet about half of this elite population or the so-called 1% have their main residences within a group of 10 cities.
Where the Ultra-Rich Live
According to Knight Frank, The Wealth Report 2019, ultra-rich live in the biggest metropolises of United Kingdom, Japan, Singapore, United States, China, France, South Korea, Taiwan, Switzerland, and Brazil.
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Why the Ultra-Rich Live In Biggest Metropolises
These are the factors that the ultra-rich consider when selecting a permanent residential addresses.
- Business Opportunities. Are there many business opportunities in the metropolis? Are there many businesses in the city that generate hundreds of millions of dollars a month? Are there many manpower resources in the city that support and manage the businesses?
- Lifestyle Desires. Are there exclusive and super upscale villages and condominiums in the city? Does the city have luxury shopping malls, entertainment facilities, private clubs, cultural spaces, exclusive international universities, and more?
- Hospitals. Are there high-end world-class hospitals in the city that provide state-of-the-art facilities and technologies?
- Land and Air Transportation Infrastructure. Is the daily commute in the city super easy? Is traffic never an issue both on the roads and in the air?
How many UHNWIs in the World?
The world has approximately 200,000 Ultra high-net-worth individuals with more than two-thirds of them across Asia, Europe, and North America.
Europe is the biggest regional center for the ultra-rich population.
In 2019 with the spike of Asian economies, the world now has more than 20 million people worth at least US$1 million.
Asian Nouveau Riche Now UHNWIs
The rapid economic growth of Asian market produced the biggest population of new billionaires that boosted luxury investments worldwide.
In 2018, China and Hong Kong UHNWIs acquired luxury homes in London worth at least US$3 million. Asian Nouveau Riche are the biggest buyers of luxury collectibles. Rarity and provenance drove sales of art and vintage cars. And luxury transportation has become the norm for the newest elite from Asia.
Where Asian UHNWIs Invest
There’s a desire for wealthy Asian UHNWIs to dedicate part of their portfolios to tangible items. For example, rare whisky rises by 582% in 10 years while furniture goes down by 32%.
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