Market research firm Wealth-X have found that geopolitical tensions left wealth creation zeal among ultra-high net worth (UHNW) clients undimmed during 2017.
The numbers of individuals with $30m (£23.5m, €25.8m) of investible assets rose 12.9% to 255,810. By comparison 2016 saw the same elite group grow by 3.5%.
Last year also saw the ultra-wealthy combined fortune grow 16.3% to $31.5trn.
Wealth-X predicts the UHNW population is forecast to rise to 360,390 people by 2022, an increase of almost 105,00 compared with 2017.
The level of UHNW wealth is projected to increase to $44.3trn, implying an additional $12.8trn of newly created wealth over the next five years
Growth was seen across all regions with certain segments outperforming.
In 2017 New York showed the weakest growth and lost its crown as the home the largest population of UHNWIs to Hong Kong, which fed off the growth in mainland China.
Women also made advances, but still only 35,000 held 13.7% of the world’s fortunes.
Asia led Latin America regionally. It posted a 27% increase in UHNWIs.
