Wealth-X World 2014

WORLD ULTRA WEALTH REPORT 2014
WORLD ULTRA WEALTH REPORT 2014
WEALTH-X AND UBS WORLD ULTRA WEALTH REPORT 2014
A NOTE TO OUR READERS
Mykolas D. Rambus, Chief Executive Officer

David S. Friedman, President
Ridzwan Aminuddin, Chief Operating Officer
David Lincoln, Wealth-X Institute Director
Benjamin Kinnard, Wealth-X Institute Research Fellow
Sarah Merette, Wealth-X Institute Research Fellow
Raveena Rajavetti, Vice President of Research
Rashidah Abd Aziz, Business Analyst
Tara Loader Wilkinson, Editor in Chief
Fauzi Ahmad, Director of Communications and Media Relations
Melanie Lam, Marketing Executive
Will Citrin, Managing Editor
Anisha Nair, Graphic Designer
Kay Leng Khoo, Director of Technology
Gianni Bianchi, Managing Partner, Europe
Manuel Bianchi, Business Development Manager
A special thank you to our Research Analysts around the world who made this report possible.
UBS 2014. The key symbol and UBS are among the registered and unregistered trademarks of UBS.
All rights reserved.
We at Wealth-X are pleased to partner with UBS for the Wealth-X and UBS World Ultra Wealth Report
2014, the latest edition of this annual report on the worlds ultra wealthy population.
The partnership represents a true collaboration
between Wealth-X, the worlds leading UHNW
intelligence and prospecting firm, and UBS, the
global leader in wealth management.
The Wealth-X and UBS World Ultra Wealth Report
2014 presents a comprehensive overview of the
global ultra high net worth (UHNW) population
(made up of those with US$30 million and above
in net assets). The report examines this ultra
affluent tier by region, country, wealth source and
gender. Compiled using Wealth-Xs exclusive and
extensive database of hand-curated intelligence, the
report offers unique insights into the investment
behaviours, hobbies, passions and philanthropic
interests of the worlds ultra wealthy individuals. For
those looking to capitalise on the potential of the
UHNW market, the Wealth-X and UBS World Ultra
Wealth Report 2014 is an invaluable resource.
This years report shows that the global UHNW
population reached an all-time high of 211,275
individuals in 2014, representing a 6% increase
from 2013. The combined net worth of the worlds
UHNW individuals stands at US$29.7 trillion,
nearly US$2 trillion more than last year. These

individuals influence continues to increase across
the globe and across industries: from wealth
management to luxury, philanthropy and other
domains. Ultra wealthy individuals typically hold a
significant proportion of their wealth in cash or cash
equivalents. Almost a quarter of all UHNW wealth
is held in such assets, enabling UHNW individuals
to wield tremendous power and influence in the
global economy.
The annual Wealth-X and UBS World Ultra Wealth
Report has become an essential reference for
those who want to engage the most commercially
significant wealth segment today the ultra wealthy.
We predict that in the next five years the size of the
global UHNW population will swell to more than
250,000 individuals and their combined net worth
will almost surpass US$40 trillion.
This report provides you with a clear, definitive and
accurate portrait of todays UHNW population
so that you can successfully pursue business
opportunities with this wealth segment in the
coming years.
This publication is for your information only and is not intended as an offer, or a solicitation of an
offer, to buy or sell any product or other specific service. All information and opinions indicated are
subject to change without notice.
Mykolas D. Rambus
Chief Executive Officer
David S. Friedman
President
HIDDEN RISKS
made and involved in founder-owned private

businesses. As a result, the census finds that
UHNW individuals have over two thirds of their
wealth in their core businesses, with the value
of these private company holdings representing
almost twice the amount UHNW individuals in
aggregate hold in public company stakes.
Geopolitics, disinflation, and a lack of economic

growth have regularly grabbed news headlines
lately. However, three other less well publicized
factors present as much or more risk, to UHNW
individuals portfolios and purchasing power in
quarters to come.
In a zero interest rate environment, cashs
purchasing power continues to erode. This has been
less problematic in the recent past as overall price
inflation has been muted, consistently registering
below expectations. As a result, over the past five
years the purchasing power of USD cash holdings
has declined only some 8.5%.
However, this report finds that UHNW individuals
hold nearly 25% -- an extremely high proportion
of their net worth in cash, and the prices of many
large-ticket items that may better represent the
consumption patterns of UHNW individuals have
significantly outpaced broad inflation measures.
For example, over the last five years, London
house prices have increased by 40%, while a luxury
Louis Vuitton Keepall Bandouliere duffle bag has
risen in price by 30%. This report also shows that
UHNW individuals were responsible for 19% of
total purchases in the luxury industry in the last
year, despite only comprising 0.004% of the worlds

adult population. As a result, inflation may well be
eroding the wealth of UHNW individuals at a faster
pace than prevalent in the broader community.
Second, the government bonds which UHNW
individuals have been told over many years are safe
investments and will help diversify their investment
portfolios are no longer safe. In fact, the return
outlook for government bonds like German Bunds
and US Treasuries is highly (negatively) asymmetric.
At the time of writing, US 10-year yields were
around 2%. If they returned to their all-time lows
reached in mid 2012, holders would see the value of
these bonds increase by some 6%. Alternatively, if
yields instead returned to where they started 2014,
ex roll-down holders would face losses of 10%, or
five years of coupon, let alone if they returned to
their average yield of the last 20 years, which would
see holders lose near to 25%. The return asymmetry
is even greater for German Bunds, where yields are
already at all-time lows.
However, this disproportionality exposes

UHNW individuals to exogenous shocks.
The macro economy, industry-specific issues
such as technological change and competition,
regulation changes, and geopolitics can all
detrimentally impact the prospects for a
previously successful business. And having such
a high share of ones wealth exposed to just one
asset goes against the most basic principle of
portfolio construction that diversification
is essential to achieve optimal risk return
outcomes. Concentration biases prohibit a
portfolio from generating the most return for
a given risk level (i.e. occupying the efficient

frontier). And while idiosyncratic factors
may lead to short-term outperformance, over
the medium to long term, portfolios without
concentrated risks will outperform.
The most straightforward way for UHNW
individuals to address these concentration biases
is to divest wealth from their core business
and more aggressively allocate to investment
portfolios. However, a more pragmatic and
practical approach is often to seek hedges for the
concentrated exposure. This can be attempted
in a variety of ways, including buying puts on
the company if it is listed, or else on the listed
equity of similar companies, or constructing
collars, which involves selling out of the money
calls and buying out of the money puts to limit
both the downside and upside potential of the
concentrated holding.
Simon Smiles
Chief Investment Officer UHNW
UBS Wealth Management
Wealth concentration is perhaps the biggest risk

facing UHNW individuals. This report finds that
the majority of UHNW individuals are self-
TABLE OF CONTENTS
01
EXECUTIVE SUMMARY
02
GLOBAL OVERVIEW
03
9
10
04
UHNW GEOGRAPHY
36
North America 37
Key Events 12
United States 40
Regional Dispersion 14
Canada 42
Wealth Distribution
17
Europe 44
Clusters of UHNW 18
Germany 48
Male 18
United Kingdom 50
Female 20
Switzerland 52
Wealth Source 22
Italy 54
Forecast 24
Turkey 56
26
Asia 58
Wealth Management 26
China 62
Private Wealth 26
Hong Kong 64
Family Offices 27
Singapore 66
Private Banking 27
Latin America & the Caribbean
Philanthropy 28
Brazil 72
Education 29
Mexico 74
Luxury 30
Middle East 76
Real Estate 31
United Arab Emirates 80
Global Life 32
Israel 82
Relationships 34
The Pacific 85

Known Associates 34

Family 34
Australia 88

Next Generation of
Influencers 35
South Africa 94
UHNW INFLUENCE
68
Africa 90
Nigeria 96
98
05
APPENDIX: WORLD RANKING
06
METHODOLOGY 100
EXECUTIVE SUMMARY
In 2014, the worlds ultra high net worth (UHNW)

population grew 6% to 211,275 individuals and the
worlds UHNW wealth increased 7% to nearly US$30
trillion. Although these ultra wealthy individuals
account for only 0.004% of the worlds adult
population, they control almost 13% of the worlds total
wealth.
Even amidst geopolitical conflicts, socio-economic
strife, and volatile currency markets, the worlds equity
markets displayed strong performances, thereby
enabling UHNW individuals wealth to increase and
their influence across industries and sectors to grow from their importance in wealth management to their
consumption of luxury goods. For example, UHNW
individuals were responsible for 19% of total purchases
in the luxury industry in the last year.
Entrepreneurship is one of the salient characteristics
of the worlds UHNW population: the majority of
them are self-made and are involved in founder-owned
private businesses. Almost US$13 trillion of the worlds
UHNW wealth is held in private company holdings,
nearly twice the amount held in public company stakes.
Differences exist between segments of the worlds
UHNW population. For example, female UHNW
individuals hold almost 16% of their net worth in
real estate and luxury assets, more than their male
counterparts who only hold about 10% of their net
worth in such assets.
North America and Europe dominate the global
UHNW landscape as the two regions with the largest
UHNW population and wealth. Both regions continue
to attract capital, financial and human, and their
influence over the worlds wealth continues to expand.

Although Asia ranks third in terms of UHNW
population and wealth, the regions performance was
less impressive than expected over the past year. Mixed
performance across the regions markets tempered its
growth. For example, while Indias UHNW population
and wealth experienced strong growth, the growth
of Japan and Chinas UHNW population and wealth
was slower than the regional average: signs of faltering
confidence in the effectiveness of Abenomics in Japan
and indications of overleveraging and a slowing real
estate market in China affected Asias two largest
economies.
In contrast, the Middle East and Africa were the two
fastest growing regions in terms of UHNW population
and wealth, even though both experienced, and continue
to experience, circumstances that raise uncertainties
regarding long-term growth potential - from the
ongoing Syrian crisis, to the devastating impact of the
West African Ebola epidemic.
Latin America & the Caribbean - the only region to
experience a decline in both UHNW population and
wealth in 2013 - recovered in 2014, with its UHNW
population and wealth rising above 2012 levels. Yet,
Latin America & the Caribbean was the slowest
growing region this year, as the regions economies
battled inflationary pressures and negative currency
movements.
In the coming five years, Wealth-X forecasts that
the global UHNW population will reach 250,000
individuals and their combined wealth will almost
surpass US$40 trillion.
GLOBAL OVERVIEW
SHARE OF
POPULATION
2014 ADULT
POPULATION
SHARE OF
WEALTH
2014 WEALTH
US$ trillion
0.004%
211,275
12.8%
29.7
WORLD
US$10 million - US$29 million
0.01%
682,775
6.4%
14.9
NORTH AMERICA
US$5 million - US$9.9 million
0.02%
835,950
2.7%
6.2
EUROPE
US$1 million - US$4.9 million
0.3%
14,930,000
11.3%
26.2
ASIA
US$100,000 - US$999,000
7.5%
366,340,000
45.3%
105.4
LATIN AMERICA &

THE CARIBBEAN
US$10,000 - US$99,000
25.8%
1,265,000,000
15.6%
36.3
MIDDLE EAST
$10,000 & UNDER
66.3%
3,248,000,000
5.9%
13.8
PACIFIC**
WEALTH TIER
UHNW POPULATION
TOTAL
The worlds UHNW population accounts for 0.004%

of the worlds adult population, but controls almost
13% of the worlds wealth. Such a large concentration of
wealth in the hands of these few individuals means that
they tend to have a large degree of influence, whether
on global equity markets or specific industries.
The Wealth-X and UBS World Ultra Wealth Report
2014 aims to clearly evaluate and explain the extent of
this influence across these verticals, and show how this
influence differs by cluster, geography or other factors.
For example, 91% of Chinas UHNW population is
self-made compared to only 43% in Switzerland, while
female UHNW individuals globally tend to invest
more in real estate and luxury assets, holding almost
16% of their average net worth in such goods.
4,896,000,000
232.5
On top of the direct influence that UHNW individuals

have on the worlds economy, they also have an indirect
impact through their social networks of family or
friends, and these connections can also influence
trends in UHNW individuals lifestyle and choices.
While there are 211,275 UHNW individuals globally,
there are over one million people with access to ultra
wealth (when factoring in family members of UHNW
individuals), extending the reach of the UHNW
wealthy even further.
MAJOR WEALTH
INDICATORS 2014*
GDP
CURRENCIES
EQUITIES
UHNW
POPULATION
UHNW
WEALTH
NA
AFRICA
Over the course of the past year, numerous disruptive

events occurred including socio-political disturbances
and conflicts - such as continued protests and upheavals
in Egypt, Syria, Venezuela and Thailand - and the
ongoing Ebola epidemic in West Africa. Many UHNW
individuals in troubled regions have opted to relocate
to areas that are considered safer, or to increase their
foreign holdings. Such decisions were further supported
by volatile currency movements, with some economies
experiencing severe depreciation: Argentina and Ukraine
both saw their currencies value decrease by over 30%
relative to the US dollar, while Indonesias rupiah
declined by 16%, and South Africas rand fell by 7%
relative to the US dollar.
Equity markets across the world performed well, with

the S&P1200 growing by more than 20% and world
GDP climbing to almost US$77 trillion in 2014. Last
year, the UHNW population and wealth of emerging
economies such as Brazil and China declined: this year,
they surpassed 2012 levels. Although many of the worlds
emerging economies continue to experience slow or
even declining GDP in local currency terms, their
business confidence has risen, as reflected in the strong
performance of these countries equity markets. The
worlds ultra wealthy, on average, hold over two thirds
of their net worth in business holdings, and tend to have
long-term investment horizons, allowing them to ride
out much of the short-term volatility that can occur,
particularly in emerging markets. Such promising signs
help explain why some of the difficult and disruptive
events of the last year have not taken a toll on the
aggregate number and total wealth of the worlds
UHNW population.
* July 2013 - June 2014.

** In the Wealth-X and UBS World Ultra Wealth Report 2013, the Pacific region was called Oceania.
10
11
KEY WORLD WEALTH EVENTS IN 2013-2014
(+) MIDDLE EAST
(+) EUROPE
JOINT PLAN OF ACTION

RESULTS IN NUCLEAR
DEAL WITH IRAN
(+) WORLD
BITCOIN VALUE REACHES
ALL TIME HIGH AND
CROSSES US$1,000 FOR
THE FIRST TIME
(+) EUROPE
+
wealth
indicators
2013
JULY
(+) ASIA
(+) EUROPE
CHINA ANNOUNCES
IT WILL ALLOW THE
FORMATION OF FIVE
PRIVATE BANKS
ANGELA MERKEL
IS RE-ELECTED AS
CHANCELLOR OF
GERMANY
(+) NORTH AMERICA
(+) NORTH AMERICA
BILLIONAIRE JEFF
BEZOS BUYS THE
WASHINGTON POST
FOR US$250 MILLION
MICROSOFT ACQUIRES
NOKIA FOR US$7
BILLION
AUGUST
SEPTEMBER
ECB LOWERS INTEREST

RATES TO 0.25% FROM
0.5%
(+) LATIN AMERICAN &

THE CARIBBEAN
(-) AFRICA
BANK OF ENGLAND
MAINTAINS INTEREST
RATES AT 0.5%
FACEBOOK ACQUIRES
WHATSAPP IN US$19
BILLION DEAL
(+) ASIA
(+) ASIA
(+) ASIA
CHINA ENDS IPO

FREEZE
CHINA ALLOWS FOREIGN

COMPANIES MAJORITY
OWNERSHIP OF SOME
TELECOM AND INTERNET
SERVICES IN THE
SHANGHAI FREE TRADE
ZONE
CHINAS TRADE SURPLUS

JUMPS TO US$31.9
BILLION
(+) NORTH AMERICA

TWITTER GOES PUBLIC
OCTOBER
NOVEMBER
DECEMBER
(-) NORTH AMERICA
(-) WORLD
(-) WORLD
(-) MIDDLE EAST
wealth
indicators
CHEMICAL WEAPONS
ATTACK IN SYRIA
WEST GATE SHOPPING

MALL ATTACK IN
NAIROBI
US GOVERNMENT
SHUTDOWN AND DEBT
CEILING STANDOFF
(-) ASIA
(-) NORTH AMERICA/

EUROPE
FORMER SENIOR LEADER

IN CHINA BO XILAI IS
SENTENCED TO LIFE IN
PRISON IN POLITICALLY
CHARGED COURT CASE
NSA REVEALED TO BE
MONITORING WORLD
LEADERS
JP MORGAN
SENTENCED TO PAY
US$13 BILLION IN ONE
OF MANY LAWSUITS
AGAINST THE
WORLDS LARGEST
BANKS
(-) NORTH AMERICA
SAC ON TRIAL FOR
INSIDER TRADING
(+) NORTH AMERICA
MEXICOS CONGRESS
ENDS GOVERNMENT
MONOPOLY IN ENERGY
(-) AFRICA
MOHAMMED MORSI
DEPOSED IN EGYPTIAN
COUP
(+) EUROPE
BERNANKE
ANNOUNCES QE
TAPERING TO START
IN 2014
(-) AFRICA
START OF THE WEST
AFRICA EBOLA
OUTBREAK IN GUINEA
JANUARY
FEBRUARY
CONSUMER
CONFIDENCE IN THE
UK ROSE TO AN ALL
TIME HIGH SINCE
2007
(+) ASIA
CHINESE
E-COMMERCE GIANT
ALIBABA AND
WEIBO UNVEILS
PLANS TO SELL
SHARES ON THE US
STOCK MARKET
MARCH
(+) ASIA
HONG KONG
STOCK EXCHANGE
AND SHANGHAI
STOCK EXCHANGE
ANNOUNCE THE
SHANGHAI-HONG
KONG STOCK
CONNECT PROGRAM
(+) EUROPE
(+) ASIA
FTSE 100 RISES TO 6,878
NARENDRA MODI
ELECTED INDIAN
PRIME MINISTER AFTER
HIS PARTY BJP WINS
ELECTIONS
(+) EUROPE/ASIA
RUSSIA AND CHINA SIGN
GAS DEAL
(+) NORTH AMERICA
APPLE ACQUIRES
DR.DRES BEATS IN US$3
BILLION DEAL
S&P 500 HIT A HIGH OF

1,960
(+) LATIN AMERICA &
THE CARIBBEAN
MERVAL HITS A HIGH
OF 8,291
APRIL
MAY
(-) NORTH AMERICA
(-) PACIFIC
(-) EUROPE
(-) AFRICA
(-) ASIA
THE DOW JONES

INDUSTRIAL AVERAGE
FELL 5.3%, THE WORSE
START TO THE YEAR
SINCE 2009
THE AUSTRALIAN
DOLLAR DROPS TO
US$0.8695, LOWEST
VALUE SINCE 2010
SANCTIONS AGAINST
RUSSIA ARE IMPOSED
IN RESPONSE TO THE
CRIMEA INVASION
BOKO HARAM
KIDNAPPINGS IN
NIGERIA
GENERAL PRAYUTH
CHAN-OCHA NAMED
THAI PRIME MINISTER
AFTER COUP
(-) LATIN AMERICA &

THE CARIBBEAN
(-) ASIA
(-) EUROPE
CHINA SUFFERS FIRST

CORPORATE BOND
DEFAULT
LIBOR SCANDALS
PROTESTS IN VENEZUELA
ACCELERATE
(+) NORTH AMERICA
JUNE
2014
(-) MIDDLE EAST

ISIS TAKES OVER MOSUL
AND TIKRIT
(-) NORTH AMERICA
THE UNITED STATES
CONSTRUCTION SPENDING
DROPPED 1.8%, BIGGEST
SETBACK SINCE EARLY 2011
12
13
THE GLOBAL ULTRA WEALTHY POPULATION

2014 UHNW
POPULATION
2014 TOTAL WEALTH

US$ BILLION
2013 UHNW
POPULATION
2013 TOTAL WEALTH

US$ BILLION
POPULATION
CHANGE %
TOTAL WEALTH
CHANGE %
211,275
29,725
199,235
27,770
6.0%
7.0%
6.0%
8.9%
US$10,265
US$8,355
billion
6.2%
billion
6.5%
609
74,865
5.8%
61,820
NORTH AMERICA
EUROPE
12.7%
Latin America & the Caribbean experienced the slowest

growth in terms of both UHNW population and wealth,
yet this is a distinct improvement from last years decline.
Such volatile performance year-on-year is indicative of
the regions vast opportunities even amid difficult
macroeconomic and political circumstances.
Asias performance was less impressive than expected:
only Latin America & the Caribbean experienced slower
growth in both UHNW population and wealth. The
diverse and heterogeneous composition of Asias UHNW
population can explain such average growth results.
14
billion
13.1%
US$995
During the past year, both the worlds ultra wealthy

population and wealth increased at a faster rate than
we had predicted in the Wealth-X and UBS World Ultra
Wealth Report 2013.
The Middle East and Africa were the two fastest growing
regions in 2014 in terms of both UHNW population and
wealth, as was the case in 2013, but rapid growth in both
North America and Europe meant these two regions
continue to dominate the global UHNW landscape.
4.8%
US$6,975
billion
46,635
5,975
ASIA
MIDDLE EAST
4.6%
5.5%
US$2,225
billion
14,805
LATIN AMERICA
&
THE CARIBBEAN
8.3%
12.9%
US$395
billion
3,005
AFRICA
5.4%
6.2%
US$515
billion
For example, while India experienced strong growth in terms of

UHNW population and wealth - 9.5% and 8.0% respectively - both
Japan and China, the regions two largest economies by UHNW
population, grew at a significantly slower rate than the regional
average. However, as we are still only in the early stages of an
ongoing shift in wealth creation globally from West to East, we
remain confident that over time the fortunes of Asias UHNW
population will rise.
4,170
PACIFIC
15
UHNW DISTRIBUTION, BY WEALTH TIERS
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
211,275
US$1 billion +
UHNW
POPULATION
POPULATION
CHANGE %
WEALTH
CHANGE %
29,725
199,235
27,770
6.0%
7.0%
2,325
7,291
2,170
6,516
7.1%
11.9%
1,295
1,075
1,080
929
19.9%
15.7%
3,590
2,464
3,125
2,189
14.9%
12.6%
9,335
3,530
8,695
3,420
7.4%
3.2%
14,580
3,170
13,720
3,022
6.3%
4.9%
25,400
3,660
23,835
3,469
6.6%
5.5%
63,120
4,775
60,760
4,720
3.9%
1.2%
91,630
3,760
85,850
3,505
6.7%
7.3%
TOTAL
All wealth tiers above the US$30 million threshold

experienced growth in both UHNW population and
wealth. The fastest growth was in the upper wealth
tiers, particularly in the size of the population of demibillionaires - UHNW individuals with a net worth
between US$500 and US$999 million. The absolute
increase of the demi-billionaire population was only
of 320 individuals - less than 3% of the total increase
in the UHNW population. These individuals were
disproportionately involved in industrial conglomerates,
which limited their exposure to the volatility in net
worth that many individuals in other wealth tiers
experienced and allowed for more consistent growth.
The largest absolute growth was seen in the US$30
million to US$49 million wealth tier, as new UHNW
individuals took on new opportunities. Despite the
more significant growth rates of the wealthiest wealth
tiers, almost three fourths of the entire UHNW
population is worth less than US$100 million, yet these
individuals collectively only account for 29% of total
UHNW wealth.
16
2013-2014
UHNW
WEALTH
US$ billion
The growth across wealth tiers in both population

and wealth is particularly important as it shows that
the financial and demographic influence of UHNW
individuals is increasingly significant. Each wealth tiers
population growth rate was higher than the world
average population growth rate of 1.1%, and for all but
two wealth tiers, these individuals wealth grew faster
than global GDP, which registered an average 3.7%
growth rate in the past year according to the latest
estimates from the International Monetary Fund. As
a consequence, the value of UHNW individuals as
consumers and clients, as well as their command over
the worlds resources has increased - both in relative and
absolute terms.
17
MALE UHNW INDIVIDUAL
183,810
87%
US$25.7 TRILLION
86%
59
$
Male UHNW
Population
Share of UHNW
Population
Combined
Wealth
The male UHNW population increased by 4.6% this

year, less than the growth rate of the total UHNW
population. Their average net worth rose by 1.3%,
equivalent to an increase of US$1.7 million per male
UHNW individual. This net growth in the financial
clout of this segment of the UHNW population has farreaching ramifications - from financing the acquisition
of a private jet to estate planning for wealth transfers to
the next generation. The latter is particularly important
as the male UHNW population continues to age. Male
UHNW individuals are, on average, 59 years old.
Such intergenerational wealth transfers, as baby
boomers begin to pass on their fortunes and their
business interests to their heirs, are reflected in this
years numbers. While the number of male UHNW
individuals who fully inherited their wealth dropped
Share of
UHNW Wealth
Average
Age
by almost 5%, the number of male UHNW individuals

with only partially inherited wealth (and who have also
partly made their own fortunes) has grown by 24%
between 2013 and 2014. These male UHNW individuals
with partially inherited wealth are the youngest group,
with an average age of 57.
87% of male UHNW individuals have at least partially
made their own wealth, a testament to the continued
importance of hard work and entrepreneurialism in
attaining and maintaining UHNW status. Not only
are many male UHNW individuals carrying on their
familys legacies, many are also directly responsible for
creating jobs - for example, the top ten American male
entrepreneurs alone employ over 865,000 individuals.
Male UHNW individuals have a particularly significant presence in certain industries. Finance, banking &
investment continues to be the leading industry for male UHNW individuals, and its relevance has increased, from
20.0% in 2013 to 23.6% this year. Real estate has also grown in importance, moving from the fourth most significant
industry for male UHNW individuals to the second spot.
TOP INDUSTRIES OF MALE UHNW INDIVIDUALS

FINANCE, BANKING & INVESTMENT
23.6%
REAL ESTATE
7.4%
INDUSTRIAL CONGLOMERATES
6.7%
NON-PROFIT & SOCIAL ORGANISATIONS
5.2%
MANUFACTURING
5.1%
24.9%
US$35 MILLION
9.9%
US$14 MILLION
43.6%
US$61 MILLION
21.6%
US$30 MILLION
CASH
REAL ESTATE &
LUXURY ASSETS
PRIVATE HOLDINGS
PUBLIC HOLDINGS
Not only are male UHNW individuals

important players in the finance, banking
& investment industry, they are also
important clients of this industry, holding
almost a quarter of their net worth
in cash holdings. For the most part,
male UHNW individuals businesses
are private, and 44% of male UHNW
individuals net worth is held in private
holdings.
MEAN NET WORTH

US$140 MILLION
23,465
34,785
13%
19%
INHERITANCE
18
INHERITANCE/
SELF-MADE
125,560
68%
SELF-MADE
TOP HOBBIES OF MALE UHNW INDIVIDUALS

SPORTS (GOLF, SKIING, FOOTBALL)
58.1%
PHILANTHROPY
40.8%
OUTDOORS (HUNTING, FISHING)
29.6%
EDUCATION
22.9%
AVIATION
17.8%
US$24.4 MILLION
AVERAGE LIFETIME DONATION
19
FEMALE UHNW INDIVIDUAL
27,465
13%
US$4.0 TRILLION
14%
57
CASH
REAL ESTATE &

LUXURY ASSETS
PRIVATE HOLDINGS
Female UHNW
Population
Share of UHNW
Population
Combined
Wealth
The female UHNW population grew by a remarkable

16.8% between July 2013 and June 2014. On average,
these women are 57 three years older than their
average age last year. This in part reflects the
importance of inheritance as a source of wealth for
many of these female UHNW individuals, with
two thirds of this population having at least partly
inherited their wealth. Unlike male heirs, who are
typically sons, female individuals with at least some
inherited wealth are primarily widows, who have
inherited a part of their fortunes from their husbands.
However, over the past year, we have seen an increase
in the proportion of female UHNW individuals who
have at least partially made their own fortunes. In
fact, this year only 48% of female UHNW individuals
fully inherited their wealth, down from 53% last year.
Women are making an increasingly significant impact,
not just in terms of their UHNW numbers and
wealth, but also in the development of businesses and
diversification of the labour force.
INHERITANCE
20
Average
Age
For example, female UHNW individuals tend to

favour real estate and luxury assets, holding almost
16% of their total net worth in such assets, compared
to their male counterparts who hold less than 10%
of their net worth in real estate and luxury assets. As
the female ultra affluent population grows, and as its
members increasingly make their own fortunes, their
influence over the real estate and luxury industry will
expand significantly.
4,980
9,260
18%
34%
INHERITANCE/
SELF-MADE
US$36 MILLION
15.8%
US$23 MILLION
37.2%
US$55 MILLION
22.5%
US$33 MILLION
PUBLIC HOLDINGS
We expect this growth in the self-made female

UHNW population to continue over time. This
segment of the female UHNW population is the
youngest, at 55, indicating that these women will have
a long-term role to play in the global economy. Their
influence across verticals from their relationship with
wealth managers to their importance as consumers
of luxury good and services will increase, requiring
many industries to rethink their product offerings and
general strategy. The increasing prominence of selfmade female UHNW individuals will result in changes
in the demands and expectations, as well as behaviours,
of the UHNW community.
13,225
48%
Share of UHNW
Wealth
24.5%
Non-profit and social organisations

continue to be the leading industry for
female UHNW individuals, as many of
them inherited their wealth and instead
of launching new business ventures
prefer to get involved with philanthropic
causes. Not surprisingly, the most
popular hobby for UHNW women is
philanthropy.
MEAN NET WORTH

US$147 MILLION
TOP INDUSTRIES OF FEMALE UHNW INDIVIDUALS

NON-PROFIT & SOCIAL ORGANISATIONS
19.1%
FINANCE, BANKING & INVESTMENT
13.3%
TEXTILES, APPAREL & LUXURY GOODS
6.7%
INDUSTRIAL CONGLOMERATES
6.2%
REAL ESTATE
5.7%
Beyond the time that UHNW women invest in non-profit and social organisations, they also invest their money:
on average, female UHNW individuals are more generous donors than their male counterparts, with their average
total lifetime donation to date 26% higher - US$30.7 million - than that of male UHNW philanthropists - US$24.4
million. Consequently, UHNW women have a profound influence on philanthropy and the greater not-for-profit
sector.
TOP HOBBIES OF FEMALE UHNW INDIVIDUALS

PHILANTHROPY
58.3%
ART
31.0%
SPORTS (GOLF, SKIING, TENNIS)
30.6%
EDUCATION
24.8%
OUTDOORS (JOGGING, NATURE)
17.9%
US$30.7 MILLION
SELF-MADE
21
WEALTH SOURCE
AVERAGE AGE
POPULATION
WEALTH
INHERITANCE
59
36,690
5,555
INHERITANCE/SELF-MADE
57
39,765
6,170
SELF-MADE
60
134,820
18,000
The oldest UHNW individuals globally, by wealth

source clusters, are those with fully self-made wealth
although this is not the case for female UHNW
individuals. This is in large part due to the impact
of the continued inter-generational wealth transfers
and of the greater share of male individuals in the
UHNW population: the younger heirs form the largest
portion of the inheritance/self-made category. Selfmade UHNW individuals are the oldest group, and
as wealth transfers continue to occur, the importance
of succession planning and wealth management will
become increasingly significant. This is particularly true
as individuals from different wealth sources typically
have different methods of maintaining and growing
their wealth.
SELF-MADE
CASH
REAL ESTATE &
LUXURY ASSETS
PRIVATE HOLDINGS
PUBLIC HOLDINGS
21.5%
Private wealth is particularly important for individuals

who are currently actively growing their fortunes.
In fact, there are clear differences in wealth creation
strategies depending on wealth source:

UHNW individuals with inherited wealth tend to

keep more of their money in cash holdings and real
estate & luxury assets than self-made individuals;
Self-made UHNW individuals keep a large part of

their wealth in private holdings;
Individuals with partly inherited wealth are more

likely to be involved in publicly held companies
than other wealth sources, although privately held
companies remain more significant.
INHERITANCE/
SELF-MADE
24.1%
SELF-MADE
8.8%
10.7%
47.6%
39.6%
22.1%
25.6%
INHERITANCE
36.6%
INHERITANCE
SELF-MADE
NON-PROFIT & SOCIAL

ORGANISATIONS
17.5%
FINANCE, BANKING &

INVESTMENT
17.4%
FINANCE, BANKING &

INVESTMENT
FINANCE, BANKING &

INVESTMENT
14.0%
INDUSTRIAL
CONGLOMERATES
12.5%
REAL ESTATE
7.3%
INDUSTRIAL
CONGLOMERATES
8.8%
REAL ESTATE
8.2%
TECHNOLOGY
6.6%
MANUFACTURING
6.2%
MANUFACTURING
7.2%
NON-PROFIT & SOCIAL

ORGANISATIONS
4.6%
FOOD PRODUCTS
6.0%
FOOD PRODUCTS
6.6%
INDUSTRIAL
CONGLOMERATES
4.5%
26.4%
However, certain differences exist. For example, the majority of UHNW individuals involved in the
technology sector are self-made although many of these technopreneurs required external financing to
initially fund their business ideas, they tend to be fully self-made. Those with at least some inherited wealth,
on the other hand, are more likely to be engaged in manufacturing or food product ventures. This is not
surprising, as many of these types of businesses are mature family-owned or family-founded enterprises.
TOP HOBBIES OF UHNW INDIVIDUALS, BY WEALTH SOURCE

INHERITANCE
SELF-MADE
PHILANTHROPY
54.5%
SPORTS
51.1%
SPORTS
57.5%
SPORTS
47.4%
PHILANTHROPY
41.5%
PHILANTHROPY
40.3%
OUTDOORS
29.5%
OUTDOORS
22.8%
OUTDOORS
29.3%
ART
25.7%
EDUCATION
21.7%
EDUCATION
23.4%
EDUCATION
23.9%
ART
19.8%
AVIATION
17.1%
17.2%
30.3%
15.9%
The growth in the number of UHNW individuals with both inherited wealth and self-made wealth
demonstrates that entrepreneurship continues to be one of the key cornerstones of financial success. Many
of these individuals received their inheritance only after they had already advanced in their own professional
careers. Strikingly, across all wealth source clusters, certain industries are particularly important: finance,
banking and investment as well as industrial conglomerates are the most common industries for UHNW
individuals across all wealth source clusters.
22
TOP INDUSTRIES OF UHNW INDIVIDUALS, BY WEALTH SOURCE
Philanthropy is a popular hobby among all UHNW individuals, irrespective of wealth source. Although its relative
importance may appear lower for self-made individuals, they are the most generous donors in terms of average
lifetime donations.
US$24.9 MILLION
INHERITANCE
US$21.2 MILLION
US$25.8 MILLION
SELF-MADE
23
FORECAST
AVERAGE ANNUAL
POPULATION GROWTH %
AVERAGE ANNUAL
WEALTH GROWTH %
WORLD
4.4%
5.3%
NORTH AMERICA
4.2%
5.2%
EUROPE
3.3%
4.5%
ASIA
5.7%
6.7%
LATIN AMERICA & THE CARIBBEAN
4.3%
4.9%
MIDDLE EAST
6.0%
5.1%
PACIFIC
3.9%
3.3%
AFRICA
7.0%
5.5%
The movement of UHNW individuals from emerging

economies to the more stable economies in North
America and Europe has contributed to the two
regions strong performance this year. We expect these
two regions to be the worlds most attractive UHNW
relocation destinations as unstable economies and
less transparent capital markets continue to compel
UHNW individuals to seek second citizenship
opportunities. These economies are exhibiting strong
and stable performance overall domestically and their
core markets - such as the United Kingdom, United
States and Switzerland - are also proving increasingly
attractive to foreign individuals.
For example, the Non-Resident Indian UHNW

population is substantial - totalling over 5,000
individuals, with the vast majority having settled in
either Europe or North America. As the developing
world continues to grapple with socio-political,
institutional and environmental issues in the coming
years, we expect North America and Europe to remain
the world leaders in terms of UHNW population
and wealth. Even in stable economies, we have seen a
movement towards greater diversification of business
interests and holdings in the UHNW population, with
an increased preference for internationally diversified
businesses as a way to ensure stable performance.
24
diversification in business ventures as they have in the

past years, but their overall UHNW populations will
remain small as compared to those of other regions.
Nevertheless, Asia continues to be the region with the
fastest expected growth in wealth, and we predict that
Asia will overtake Europe in terms of UHNW wealth
within the next ten years. As the current cycle of wealth
creation continues and wealth increasingly shifts from
West to East, the influence of Asias UHNW population
will increase. The shift is already underway and is having
an impact on UHNW-related industries as Asias ultra
affluent are changing the way UHNW individuals relate
to various industries and sectors - from their demands
of wealth relationship managers to their different
specifications for superyacht design and construction.
300,000
45,000
40,000
250,000
UHNW POPULATION
Our UHNW population growth forecast has risen

from 4.0% to 4.4%, reflecting our expectation that
the members of the next generation - even those
who inherited some of their wealth will continue to
pursue entrepreneurial endeavours in sectors such as
technology and cross the UHNW threshold. However,
at the same time, our UHNW population and wealth
forecasts for Asia have been adjusted downwards,
reflecting our expectation that although there are
significant reforms gradually being put in place across
the region, which will ensure strong performance
on average in the next five years - the growth of the
regions economies is tempered by uncertainty due to
past volatility. In terms of UHNW population growth
rate, both Africa and the Middle East are expected to
perform better than Asia, building on their model of
35,000
200,000
30,000
25,000
150,000
20,000
100,000
15,000
10,000
50,000
UHNW WEALTH, US$ BILLION
UHNW POPULATION AND WEALTH TRENDS
5,000
2011
2012
2013
Within the next five years, the worlds total UHNW

wealth will almost surpass US$40 trillion, and the
global UHNW population will exceed 250,000. It is
interesting to note that the growth of the UHNW
population is occurring at a significantly faster rate than
that of the global population - which has averaged just
over 1% of growth over recent years - but the increase
in UHNW wealth is less than the roughly 6% average
annual growth rate of world wealth since the start of
2014
2019
the century. Although UHNW wealth is expected to

grow slightly slower than this 6% in the next five years,
we expect the ultra affluent population to continue to
dominate and influence the global economic landscape
with their wealth, whether in total assets under
management or luxury purchases, as they have much
larger cash balances as well as a longer history of access
to wealth.
25
PRIVATE WEALTH
FAMILY OFFICES
SHARE OF UHNW POPULATION, BY PRIMARY BUSINESS TYPE
69%
25%
6%
PRIVATELY HELD
PRIMARY BUSINESS
PUBLICLY HELD
PRIVATE BUSINESS
OTHER TYPE
OF PRIMARY
BUSINESS
UHNW individuals typically favour privately held

companies: 69% of this population is currently involved
in such companies. Furthermore, UHNW individuals
typically hold around two thirds of their net worth in
company stakes, and US$12.7 trillion of the worlds
UHNW wealth is tied up in privately held companies.
UHNW individuals with fully self-made wealth tend to
be entrepreneurial, and many started their own business
ventures based on their initiatives and ideas. While the
majority need to seek outside capital to start up and
sustain their businesses, they typically prefer to remain
in charge and steer their business future direction.
Many of the worlds family-owned businesses seek to
maintain control over their operations. Privately held
businesses are effective channels through which values
can be passed down across generations.
On average, an individual should have more than

US$250 million in net worth to benefit from the services
of a single family office (SFO), and around US$100
million for a multi family office (MFO). Globally,
there are 16,545 individuals with net worth in excess of
US$250 million; and 56,525 individuals with net worth in
excess of US$100 million.
We estimate there are currently between 7,000 and
11,000 family offices (including both SFOs and MFOs),
which collectively manage over US$2.5 trillion of the
global UHNW populations wealth.
In publicly held companies, the constant pressure of

hitting quarterly targets can make it difficult to achieve
the long-term vision that many UHNW individuals
first have when starting their business. Yet publicly
held companies have their own advantages - in many
cases, successful businesses go public to raise further
investment capital, once the initial venture has proven
to deliver a degree of sustainability. In other cases, heirs
and heiresses may sell their stakes in businesses they
do not wish to be involved in, in many cases raking in
significant profits.
Personal preferences play a large role in determining the

perceived value of such services, with first generation
UHNW individuals often reluctant to start their family
office or use multi family offices. This is reflected
Despite a marked preference for private banking

services, ultra wealthy individuals rely on more than
just past performance when it comes to assessing their
wealth managers. Wealth managers are expected to
26
US$6,445 BILLION
US$3,190 BILLION
US$7,395 BILLION
PRIVATE HOLDINGS
PUBLIC HOLDINGS
REAL ESTATE & LUXURY ASSETS
CASH
The growth in the number of UHNW individuals who

have inherited at least some wealth indicates that we
can expect large growth in the family office industry.
As more and more of todays ultra wealthy pass on
their wealth and business holdings, this type of wealth
management vehicle will become increasingly attractive.
Already, there are signs of growth in this sector in some
of Asias more mature markets such as Singapore and
Hong Kong.
PRIVATE BANKING
We estimate that over US$3.2 trillion of the UHNW
populations wealth is managed through private banking.
UHNW individuals have large cash balances and the
services they require differ from those required by less
affluent individuals.
US$12,695 BILLION
by geographical biases: for example, less than 7% of

the worlds family offices are in Asia, a region whose
UHNW population is primarily in its first generation,
while European multi-generational families account
for over a quarter of family offices assets under
management.
provide unique and bespoke services to ensure that

their clients see real value in the expertise and assistance
that they offer. For example, given the importance of
philanthropy across all clusters of UHNW individuals
as well as the shift towards more business-oriented
forms of philanthropy such as impact investing - ultra
affluent individuals are likely to expect their wealth
managers to have an understanding of philanthropy and
the non-profit sector.
27
PHILANTHROPY
Wealth-X estimates that more than half of the worlds UHNW population are major donors, having donated
publicly at least US$1 million over the course of their lifetime* . This is reflected in the prevalence of philanthropy
as a hobby across clusters of UHNW individuals.
EDUCATION
Nearly 88% of UHNW individuals hold a bachelors

degree a possible reason for the importance of higher
education as a philanthropic cause in the UHNW
community. However, this also indicates that 12% of
the worlds UHNW population more than 25,000
individuals have not furthered their education beyond
high school. Certain universities are particularly
popular among the UHNW community 5% of the
worlds educated UHNW individuals have attended

these top ten universities, and all of them are located
in the United States. Many UHNW alumni of these
universities are born outside the country, indicating that
these institutions, based on their solid reputations, are
able to attract students from around the world. These
institutions also continue to attract the next generation
of UHNW individuals.
TOP 10 UNIVERSITIES, BY UHNW ALUMNI POPULATION
UHNW philanthropy has evolved and expanded:

not only are the ultra affluent donating money to
various institutions and organisations, they are also
increasingly using their specific expertise to improve
the lives of others. Todays UHNW philanthropists
go beyond major giving and utilise impact investment,
venture philanthropy and microfinancing, among other
HARVARD UNIVERSITY, UNITED STATES
3,130
UNIVERSITY OF PENNSYLVANIA, UNITED STATES
1,580
STANFORD UNIVERSITY, UNITED STATES
1,240
COLUMBIA UNIVERSITY, UNITED STATES
940
NEW YORK UNIVERSITY, UNITED STATES
860
MASSACHUSETTS INSTITUTE OF TECHNOLOGY, UNITED STATES
670
UNIVERSITY OF CHICAGO, UNITED STATES
665
NORTHWESTERN UNIVERSITY, UNITED STATES
575
YALE UNIVERSITY, UNITED STATES
570
10
CORNELL UNIVERSITY, UNITED STATES
560
techniques, to support their charitable initiatives. They

are also increasingly vocal and active in supporting
philanthropic programmes aimed at encouraging
entrepreneurialism. Through such contributions, the
UHNW population can have a profound, positive and
lasting impact in the long-term prospects of societies
and communities around the world.
* The true proportion may be even higher, when taking anonymous gifts into account.
28
29
LUXURY
The average UHNW individual spends US$1.1

million a year on luxury goods and services, ranging
from expenditure on travel to food. We estimate that
these individuals are responsible for almost 19% of the
entire luxury market - higher than the 17% share of the
market they accounted for last year. Their increasing
importance in this sector is partly due to the fast growth
in UHNW population and wealth, which saw their
average net worth and liquidity rise.
lifestyle and are not necessarily considered a luxury.

For example, UHNW individuals with private jets
use their aircraft not only for leisure, but also for
business purposes. On the other hand, while yachts, and
particularly superyachts, are usually a non-necessity,
many UHNW individuals lead very public lives, and the
privacy of a family holiday on a yacht is a very special
treat.
Preferences and tastes within the UHNW population
differ, but across all clusters, the growth in so-called
experiential luxury is evident as more and more
UHNW are craving intangible and invaluable luxury
experiences over and above material luxury goods.
Furthermore, demand for luxury good and services

from high net worth and mass affluent individuals
seems to have ebbed a bit in the last year, while UHNW
individuals have not modified their purchasing patterns
significantly. For UHNW individuals, many luxury
items and experiences are part and parcel of their
ANNUAL UHNW SPEND

US$ billion
TOTAL
30
REAL ESTATE
On average, UHNW individuals own 2.7 properties,

and hold over 8% of their net worth in real estate assets.
Female UHNW individuals tend to hold more of such
assets, with an average holding of US$20 million in
real estate, compared to US$14 million for their male
counterparts.
79% of the worlds UHNW individuals have more than
two residences, but for the majority of these individuals,
their primary and secondary residences are within the
same country. Despite the fact that most UHNW
individuals business interests span more than one
location, many choose not to own property in all the
places they visit on a regular basis. Instead, UHNW
individuals secondary residences are often located in
regular vacation spots, or strong real estate markets in
which these individuals wish to invest.
At least 30% of the worlds UHNW population have

at least one residence outside of their primary business
country. The prevalence of North American and
European countries as top locations for secondary
residences among the worlds UHNW individuals
re-emphasises the reason for Wealth-Xs long-term
optimism regarding these regions UHNW population
and wealth. These countries are considered safe havens
for the worlds wealthiest. Nonetheless, the importance
of some of the worlds key markets outside of these
regions such as China, Hong Kong, Singapore and
India shows that the shift of wealth creation towards
Asia is not only on its way, but is also attracting more
foreigners, who hope to benefit from the strong growth
potential the region continues to offer.
SHARE OF LUXURY MARKET %
234
18.9%
TRAVEL/HOSPITALITY
45
22.5%
AUTOMOBILES
40
8.9%
ART
25
37.9%
JEWELLERY/WATCHES
25
35.2%
PRIVATE AVIATION
23
82.1%
YACHTS
22
88.0%
APPAREL
15
20.0%
ACCESSORIES
12
14.1%
HOME
28.1%
WINES/SPIRITS
10.1%
FOOD
BEAUTY
OTHER FASHION
TOP 10 SECOND RESIDENCE COUNTRIES, OUTSIDE PRIMARY BUSINESS COUNTRY

1
UNITED STATES
24%
UNITED KINGDOM
15%
SWITZERLAND
7%
FRANCE
5%
CHINA
4%
HONG KONG
3%
SINGAPORE
3%
MONACO
3%
11.8%
AUSTRALIA
3%
6.5%
10
INDIA
2%
8.5%
31
GLOBAL LIFE
9.3%
3.6%
An ever-increasing number of UHNW individuals have
international business stakes, and frequently need to travel
abroad to manage their business affairs. As of yet, however,
the proportion of the worlds wealthiest who have relocated
abroad remains smaller than one would expect. Just over
6% of the worlds UHNW by individuals primary business
interests are located outside their home countries. While
a relatively small proportion, the expatriate UHNW
population would form the 4th largest country in terms of its
UHNW population size, and this proportion is on the rise
as relocation becomes more common. Asia, at the moment,
contributes the most to such relocation: Chinese-born
and Indian-born UHNW individuals are the two biggest
segments of the worlds expatriate UHNW population.
There are numerous reasons for a UHNW individual to
change business country. For example, relocation can be
popular for UHNW individuals searching for improved
asset security and stability. This in part explains why there
are large flows of UHNW individuals from the developing
markets of Asia to other, more economically stable regions.
For others, the decision to relocate is due to the desire to
pursue enhanced opportunities abroad, explaining why many
European individuals have relocated elsewhere.
6.1%
4.9%
8.7%
PROPORTION OF EXPATRIATED UHNW INDIVIDUALS
2.0% - 3.9%
32
6.1%
8.1%
4.0% - 5.9%
6.0% - 7.9%
8.0% - 9.9%
33
KNOWN ASSOCIATES
Average Number of
UHNW Known Associates
Average Number of
Billionaire Known Associates
UHNW individuals are well connected. On average,

their immediate social network includes seven
other UHNW individuals, at least one of whom is a
billionaire. The value of this social graph is US$6.5
billion, on average. As groups, these individuals often
have similar beliefs, interests and hobbies.
Social graphs show how extensively connected UHNW
individuals are. With referrals being one of the best
NEXT GENERATION OF INFLUENCERS
US$6.5 Billion
Average Social Graph
ways to engage with the ultra wealthy, the social graph

is an invaluable tool across industries: by impressing
one individual, there is the possibility to gain seven new
contacts, and thereby access a larger pool of resources.
Such social graphs matter: the reputation of relationship
managers, loyalty to certain brands or awareness of
certain philanthropic causes are discussed within these
social groups, amongst other topics, and the individuals
in these groups have the power to influence each other.
Already, the impact of intergenerational wealth

transfers is being felt, as the proportion of individuals
with at least partly inherited wealth is steadily
increasing. The effects of such transfers also depend
on the ways in which wealth is passed along. Splitting
a fortune between heirs can have large ramifications
for the UHNW population. For example, in Germany,
UHNW individuals typically have four grandchildren,
in addition to their spouses and children, so fully
explaining wealth succession plans to all family
members is key to transmitting the legacy and values
of the original UHNW member. Ensuring smooth and
successful wealth transfers is an increasingly relevant
issue for UHNW individuals.
FAMILY
91%
Married
4%
Divorced
TOP 10 COUNTRIES WITH OLDEST UHNW POPULATION
3%
Single
2%
Widowed
On average, the typical UHNW individual has 2.2 children, 1.9 grandchildren
and an extended family of a further five individuals (including spouses, parents,
siblings and in-laws).
The importance of UHNW individuals as consumers

or clients cannot be overstated. There are 211,275
individuals with net worth in excess of US$30 million,
and these individuals generally have large extended
families including their parents, children and spouses.
Accounting for spouses and children alone, there
are over one million individuals that have access to
34
UHNW resources. This expanded market provides

further evidence of the value of UHNW individuals as
consumers, clients and economic forces. Furthermore,
it underscores the need for various industries to
understand their client base better: for example,
UHNW individuals from large families require more
complex succession planning.
Looking at the countries with the oldest UHNW

population on average, and the ones most likely to see
large shares of their UHNW wealth be passed to the
next generation in the coming years, we notice that the
conditions under which such transfers will occur can
differ vastly. There is wide variation in terms of the
development levels and the number of potential heirs
in these countries. Succession planning must take into
account the variety of expectations and requirements
that are possible in these diverse contexts. For example,
wealth transfers in Japan will be different than wealth
transfers in Chile - if only because of the larger number
of potential heirs in the latter country - even though
these transfers are likely to occur around the same time
period.
AVERAGE AGE
NUMBER OF
FAMILY MEMBERS*
ECUADOR
70
5.8
HONDURAS
70
5.5
GUATEMALA
66
7.0
PHILIPPINES
66
5.8
PANAMA
65
6.5
HUNGARY
65
2.2
TAIWAN
65
3.6
SYRIA
65
4.7
JAPAN
65
2.7
10
CHILE
65
8.1
*Family members include spouses, children and grandchildren. They exclude in-laws and more distant relations such as cousins or nephews.
35
NORTH AMERICA
North America remains the region with both the largest

UHNW population and wealth. Home to the worlds
biggest economy - the United States - the region has
a stable institutional infrastructure and offers worldclass educational facilities. North America is often a
frontrunner when it comes to the development of new
and rewarding economic opportunities. For example,
North America has the largest concentration of
UHNW technopreneurs, who made their fortunes in
the technology industry.
North Americas position as the worlds most powerful
economic centre also helps explain the regions leading
position as a hub for UHNW population and wealth. In
hard times, many UHNW individuals tend to gravitate

towards the worlds largest economies, which they
believe will be safer than emerging markets, particularly
with respect to luxury real estate investments and other
such long-term capital placements. For example, even
though China has ended its freeze on its domestic initial
public offering (IPO) market, the IPO of e-commerce
giant Alibaba took place in North America; and almost
a quarter of all UHNW individuals with residences
abroad own a property in North America. Such
trends are expected to continue, thereby ensuring the
continued clout of North America in the worlds ultra
affluent landscape.
$14,000
100,000
UHNW POPULATION
90,000
$12,000
80,000
$10,000
70,000
60,000
$8,000
50,000
40,000
$6,000
30,000
$4,000
20,000
NORTH AMERICA 2011-2019
$2,000
10,000
2011
2012
2013
2014
2019
Even though North America was strongly affected by the Global Financial Crisis, recovery for the regions
wealthiest was swift. By 2011, growth in both UHNW population and wealth in North America had picked up,
demonstrating the resilience of the regions UHNW population as a wealth group.
36
37
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
WORLD
211,275
NORTH AMERICA
UNITED STATES
CANADA
POPULATION
CHANGE %
WEALTH
CHANGE %
29,725
199,235
27,770
6.0%
7.0%
TOTAL
74,865
10,265
70,485
9,680
6.2%
6.0%
69,560
9,630
65,505
9,085
6.2%
5,305
635
4,980
595
6.5%
Chicago
2,885
San Fransisco
5,460
Dallas
2,330
Houston
Toronto
1,840
Atlanta
1,230
New York remains the city with the largest UHNW

population in the world. If New York City were a
country, it would be the seventh largest country in terms
of UHNW population size. The continued dominance
of New York can be largely attributed to the citys status
as the financial capital of the world. This role further
enhances the citys attractiveness to other industries, as
proximity to developed capital markets is a particularly
important factor for businesses looking to achieve
further growth.
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
74,865
US$1 billion +
6.0%
6.7%
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
10,265
70,485
9,680
6.2%
6.0%
609
2,371
552
2,158
10.3%
9.9%
380
313
310
290
22.6%
7.9%
1,213
820
1,015
706
19.5%
16.1%
2,350
1,027
2,145
1,011
9.6%
1.6%
4,365
1,008
4,220
975
3.4%
3.4%
6,070
1,150
5,835
1,110
4.0%
3.6%
22,724
2,024
21,905
1,975
3.7%
2.5%
37,154
1,552
34,503
1,455
7.7%
6.7%
New York
8,655
Washington
2,730
2,545
38
2014
UHNW
POPULATION
Seattle
1,095
Los Angeles
5,135
2013-2014
UHNW
WEALTH
US$ billion
Such clustering is not unique to New York: San

Francisco overtook Los Angeles in terms of UHNW
population this year, indicating the growing
importance of the city as a hub not only for technology
entrepreneurs, but as a centre of wealth accumulation.
Over a quarter of San Franciscos UHNW population is
involved in the technology industry, but as wealth in this
sector accumulates and spreads, other sectors such as
real estate and finance grow in importance as well.
Despite North Americas strong UHNW population

growth, it is the only region where UHNW wealth
grew slower than UHNW population, across all wealth
tiers. This is surprising, considering the strength of the
regions equity markets, but there are several factors
that explain this phenomenon. With an average age
of 61, North American UHNW individuals are older
than their counterparts in other regions, and have
often moved beyond the stage of wealth accumulation,
focusing instead on wealth preservation. In addition,
North American UHNW individuals tend to hold a
significant share of their wealth in cash - 29% - which
typically delivers lower returns than equity investments.
This characteristic reflects the cautious investment
strategy of the regions UHNW population in the last
year, with most individuals waiting on the sidelines to
see just how strong and stable the regions growth is
before investing their cash.
The largest absolute growth in North Americas

UHNW population as expected, and as was the case
around the world - was in the lowest wealth tier. While
we did not see an overall increase in the average net
worth of the regions UHNW population across wealth
tiers, this was compensated by the upward mobility of
many UHNW individuals across wealth tiers, driven by
the strong performance of the equity markets.
39
UNITED STATES
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
NORTH AMERICA
74,865
UNITED STATES
69,560
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
10,265
70,485
9,680
6.2%
6.0%
9,630
65,505
9,085
6.2%
6.0%
76%
11%
SELF-MADE
9%
The rise of the technology
industry as a source of
wealth for the worlds
UHNW population is
clearly shown in the United
States: it is the second
largest industry and 9%
of the countrys UHNW
individuals made their
wealth in this sector.
The United States remains the country with the largest UHNW population
and wealth in the world. The United States alone has a larger UHNW
population and wealth than any of the regions around the world, even
Europe. It accounts for almost a third of the worlds UHNW population
and wealth. This year, the countrys UHNW population continued to
swell, adding over 4,000 new individuals, more than the entire UHNW
population of Australia, the 11th largest UHNW country. This growth
was in no small part due to the strong performance of the countrys
equity markets - the S&P500 surged by 21.4% during this period - and
unemployment also decreased, from 7.3% in July 2013 to 6.1% in June 2014.
Yet not all economic indicators were positive: productivity across the
economy declined slightly according to the Bureau of Labor Statistics even adjusting for seasonal changes - and GDP grew at a rate of only 2.3%.
The United States economy accounts for a third of the worlds total
wealth, and of that wealth, 12.5% is held by UHNW individuals. In relative
terms, this is far lower than the share of national wealth held by UHNW
individuals in most of the Middle East and Latin America, however the
United States UHNW population holds the largest absolute amount of
global wealth.
TOTAL WEALTH
US$ 77,000 BILLION
UHNW WEALTH
US$ 9,630 BILLION
While some sectors of the United States economy

have experienced negative performance - construction
spending went through its biggest fall since early 2011 in
June 2014 - other sectors demonstrated strong growth.
Although a quarter of the United States UHNW
population has primarily made its wealth through the
13%
INHERITANCE
finance, banking & investment sector, the country is also

known for its solid performance across other sectors.
For example, more than 9.2% of American UHNW
individuals are in the technology industry, the highest
share among all of the focus countries in the report,
including Israel at 9.1%.
The United States fosters entrepreneurs, and as more
new ideas are turned into profitable business ventures,
the country will continue to dominate the ultra
wealthy landscape. Even after decades of being the
worlds largest economy, more than three quarters of
the countrys UHNW individuals are fully self-made.
In fact, there are more self-made American UHNW
individuals than their are UHNW individuals in any
other country.
85%
12.5%
POPULATION
40
INHERITANCE/
SELF-MADE
The United States economy plays a large role

in determining global wealth movements and
announcements by the Federal Reserve often
trigger international responses. This past year
alone, many foreign markets had strong reactions
to various developments in the United States, from
the government shutdown to the debt-ceiling crisis
and former Federal Reserve Chairman Bernankes
announcement of QE tapering in 2014.
87%
13%
NET WORTH
15%
There are more female UHNW

individuals in the United States than
there are UHNW individuals in India.
On average, American female UHNW
individuals are worth US$160 million,
US$28 million more than their male
counterparts.
MALE
FEMALE
41
CANADA
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
NORTH AMERICA
74,865
CANADA
5,305
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
10,265
70,485
9,680
6.2%
6.0%
635
4,980
595
6.5%
6.7%
SELF-MADE
35%
Canadas natural resources
are particularly important
to the countrys UHNW
population with 35% having
made their wealth in either
metals & mining or oil, gas
& consumables.
As the smaller North American economy, Canada is often overshadowed

by the United States. However, the country has the eighth largest UHNW
population and wealth in the world and has grown faster, in both population
and wealth, than its neighbour over the past year. Some of this growth was
due to the countrys relatively disappointing performance between 2012 and
2013, leading to a certain degree of catch-up growth.
Despite generally mediocre macroeconomic indicators, such as slow growth
in employment and GDP, Canadas UHNW individuals have managed
to capitalise on the gains seen by businesses in the natural resources
industry this year. More than one in three Canadian UHNW individuals
are primarily involved in the metals and mining industry (23%) or the oil,
gas and consumable fuels industry (12%). The dip in the countrys foreign
exchange - the Canadian dollar lost almost 2% of its value relative to the US
dollar - has helped some of the countrys UHNW individuals to increase
their wealth through more competitive pricing of exports.
42
US$ 6,800 BILLION
UHNW WEALTH
US$ 635 BILLION
9.3%
13%
INHERITANCE/
SELF-MADE
INHERITANCE
Canadas UHNW population holds US$635 billion

in wealth, less than 10% of the countrys total wealth.
This relatively low proportion is indicative of the
continued growth in the wealth of the rest of the
population, with indications of a growing mass
affluent and HNW market, as well as the countrys
comparatively low Gini coefficient - below 0.33
according to the World Banks latest estimates.
94%
TOTAL WEALTH
14%
73%
POPULATION
6%
95%
NET WORTH
Self-made individuals dominate the Canadian UHNW

population, with almost three quarters having fully
made their fortunes. However, with an average age
of 63, Canadian UHNW individuals are the oldest
of all focus countries, except for Israel, where the
average age is 65. As intergenerational wealth transfers
continue, Canada is likely to experience significant
changes in the way UHNW wealth is held and
managed, with expected growth in the segment of the
UHNW population with at least partially inherited
wealth.
5%
There are only 320 female UHNW

individuals in Canada, and they are
worth US$21 million less than their
male counterparts, on average. Of
all focus countries, Canada has the
lowest proportion of female UHNW
individuals.
MALE
FEMALE
43
EUROPE
Out of the three largest regions in terms of UHNW

population - North America, Europe and Asia Europe experienced the most impressive growth
in both UHNW population and wealth this year,
with both growing faster than the global average.
However, the region is far from homogeneous, with
distinct differences between geographical clusters in
Northwestern Europe, Southern Europe and Eastern
Europe. For example, while Italy, Spain and Greece all
experienced growth rates above 10% in both UHNW
population and wealth, the UK and France experienced
growth rates below the regional average.
Europes strong performance was due to its solid

reputation and the opportunities many of its
comparatively stable markets offer. Europe, and
particularly Western Europe, is widely viewed as a safe
haven for both financial and human capital. Even with
tightening regulations - for example, in Switzerlands
finance industry - we see a continued influx of foreign
capital entering the region from investment in Londons
real estate markets to second citizenship applications
in some of the regions emerging markets. 6.7% of the
regions UHNW individuals are expatriates, the largest
absolute number of foreign-born UHNW individuals of
any region.
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
WORLD
211,275
EUROPE
61,820
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
29,725
199,235
27,770
6.0%
7.0%
8,355
58,065
7,675
6.5%
8.9%
80,000
$12,000
UHNW POPULATION
70,000
$10,000
60,000
$8,000
50,000
40,000
$6,000
30,000
$4,000
20,000
$2,000
10,000
Hamburg
1,480
London
6,815
Paris
3,345
Madrid
1,315
2011
2012
2013
In 2012, Europes UHNW population and wealth

suffered as sovereign debt crises and social turmoil
resulted in a lack of confidence in the regions future
growth prospects. Since then, however, the region
has experienced constant growth, which we expect to
continue. The European Unions resilience - despite
it having to weather difficult socio-economic shocks
in the last years - bodes well for the strength of the
region going forward. Europe benefits from a diversity
44
EUROPE 2011-2019
2014
Dsseldorf
1,540
Stuttgart
1,220
Munich
1,805
Zurich
Geneva
2,055
1,525
Rome
1,340
2019
of economies that are highly complementary and have

generally helped balance the regions overall growth.
Even with ongoing conflict involving Ukraine and
Russia, instead of seeing a large drop in the regions
UHNW population and wealth, we see movement
within Europe of both individuals and fortunes. Such a
phenomenon will enable Europe to maintain its position
the worlds second largest UHNW region in the next
five years.
Germany - Europes largest economy - is also home

to the most widely dispersed UHNW population.
Germanys four main cities are home to only 31% of the
countrys total UHNW population. In contrast, 70%
of Frances UHNW population is in Paris, and over
half of most European countries UHNW populations
are based in their biggest hubs. For example, London,
Europes financial centre, is the city with the largest

concentration of UHNW individuals in the region,
although there are almost twice as many UHNW
individuals in Germany than in the United Kingdom.
Londons UHNW population is larger than that of
Switzerland and is second only to New Yorks.
45
2014
46
2013
2014
2013-2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
61,820
US$1 billion +
5.3%
5.8%
7.6%
235
10.6%
14.9%
1,625
195
10.8%
15.4%
185
1,450
165
7.9%
1,370
190
1,290
175
RUSSIA
1,230
650
1,180
SWEDEN
1,130
130
PORTUGAL
930
TURKEY
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
8,355
58,065
7,675
6.5%
8.9%
775
2,375
766
2,120
1.2%
12.0%
500
415
425
354
17.6%
17.2%
1,345
930
1,230
855
9.3%
8.8%
3,255
1,050
3,100
1,005
5.0%
4.5%
12.1%
2,785
570
2,596
530
7.3%
7.5%
6.2%
8.6%
7,800
845
7,002
757
11.4%
11.6%
620
4.2%
4.8%
1,070
120
5.6%
8.3%
19,305
1,120
18,415
1,065
4.8%
5.2%
110
870
100
6.9%
10.0%
26,055
1,050
24,531
989
6.2%
6.2%
915
120
900
105
1.7%
14.3%
BELGIUM
870
105
810
95
7.4%
10.5%
POLAND
845
100
800
95
5.6%
5.3%
DENMARK
825
95
740
80
11.5%
18.8%
LUXEMBOURG
725
125
660
85
9.8%
47.1%
REPUBLIC OF IRELAND
610
70
580
65
5.2%
7.7%
AUSTRIA
590
90
565
70
4.4%
28.6%
GREECE
565
70
505
60
11.9%
16.7%
UKRAINE
470
85
440
75
6.8%
13.3%
FINLAND
435
50
400
45
8.7%
11.1%
HUNGARY
405
45
400
45
1.3%
0.0%
CZECH REPUBLIC
295
35
280
35
5.4%
0.0%
CROATIA
285
30
280
30
1.8%
0.0%
MONACO
210
25
200
25
5.0%
0.0%
ROMANIA
155
19
140
17
10.7%
11.8%
BELARUS
125
15
120
14
4.2%
7.1%
GEORGIA
120
14
115
13
4.3%
7.7%
SERBIA
105
13
100
12
5.0%
8.3%
REST OF EUROPE
960
109
920
104
4.3%
4.8%
UHNW
POPULATION
UHNW
WEALTH
US$ billion
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
EUROPE
61,820
8,355
58,065
7,675
6.5%
8.9%
GERMANY
19,095
2,580
17,820
2,345
7.2%
10.0%
UNITED KINGDOM
11,510
1,445
10,910
1,375
5.5%
5.1%
SWITZERLAND
6,635
790
6,330
750
4.8%
FRANCE
4,750
565
4,490
525
ITALY
2,295
270
2,075
SPAIN
1,800
225
NORWAY
1,565
NETHERLANDS
TOTAL
One of the reasons for Europes robust

UHNW wealth growth is the strong
performance of the regions billionaires.
Other UHNW wealth tiers saw much more
modest wealth increases, either lower or on
par with population growth rates. One of the
explanations for billionaires outperformance
was their greater diversification, limiting
their exposure to volatility caused by
domestic conditions.
47
GERMANY
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
EUROPE
61,820
GERMANY
19,095
14%
Manufacturing is the
most common industry
from which German
UHNW individuals have
made their wealth: 14%
of Germanys UHNW
population is involved in
the manufacturing sector.
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
8,355
58,065
7,675
6.5%
8.9%
2,580
17,820
2,345
7.2%
10.0%
Germany maintained its position as the worlds second largest UHNW

country, in terms of both the size of its population and combined wealth.
This year, Germany experienced growth in both these categories that
was faster than the regional average for Europe, and faster than the global
average. In part, this was due to the stellar performance of the countrys
equity market, which rose more than 20%, but it was also fuelled by an
appreciation in the euro of 4.8% against the US dollar, boosting existing
fortunes in relative terms.
Germany remains instrumental in the Eurozone, but as tensions in Eastern
Europe continue to escalate, Germanys economy might be impacted.
Such an effect could tip the balance with regards to Germanys GDP
growth, which has been slow, if not stagnant, over the last year. Further
warning signs exist: Germany has seeing reduced investment in its economy,
boding poorly for the countrys manufacturing sector. The manufacturing
sector is immensely important for the German UHNW population, with
14.4% of Germanys UHNW individuals having made their fortunes in
manufacturing. Nonetheless, the countrys large market (both domestic
and with regards to the European Union) has put it in a strong position for
further growth in its UHNW population and wealth. To ensure this growth,
Germanys UHNW individuals must continue to follow diversification in
their business interests, which will enable them to weather any short-term
volatility that arises.
41%
31%
28%
SELF-MADE
INHERITANCE/
SELF-MADE
INHERITANCE
22.6% of Germanys total wealth is held by the countrys

19,095 UHNW individuals. Part of the reason for this
large share of wealth concentrated in the hands of so
few in such a large and developed economy is Germanys
long legacy of family businesses and fortunes.
Only 41% of Germanys UHNW population is selfmade, and more than a quarter of the countrys UHNW
individuals have fully inherited their wealth. Germany is
88%
12%
home to some of the regions oldest fortunes, and while

the countrys economic performance has been strong,
there is still a disproportionate share of its UHNW
population with fully inherited wealth. Nonetheless,
entrepreneurialism is by no means dead, with more
than 50% of German UHNW individuals with some
inherited wealth having further grown their fortunes
through their own efforts.
81%
19%
Germanys female UHNW

individuals continue to be wealthier
than their male counterparts.
The countrys 2,290 female UHNW
individuals are collectively worth
US$490 billion.
POPULATION
NET WORTH
MALE
TOTAL WEALTH
US$ 11,420 BILLION
UHNW WEALTH
US$ 2,580 BILLION
FEMALE
22.6%
48
49
UNITED KINGDOM
2014
EUROPE
UNITED KINGDOM
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
61,820
11,510
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
8,355
58,065
7,675
6.5%
8.9%
1,445
10,910
1,375
5.5%
5.1%
75%
SELF-MADE
30%
On average, UHNW
individuals in the United
Kingdom are highly liquid,
holding 30% of their net
worth in cash, a higher
percentage than even the
United States, at 29% this
year.
The United Kingdoms UHNW population and wealth grew at a slower

rate than the European average. Furthermore, the country experienced
slower growth in UHNW wealth than in UHNW population. Nonetheless,
the United Kingdom maintained its standing as the worlds fourth largest
country in terms of the size of its UHNW population.
The British pound sterling saw a sharp appreciation of over 12% relative
to the US dollar between July 2013 and June 2014, and GDP grew by 2.3%
- its fastest rate since 2007 - with the last two quarters of 2013 showing
promising signs for future growth. However, this growth was bolstered by
the Central Banks decision to maintain interest rates at 0.5%. This decision
reflects the fact that the United Kingdom is still dealing with internal
troubles, with an unemployment rate of 6.4% at the end of June 2014.
The economy of the United Kingdom is heavily supported by the service
industry, particularly the finance, banking and investment industry, and
consequently, by London whose UHNW population accounts for 58%
of the United Kingdoms total UHNW population. Londons real estate
market and its role as the financial capital of Europe have helped many
individuals grow large fortunes, with almost 23% of the United Kingdoms
UHNW individuals having made their fortunes in real estate and finance,
banking & investment.
50
TOTAL WEALTH
US$ 10,640 BILLION
UHNW WEALTH
US$ 1,445 BILLION
12%
13%
INHERITANCE/
SELF-MADE
INHERITANCE
13.6% of the United Kingdoms total wealth is

concentrated in the hands of UHNW individuals.
Londons UHNW population alone controls almost 9%
of the countrys wealth.
Out of all European focus countries, the United
Kingdom has the highest share of self-made UHNW
86%
POPULATION
14%
individuals: three quarters are fully self-made, while a

further 12% have only partially inherited their wealth,
which is a promising sign for the future performance
of the economy. Future wealth growth from business
ventures has the potential to spur further opportunities
in the economy, especially as many are involved in the
finance industry.
88%
NET WORTH
12%
14% of the United Kingdoms UHNW

population is female, but the countrys
female UHNW individuals only hold
12% of the countrys UHNW wealth.
Their average net worth is US$108
million, compared to US$128 million for
their male counterparts.
MALE
FEMALE
13.6%
51
SWITZERLAND
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
EUROPE
61,820
SWITZERLAND
6,635
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
8,355
58,065
7,675
6.5%
8.9%
790
6,330
750
4.8%
5.3%
43%
29%
SELF-MADE
31%
The finance, banking
and investment industry
remains particularly
important to Switzerlands
ultra wealthy, with 31%
having made their wealth in
this sector.
52
The Swiss economy has long been recognised for its overall stability
as well as its efficient capital markets. The governments policies have
enabled the country to overcome the deflationary pressures that have been
threatening the economy in the last few months. Meanwhile, Switzerlands
unemployment rate remains far lower than the average in OECD
economies, at 3.9% compared to 7.5%, and private consumption has been on
the rise.
Although these macroeconomic indicators are positive, on the whole,
Switzerlands UHNW population and wealth grew slower than both the
European and global averages this year. Almost one in three Swiss UHNW
individuals work in the finance, banking & investment industry, which
experienced mixed signals during the year, as pressures from the American
government and the wider community led to some changes to the Swiss
credit regulations - for example, the increase of the countrys capital
requirements in May.
TOTAL WEALTH
US$ 2,760 BILLION
UHNW WEALTH
US$ 790 BILLION
INHERITANCE/
SELF-MADE
Switzerlands UHNW population controls over 28% of

the countrys total wealth. Collectively, these individuals
also account for 0.08% of the countrys total population,
a comparatively high share that is almost 30 times larger
than the global proportion of 0.003%.
84%
POPULATION
16%
28%
INHERITANCE
Switzerlands history of private wealth management

stretches back centuries, and many of the regions, and
indeed the worlds, biggest fortunes call Switzerland
home. As a result, more than half the countrys UHNW
have at least partially inherited their wealth.
79%
NET WORTH
21%
There are more female UHNW

individuals in Switzerland than there
are UHNW individuals in Portugal.
Switzerlands female UHNW individuals
are worth US$156 million on average
almost 40% more than their male
counterparts.
MALE
FEMALE
28.6%
53
ITALY
2014
2013
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
EUROPE
61,820
8,355
58,065
7,675
6.5%
8.9%
ITALY
2,295
270
2,075
235
10.6%
14.9%
41%
35%
SELF-MADE
30%
Italian UHNW individuals
are particularly keen art
collectors, with almost 30%
of the population sharing
an interest in fine art,
antiques and collectibles.
Bolstered by a strong market performance despite a decrease in the

countrys GDP, in nominal terms, Italys UHNW population and wealth
have grown significantly faster than both the European average and the
global average. The countrys industrial production showed some signs of
strength during the last year, but the overall production levels are far from
their pre-crisis levels. Italy still has great potential for further growth,
provided that the ease of doing business in the country is enhanced through
improvements in its socio-economic and political climate.
Although general macroeconomic indicators for Italy have been
predominately negative, the countrys ultra wealthy have grown their
fortunes, capturing some gains from specific industries. Italys UHNW
population have made the majority of their wealth in more niche markets
such as textiles, apparel and luxury goods - an industry from which
more than 13% of the countrys UHNW have derived their fortunes.
Manufacturing and construction - two other significant industries for Italys
UHNW population have also shown some promise over the year, with the
countrys PMI rising to a high in April 2014. One of the main reasons why
Italys UHNW individuals have managed such strong growth, however, is
that most have internationally-oriented business models that look beyond
their domestic market, limiting their exposure to the countrys volatile and,
at times, precarious socio-economic and political conditions.
POPULATION
54
TOTAL WEALTH
US$ 10,750 BILLION
UHNW WEALTH
US$ 270 BILLION
INHERITANCE/
SELF-MADE
Italys UHNW population only holds 2.5% of the

countrys total wealth, the smallest share among all of
the focus countries. Italys latest Gini coefficient was
lower than 0.32, signifying the country has a more equal
income distribution than neighbouring economies, such
as Turkey with a Gini coefficient of 0.4. In addition,
many Italian-born UHNW individuals or heirs and
heiresses of wealthy Italian UHNW families have
relocated to other neighbouring countries, such as
Switzerland, leaving Italian UHNW individuals with a
lower proportion of their countrys wealth than other
focus countries.
89%
11%
24%
INHERITANCE
There is a predominance of inherited wealth in Italys

UHNW population. Only 41% of Italys UHNW
population is fully self-made. Of all focus countries, only
Germany has an equally low proportion of self-made
UHNW individuals. A new wave of entrepreneurs will
be needed to boost the countrys UHNW population
and wealth. Yet there is hope: the new generation of
Italian UHNW individuals are entrepreneurial. Of
those individuals who have inherited wealth, more than
half have further grown this wealth through their own
efforts.
88%
NET WORTH
12%
Italys 250 female UHNW

individuals are worth, on average,
US$12 million more than their
male counterparts.
MALE
FEMALE
2.5%
55
TURKEY
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
EUROPE
61,820
TURKEY
915
28%
Turkeys UHNW
population exemplifies
the growing importance
of diversified business
interests for UHNW
individuals from emerging
markets: almost 28% of
the countrys population
has derived its wealth from
industrial conglomerates.
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
8,355
58,065
7,675
6.5%
8.9%
120
900
105
1.7%
14.3%
The size of Turkeys UHNW population hardly grew this year, however,
these individuals combined wealth growth was particularly strong, second
only to the United Arab Emirates among the focus countries in this report.
Such growth was in part fostered by strong GDP growth in the region,
of almost 10% since July 2013, but came amid adverse foreign exchange
volatility and very limited growth in the countrys equity market - the
Borsa Istanbul 100 rose by only 2.3% between July 2013 and June 2014.
Consequently, it is not surprising that the spectacular wealth gains were
due to the significant diversification of the business interests of the largest
share of Turkeys UHNW population. Almost 28% of them have made their
fortunes through industrial conglomerates, expanding across sectors and
geographic areas. Although such diversified interests are often thought to
result in only average gains, for UHNW individuals they have been a stable
source of consistent returns.
Much of Turkeys strong growth in the past decade has been attributed to
the large influx of foreign investment in the country, which helped trigger a
construction boom from which many local UHNW individuals benefited.
However, with negative foreign exchange conditions, the Central Bank
raised interest rates in an effort to prevent funds from being withdrawn
from the economy, partially explaining why the countrys UHNW
population grew by only 1.7%.
55%
25%
20%
SELF-MADE
INHERITANCE/
SELF-MADE
INHERITANCE
Turkeys UHNW population holds 9.8% of the

countrys total wealth. These individuals account
for only 0.001% of the countrys population, a third
of the share of total UHNW population to world
population, meaning the share of wealth they hold is
particularly significant. The countrys high inflation
- at the end of June 2014, the inflation rate was above
9% - coupled with an equally high unemployment rate
has allowed such a concentration of wealth in the hands
of the countrys UHNW population, whose business
interests were not limited to the domestic economys
performance. Such a gap indicates that there is still
85%
POPULATION
56
TOTAL WEALTH
US$ 1,230 BILLION
UHNW WEALTH
US$ 120 BILLION
15%
much scope for growth in this population, although

at the moment, the pressures on the economy are
encouraging Turkish UHNW individuals to invest
abroad.
Almost half of Turkeys UHNW population has at
least partially inherited its wealth, a significantly larger
proportion than the world average. However, among
these individuals with inherited wealth, more than
50% have gone on to further increase their own wealth,
mainly by broadening their business interests.
86%
NET WORTH
14%
Turkey has a larger proportion of female

UHNW individuals than the global
average, although they tend to be less
wealthy than their male counterparts,
with an average net worth US$11 million
lower than that of Turkish male UHNW
individuals.
MALE
FEMALE
9.8%
57
ASIA
The performance of Asias UHNW individuals this year

has been better and more consistent than it was last
year: all Asian economies showed growth in UHNW
population and in wealth. South and Southeast Asian
countries performed particularly well, but this year also
saw the recovery of China after two years of decline in
both its UHNW population and wealth. However, Asia
was still one of the weaker regions this year, with only
Latin America & the Caribbean experiencing slower
growth in both UHNW population and wealth. One
of the reasons for the comparatively slower UHNW
growth in Asia is the significant number of UHNW
individuals who relocated outside of this region, limiting
internal gains. Among all of the regions, except for Latin
America & the Caribbean, expatriates from Asia form
either the largest or the second largest segment of the
expatriate UHNW population.
This partly explains why the regions growth

performance in the last four years has not necessarily
lived up to expectations. In 2012, Asia experienced a
setback in its recovery from the Global Financial Crisis,
as many investors pulled back, believing that some
of the regions economies were unstable. However,
Asia continues to offer strong potential. Emerging
economies are by their very nature more volatile than
mature and established markets, but the opportunities
for wealth accumulation are much higher.
In the coming years, Asia will remain the worlds
third largest region in both UHNW population and
wealth, but will ultimately overtake Europe in terms
of UHNW population by 2027 and in terms of wealth
by 2024, benefiting over the long haul from its strong
entrepreneurial spirit and youth.
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
WORLD
211,275
ASIA
46,635
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
29,725
199,235
27,770
6.0%
7.0%
6,975
44,505
6,590
4.8%
5.8%
Beijing
2,415
Seoul
1,095
Tokyo
6,185
Osaka
3,405
Shanghai
1,535
Delhi
2,130
Shenzhen
1,180
Hong Kong
3,335
Mumbai
2,440
70,000
$12,000
60,000
$10,000
UHNW POPULATION
50,000
$8,000
40,000
$6,000
30,000
$4,000
20,000
$2,000
10,000
2011
58
2012
2013
2014
2019
ASIA 2011-2019
Singapore
1,395
Although Tokyo and Osaka are the regions two

largest UHNW hubs, we expect them to be overtaken
by Indian and Chinese cities in the next five years.
Despite Japans developed and mature economy and
the initial success of Abenomics, the countrys current
opportunities for growth, particularly in UHNW
population, are limited by its domestic focus and past
economic stagnation. Even with large movements
of UHNW individuals outside of China and India,
both these countries are attracting more and more
investment and their main hubs are growing rapidly
and robustly. Once again, the principal attraction of

these hubs is that they hold concentrated services and
infrastructure that make doing business easier and
more profitable. For example, the growth of Shanghais
financial centre has resulted in growing opportunities
in other sectors as well, from retail to business services.
Meanwhile, both Hong Kong and Singapore continue
to benefit from proximity to Chinas market, while
promising more stable and transparent government
regulations and business practices.
59
2014
2013
2013
UHNW
POPULATION
46,635
US$1 billion +
8.3%
4.9%
12.3%
265
5.8%
5.7%
1,355
160
3.0%
12.5%
225
1,245
210
5.6%
875
130
865
130
MALAYSIA
875
110
840
THAILAND
735
135
PHILIPPINES
690
PAKISTAN
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
6,975
44,505
6,590
4.8%
5.8%
560
1,410
508
1,188
10.2%
18.7%
190
160
165
137
15.2%
16.8%
605
420
530
385
14.2%
9.1%
2,455
965
2,310
965
6.3%
0.0%
7.1%
5,345
1,150
4,932
1,098
8.4%
4.7%
1.2%
0.0%
7,665
1,140
7,320
1,070
4.7%
6.5%
105
4.2%
4.8%
720
110
2.1%
22.7%
13,650
1,060
13,370
1,135
2.1%
-6.6%
100
660
95
4.5%
5.3%
16,165
670
15,370
612
5.2%
9.5%
465
55
415
50
12.0%
10.0%
VIETNAM
210
20
195
20
7.7%
0.0%
KAZAKHSTAN
140
22
130
20
7.7%
10.0%
BANGLADESH
95
16
90
15
5.6%
6.7%
UZBEKISTAN
90
14
85
13
5.9%
7.7%
SRI LANKA
80
10
75
10
6.7%
0.0%
AZERBAIJAN
70
10
65
10
7.7%
0.0%
TAJIKISTAN
45
45
0.0%
0.0%
MONGOLIA
35
35
0.0%
16.7%
330
52
320
50
3.1%
4.0%
UHNW
POPULATION
UHNW
WEALTH
US$ billion
UHNW
POPULATION
POPULATION
CHANGE %
WEALTH
CHANGE %
ASIA
46,635
6,975
44,505
6,590
4.8%
5.8%
JAPAN
14,720
2,430
14,270
2,335
3.2%
4.1%
CHINA
11,070
1,565
10,675
1,515
3.7%
3.3%
INDIA
8,595
1,013
7,850
935
9.5%
HONG KONG
3,335
595
3,180
530
SOUTH KOREA
1,470
280
1,390
SINGAPORE
1,395
180
TAIWAN
1,315
INDONESIA
REST OF ASIA
Government regulations and lack of transparency in some of the regions largest economies have acted as a barrier
to growth. However, promising policy and political changes, such as the election of Prime Minister Modi in India,
have resulted in growing confidence for the regions future prospects. Yet such policy changes are not always as
smoothly implemented or successful as expected. In Japan, the markets wait to see whether or not Prime Minister
Abes third arrow will actually help bolster the countrys growth, and Japans UHNW population and wealth have
grown much slower this year than last year.
60
2014
2013-2014
UHNW
WEALTH
US$ billion
UHNW
WEALTH
US$ billion
TOTAL
The largest absolute gains in Asias

UHNW wealth were seen in the top
two wealth tiers. This is a reflection of
the more diversified business interests
of these ultra rich individuals, across
geographic areas and industries, allowing
them to overcome short-term volatility
in certain industries and markets. As we
see happening across the globe, while
in percentage terms the growth rates of
the top wealth tiers of Asias UHNW
population are impressive, the absolute
growth in the population of the lowest

wealth tier is particularly significant.
These barely UHNW individuals
experienced stronger growth in wealth
than in population. This reflects the
growing potential of the regions large
markets. Many of the regions UHNW
individuals are heavily involved in their
domestic markets; those with more
international operations often relocate
to other regions.
61
CHINA
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
ASIA
46,635
CHINA
11,070
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
6,975
44,505
6,590
4.8%
5.8%
1,565
10,675
1,515
3.7%
3.3%
91%
4%
SELF-MADE
53
Chinas UHNW
population is the youngest
among all of the focus
countries, with an average
age of 53.
Chinas performance in the last few years has led many individuals to
question the medium-term prospects of the countrys economy: lack of
transparency in the countrys governance as well as volatile performance in
the countrys PMI and equity markets have caused confidence to falter.
However, in 2013-2014, some of this confidence returned. While Chinas
GDP growth rate remained at 7.7% this year, below the 10% average
achieved in the last thirty years, the country is still one of the fastest
growing emerging markets in the world. Although slowing growth rates
do not necessarily mean the country lacks opportunities or is subject to
potential declines - mature markets celebrate growth rates above 3% - in
China, large regional disparity in levels of development, and therefore
potential for future development, indicates that the country has not yet
reached a high enough aggregate level to justify fears of declining growth
rates.
As a consequence of the perceived threat of slowing growth, Chinas
UHNW population and wealth growth rates are lower than the Asian
average, and almost half those of the global average. Although Chinese
UHNW individuals are still seizing opportunities through their large
domestic market, many of them are also choosing to relocate outside of
China, or at least diversify their business interests internationally. For
example, while China has ended the freeze on its domestic IPO market,
many companies continue to turn to the American or Hong Kong markets
instead.
62
US$ 21,310 BILLION
UHNW WEALTH
US$ 1,565 BILLION
INHERITANCE/
SELF-MADE
Chinas UHNW population currently holds 7.3%

of the countrys total wealth, almost half the global
average. In part, this is because the country has a
very large population, with a growing middle class.
In fact, although China has the fifth largest UHNW
population in the world, it has the worlds biggest total
population and Chinas economy is the second largest
in the world. The countrys economy still has significant
room to grow, and the same can be said for its UHNW
population.
INHERITANCE
Chinas UHNW population is still in the early stages of

a cycle of wealth creation and accumulation, with less
than 10% of the population having inherited any of their
wealth. Among all of the focus countries, China has the
largest share of self-made UHNW individuals, and at 53
years old on average, Chinas UHNW population is the
youngest of all focus countries and these individuals are
on their way to increasing their wealth further.
Chinas female UHNW population

is larger than South Koreas entire
UHNW population.
85%
POPULATION
TOTAL WEALTH
5%
15%
88%
NET WORTH
12%
On average, Chinas 1,660 female

UHNW individuals have a net worth
of US$114 million, while their male
counterparts are worth US$146
million on average.
MALE
FEMALE
7.3%
63
HONG KONG
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
46,635
3,335
ASIA
HONG KONG
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
6,975
44,505
6,590
4.8%
5.8%
595
3,180
530
4.9%
12.3%
55%
28%
SELF-MADE
9%
9% of Hong Kongs
UHNW individuals made
their fortunes through
the real estate industry
(the third most common
sector), a higher proportion
than in any other focus
country.
Hong Kongs UHNW population has grown almost four times faster this
year than it had in the previous year, with a growth rate of 4.9% compared
to just 1.4% previously. Furthermore, UHNW wealth has grown by 12.3%
since last year, making the average Hong Kong UHNW individuals net
worth increase by 7% to US$178 million - almost US$40 million more than
the global average.
During the last year, the Hang Seng index rose by 12.3%, and while protests
surrounding the territorys relationship with Beijing affected the social
balance of Hong Kong, the economy itself has so far remained strong, with
GDP growth of 3.4%. Although this GDP growth rate is high relative
to that of other developed economies, it is significantly lower than the
above 6% rates that Hong Kong previously experienced. The city remains
attractive to foreign investors, particularly as capital markets in the rest
of Asia remain less transparent than many foreign investors would prefer.
Although some investors fear that continued political tensions may affect
Hong Kongs competitiveness vis--vis other neighbouring economies, at
the moment, Hong Kong is showing signs of strong growth.
POPULATION
64
TOTAL WEALTH
US$ 1,000 BILLION
UHNW WEALTH
US$ 595 BILLION
INHERITANCE/
SELF-MADE
Hong Kong has a high density of UHNW individuals:

there are more than 460 UHNW individuals per million
Hong Kong residents, almost twenty times the global
average. As a result, more than half of Hong Kongs
total wealth is held in the hands of this large UHNW
population.
74%
17%
26%
INHERITANCE
Hong Kong has historically been a prominent centre

of wealth, being one of the first Asian economies, after
Japan, to develop and achieve institutional and financial
maturity. Consequently, much of the wealth in this
territory is multi-generational: with almost half of the
city states UHNW individuals having at least partly
inherited their wealth.
85%
NET WORTH
15%
More than a quarter of Hong Kongs

UHNW population is female, the largest
share of any focus country. Yet, these
female UHNW individuals have an average
net worth that is almost half that of their
male counterparts.
MALE
FEMALE
59.5%
65
SINGAPORE
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
46,635
1,395
ASIA
SINGAPORE
20%
Over 20% of Singapores
UHNW population is
engaged in the finance,
banking and investment
industry. However, the
second largest industry
is construction and
engineering, with nearly
10% of the countrys
UHNW having made its
wealth in this sector.
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
6,975
44,505
6,590
4.8%
5.8%
180
1,355
160
3.0%
12.5%
This year, while Singapores UHNW population grew slower than both the
global and Asian average, the combined wealth of the city-states UHNW
individuals has grown significantly faster. Although the countrys equity
market performance was lacklustre, growing less than 2%, its GDP grew
faster than the other three Asian Tigers of Hong Kong, Taiwan and South
Korea. This is indicative of the growing importance of Singapore, especially
with regard to foreign financial flows.
The countrys PMI, overall, remained stable between June and July, despite
seasonal volatility, and is expected to strengthen in the coming months.
Singapores financial sector experienced strong growth, allowing more
individuals in the city-state to reach UHNW status. Yet certain industries
- most notably electronics - experienced what many expect to be only a
temporary slump.
60%
25%
SELF-MADE
INHERITANCE/
SELF-MADE
Singapores UHNW population of 1,395 individuals

controls almost 17% of the countrys total wealth. These
individuals have capitalised on the countrys growing
importance as a financial hub in the Asia-Pacific region,
with over 20% of the population engaged primarily in
finance, banking and investment. The countrys growth
has also spurred other industries such as construction
and real estate, enabling a small group of entrepreneurs
to build large fortunes.
15%
INHERITANCE
than seen in China, Singapores longer history of

wealth creation and accumulation is responsible for
this phenomenon. Entrepreneurship remains a key
ingredient to economic success, with only 15% of
Singapores UHNW population having fully inherited
their wealth. New generations of entrepreneurs are
being fostered through intergenerational wealth
transfers and through the countrys many opportunities
- both domestically and across the region.
60% of Singapores UHNW population is fully selfmade. Although this is a much lower proportion
Singapores UHNW wealth grew more than four times faster than its
population. Such strong growth is reflective of the city-states growing
international appeal with regards to the strength of its financial sector,
and the ease of both establishing and conducting business in the country,
allowing for rapid wealth accumulation.
84%
16%
89%
11%
Singapores female UHNW population

accounts for a much larger share of its
total population than the global average,
although these female UHNW individuals
are poorer than their male counterparts.
The average net worth of female UHNW
individuals in Singapore is 45% lower than
that of male UHNW individuals in the
country.
66
TOTAL WEALTH
US$ 1,080 BILLION
UHNW WEALTH
US$ 180 BILLION
POPULATION
16.7%
NET WORTH
MALE
FEMALE
67
LATIN AMERICA &

z THE CARIBBEAN
This year, Latin America & the Caribbean experienced

a return to growth, with both UHNW population and
wealth increasing. Despite a slight dip in the value of
some of the regions currencies, the rest of the global
macroeconomic indicators were positive, or on the
upswing, facilitating the regions recovery from last
years decline in UHNW population and wealth.
Argentina in particular saw faster than average growth,
despite high inflation and macroeconomic problems,

such as another impending debt default. Such concerns
have not negatively affected the fortunes of the
countrys ultra wealthy, or inhibited new individuals
from joining the ranks of the ultra wealthy. Business
confidence was high, as reflected by the strong
performance of Argentinas stock exchange MERVAL
index, which allowed such upward economic mobility.
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
WORLD
211,275
LATIN AMERICA &

THE CARIBBEAN
14,805
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
29,725
199,235
27,770
6.0%
7.0%
2,225
14,150
2,110
4.6%
5.5%
Mexico
2,780
LATIN AMERICA & THE CARIBBEAN
18,000
$2,500
UHNW POPULATION
16,000
14,000
$2,000
12,000
$1,500
10,000
8,000
$1,000
6,000
4,000
$500
2,000
2011
2012
2013
Latin America & the Caribbean experienced very

inconsistent performance in both UHNW population
growth and UHNW wealth growth over the last four
years. Yet, the region itself continues to hold promise,
not only because of the opportunities in some of
its markets, but also as a hub for second citizenship
within the worlds UHNW population. It is, in part,
this potential that explains our optimistic outlook for
growth in Latin America & the Caribbeans UHNW
population and wealth in the coming five years. While
currently only 5% of the regions UHNW population
68
2014
Bogota
445
$3,000
20,000
Caracas
375
Quito
210
Lima
420
Bello Horizonte
220
Rio De Janeiro
1,810
Sao Paolo
1,885
2019
are expatriates, we forecast that this proportion will

rise, as the number of UHNW individuals seeking
second citizenship globally is growing and the appeal
of investor programmes in many of Latin America &
the Caribbeans smaller economies continues to attract
foreign UHNW individuals to relocate both themselves
and their businesses to the region. In fact, more than
half of the regions expatriates are from Europe whereas in most other regions intra-regional movements
were more common.
Mexico City is a particularly important hub in Latin

America & the Caribbean, accounting for 80% of
Mexicos UHNW population and 19% of the regions
entire UHNW population. Although So Paulo remains
Brazils largest city, Rio de Janeiro experienced a much
larger growth in its UHNW population: not only is the
city an increasingly international hub, it also has a larger
proportion of the countrys self-made ultra wealthy,
boding well for its future growth.
Santiago
385
Buenos Aires
895
69
2014
UHNW
POPULATION
LATIN AMERICA &
THE CARIBBEAN
14,805
BRAZIL
MEXICO
2014
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
2,225
14,150
2,110
4.6%
5.5%
4,225
820
4,015
770
5.2%
6.5%
3,470
460
3,365
445
3.1%
3.4%
ARGENTINA
1,185
160
1,110
150
6.8%
6.7%
COLOMBIA
670
85
635
80
5.5%
6.3%
CHILE
515
75
515
65
0.0%
15.4%
PERU
515
65
470
60
9.6%
8.3%
VENEZUELA
455
60
435
55
4.6%
9.1%
ECUADOR
280
30
265
30
5.7%
0.0%
DOMINICAN REPUBLIC
265
30
250
30
6.0%
0.0%
GUATEMALA
260
30
245
30
6.1%
0.0%
BOLIVIA
245
30
205
25
19.5%
20.0%
HONDURAS
225
30
215
30
4.7%
0.0%
NICARAGUA
210
30
200
27
5.0%
11.1%
PARAGUAY
190
25
175
25
8.6%
0.0%
EL SALVADOR
160
21
150
20
6.7%
5.0%
URUGUAY
125
18
120
17
4.2%
5.9%
PANAMA
120
17
115
16
4.3%
6.3%
PUERTO RICO
110
16
105
15
4.8%
6.7%
COSTA RICA
100
14
100
14
0.0%
0.0%
CUBA
45
45
0.0%
0.0%
1,435
203
1,415
200
1.4%
1.5%
REST OF LATIN AMERICA

& THE CARIBBEAN
70
2013
UHNW
WEALTH
US$ billion
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
14,805
US$1 billion +
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
2,225
14,150
2,110
4.6%
5.5%
153
511
111
496
37.8%
3.0%
105
90
85
70
23.5%
28.6%
207
145
170
120
21.8%
20.8%
720
305
630
265
14.3%
15.1%
1,325
270
1,294
264
2.4%
2.3%
2,455
325
2,375
340
3.4%
-4.4%
4,005
334
3,885
325
3.1%
2.8%
5,835
245
5,600
230
4.2%
6.5%
TOTAL
UHNW individuals with net worth in excess of

US$250 million saw the fastest increase in both wealth
and population in Latin America & the Caribbean.
The regions strong equity performance - despite less
impressive macroeconomic indicators - is indicative
of a renewed confidence in its long-term potential.
These developments have enabled existing UHNW
individuals to see a recovery in the value of their
investments and businesses, and have catapulted
new individuals across the US$30 million threshold.
Although population growth was consistent across
wealth tiers, more than 50% of the regions wealth gains
were experienced by billionaires and demi-billionaires
- those with more diversified business interests, who
could better weather some of the domestic difficulties
many countries in the region experienced.
71
BRAZIL
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
LATIN AMERICA &

THE CARIBBEAN
14,805
BRAZIL
4,225
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
2,225
14,150
2,110
4.6%
5.5%
820
4,015
770
5.2%
6.5%
52%
SELF-MADE
7%
More than 7% of Brazils
UHNW population
derives its wealth from the
food industry, more than in
any other focus country.
While Brazil did grow faster than the average for Latin America & the
Caribbean in terms of both UHNW population and wealth, its performance
was below the global average. Currently, Brazils UHNW population and
wealth still remain below their 2012 levels. Brazils economic performance
over the last year has not been as strong as its economic potential suggests.
Although the BOVESPA equity index did grow, its performance was
overshadowed by that of other economies in the region, such as Argentina.
Brazils GDP growth was also slow, rising only 2% between July 2013 and
June 2014. During this period, Brazil struggled against high inflation - rising
throughout the period to more than 6% - and low investment.
While these disappointing numbers limited the growth potential of Brazils
UHNW population, there were 210 new UHNW individuals in the
country this year. This was the result mainly of a rise in the importance of
diversified business interests: 7.5% of the countrys UHNW population is
involved in industrial conglomerates, up from 6.8% last year. These types
of conglomerates, although they do not typically result in the most rapid
wealth growth, yield some of the more consistent returns and are especially
important to emerging nations that frequently face volatile circumstances
and are particularly vulnerable to external shocks.
72
US$ 2,950 BILLION
UHNW WEALTH
US$ 820 BILLION
25%
INHERITANCE/
SELF-MADE
INHERITANCE
More than a quarter of Brazils total wealth is held in

the hands of the countrys UHNW population. This is
less than the share of wealth controlled by Switzerlands
UHNW population, but is still more than twice the
global average of 12.8%.
countrys UHNW population. A quarter of all of

Brazils UHNW population have fully inherited their
wealth, compared with just over half of the population
being fully self-made. In other words, there remains
significant scope for further growth in this economy.
As in most of the countries in Latin America & the

Caribbean, UHNW individuals with inherited wealth
in Brazil account for a disproportionate share of the
90%
POPULATION
TOTAL WEALTH
23%
10%
86%
NET WORTH
14%
Brazils female UHNW individuals

are wealthier than their male
counterparts, by an average of
US$88 million per person.
MALE
FEMALE
27.8%
73
MEXICO
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
LATIN AMERICA &

THE CARIBBEAN
14,805
MEXICO
3,470
30%
Soccer is the most common
hobby of Mexicos UHNW
population: over 30% of
the population shares an
interest in this sport.
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
2,225
14,150
2,110
4.6%
5.5%
460
3,365
445
3.1%
3.4%
Unlike last year, when Mexico was one of the only countries in Latin
America & the Caribbean to experience an increase in its UHNW
population and wealth, this year the country performed below average
compared to other countries in the region. The countrys economic
performance was marred by slow equity market growth - the MEXBOL
index grew by only 3% - as well as sluggish GDP growth - only 2%, far below
the average for emerging markets.
The countrys disappointing performance was not pervasive, with some
sectors, such as the manufacturing sector, performing significantly
better. The strength of the manufacturing sector benefited the UHNW
population as almost 9% of Mexicos UHNW population has made their
wealth through this sector. The Congress December announcement of the
end of the governments monopoly in the energy sector further signals that
the economy is likely to experience more gains in its UHNW population
and wealth in the future. Although the countrys financial infrastructure
is not necessarily the most developed or transparent, it also remains a key
segment for future growth. 16% of Mexicos UHNW population have made
their fortunes from finance, banking and investment, making it the leading
sector for the countrys ultra affluent. However, this remains below the
global average of 22%, suggesting there remains significant scope for growth
in the finance, banking and investment sector in Mexico.
45%
34%
SELF-MADE
INHERITANCE/
SELF-MADE
Almost a fifth of Mexicos total wealth is controlled

by the countrys 3,470 UHNW individuals. Such
high wealth concentration in the hands of the few is
even more underscored by the fact that Mexicos 27
billionaires alone account for almost 7% of the countrys
entire wealth.
74
US$ 2,420 BILLION
UHNW WEALTH
US$ 460 BILLION
INHERITANCE
wealth: 55% of Mexicos UHNW individuals have

inherited at least some of their fortunes. Yet, this does
not mean the countrys UHNW population is likely to
decrease over time. Even among those with inherited
wealth, over 50% have had their own wealth-generating
careers.
One of the reasons for this high proportion of UHNWcontrolled wealth is the predominance of inherited
93%
POPULATION
TOTAL WEALTH
21%
7%
87%
NET WORTH
13%
In Mexico, women UHNW

individuals are more than twice as
wealthy as male UHNW individuals,
although they only account for 7% of
the total UHNW population.
MALE
FEMALE
19.0%
75
MIDDLE EAST
The Middle East was the fastest growing region for

the second year in a row in terms of both its UHNW
population and wealth. Despite the high socioeconomic tensions across the region, GDP, equity
markets and currency were positive: for example, the
ADX General Equity index experienced an increase of
70%. The strong growth in UHNW population and
wealth was also facilitated by the tendency of many
Middle Eastern UHNW individuals to diversify their
business interests through industrial conglomerates,
rather than rely on a single industry - a particularly
important strategy in economies known for the
dependence on oil, a resource with a history of volatility.
Despite the regions large reliance on its natural
resources for economic growth and development,
industrial conglomerates was the most common sector
from which new Middle Eastern UHNW individuals

emerged. This is a strategy commonly followed by many
of the regions billionaires.
Furthermore, the Middle East illustrates the
relevance of government policy in facilitating wealth
accumulation and flows of both human and financial
capital. The region is increasingly attracting these flows:
numerous government programmes aimed at promoting
foreign investment and improving the regions financial
infrastructure have helped create new opportunities
and attract new individuals. Of the 8.1% of the regions
UHNW population born in a country other than their
current business location, 60% were born outside the
Middle East.
2014
WORLD
MIDDLE EAST
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
211,275
5,975
UHNW
POPULATION
POPULATION
CHANGE %
WEALTH
CHANGE %
29,725
199,235
27,770
6.0%
7.0%
995
5,300
880
12.7%
13.1%
Beirut
210
Kuwait City
710
Dammam
325
MIDDLE EAST 2011-2019

$1,400
UHNW POPULATION
8,000
$1,200
7,000
$1,000
6,000
5,000
$800
4,000
$600
3,000
$400
2,000
Riyadh
355
9,000
$200
1000
2011
2012
2013
2014
2019
There remains large scope for growth in the region, but its pace is likely to become more moderate as existing
socio-political tensions continue to take their toll. For example, unrest due to many countries governance styles
has spurred some Middle Eastern UHNW individuals to relocate abroad, in part to ensure greater asset stability
and in part to improve their living standards. These individuals have been able to take advantage of many second
citizenship investor programmes around the world.
76
2013-2014
UHNW
WEALTH
US$ billion
Jeddah
155
Kuwait Citys dominant position as the

regions main UHNW hubs is due to the
concentration of infrastructure and services,
prompting individuals from numerous
industries to have their businesses registered
there, while still capitalising on the economys
resources. The same is true for many of
the regions economies: the majority of
each countrys UHNW population is
concentrated in its respective economic
capital. In contrast, Saudi Arabias more
dispersed economic growth has resulted in
a split of its UHNW population across. a
Manamah
155
Doha
305
Abu Dhabi
450
Dubai
495
Muscat
160
few of its key hubs. All of these main hubs

have experienced faster growth in UHNW
population than their respective countrys
average. This concentration exemplifies how
vital infrastructure is in facilitating the growth
of both fortunes and opportunities. As such,
clusters continue to dominate, and we expect
these cities existing pull of international
resources to become stronger. For example, as
government programmes continue to actively
encourage such flows, Dubai will continue to
attract capital, both financial and human.
77
2014
2013
2014
2013
UHNW
POPULATION
5,975
US$1 billion +
-3.4%
6.9%
7.1%
50
8.7%
10.0%
175
15
5.7%
6.7%
25
150
19
20.0%
109
1,015
106
22.7%
UHNW
POPULATION
MIDDLE EAST
5,975
SAUDI ARABIA
UHNW
POPULATION
POPULATION
CHANGE %
WEALTH
CHANGE %
995
5,300
880
12.7%
13.1%
154
413
157
354
-1.9%
16.7%
60
48
50
41
20.0%
17.1%
110
80
90
65
22.2%
23.1%
190
75
180
75
5.6%
0.0%
31.6%
250
55
225
55
11.1%
0.0%
2.8%
520
90
458
90
13.5%
0.0%
1,611
119
1,440
105
11.9%
13.3%
3,080
115
2,700
95
14.1%
21.1%
UHNW
POPULATION
POPULATION
CHANGE %
WEALTH
CHANGE %
995
5,300
880
12.7%
13.1%
1,495
320
1,360
285
9.9%
12.3%
UNITED ARAB EMIRATES
1,275
255
1,050
190
21.4%
34.2%
KUWAIT
835
140
845
145
-1.2%
ISRAEL
385
75
360
70
QATAR
375
55
345
IRAQ
185
16
OMAN
180
1,245
Saudi Arabia and the United Arab Emirates jointly

account for over 45% of the regions UHNW
population, and both of these countries experienced
fast growth in UHNW population and wealth. The
only country in the region to experience an overall
decline in its UHNW population and wealth this
year was Kuwait, due to the slow GDP growth and a
declining equity market in the country.
2013-2014
UHNW
WEALTH
US$ billion
UHNW
WEALTH
US$ billion
REST OF MIDDLE EAST
78
2013-2014
UHNW
WEALTH
US$ billion
UHNW
WEALTH
US$ billion
TOTAL
Middle Eastern UHNW individuals

with a net worth below US$100 million
and above US$500 million displayed
strong growth in population and wealth.
In the case of the former group, this
was primarily due to the expansion
of opportunities stemming from the
development of the region as well
as the inflow of foreign capital and
businesses, enabling more individuals
to join the ranks of the ultra wealthy
and to benefit from positive equity and
GDP movements. In the case of the
latter group, their strong performance
was due in large part to their diversified
business interests. In contrast, we see

the middle wealth tiers experiencing
slower growth in wealth than in
population. One of the reasons for this
situation is intergenerational wealth
transfers, through which many fortunes
have been divided between heirs and
heiresses, thereby increasing population
but not wealth. Another factor is the
adverse consequence of socio-political
circumstances on existing fortunes, as less
diversified interests have suffered from
negative currency movements and social
issues have reduced the profitability of
some business ventures.
79
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
MIDDLE EAST
5,975
1,275
3%
Only 3% of the UHNW
population of the United
Arab Emirates has made
its wealth through oil, gas
and consumable fuels. The
most significant source of
wealth for the countrys
ultra wealthy is industrial
conglomerates, at over
20%.
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
995
5,300
880
12.7%
13.1%
255
1,050
190
21.4%
34.2%
The United Arab Emirates experienced the fastest growth in terms of

both UHNW population and wealth in the world this year. This growth
was fuelled in large part by the stellar performance of the countrys equity
markets, with an increase of more than 70% in the ADX General Equity
index.
Although much of the countrys staggering economic progress in the last
decades was based on oil, UHNW individuals in the country have looked
beyond just natural resources as a source of wealth. More than a fifth of the
UHNW population in the United Arab Emirates are engaged in industrial
conglomerates, combining business interests across sectors, from oil to real
estate and retail. This preference for such diversified business interests
is particularly relevant in Dubai, which has fewer oil resources than Abu
Dhabi, but the preference for diversification is spreading, with Dubai
leading the way. This Emirate has long been actively seeking and attracting
foreign investment, and such an influx of foreign funds has helped the
economy grow and many UHNW individuals have seen their wealth benefit
from boosts in various sectors - such as real estate.
57%
35%
8%
SELF-MADE
INHERITANCE/
SELF-MADE
INHERITANCE
More than half of the United Arab Emirates wealth

is concentrated in the hands of the countrys UHNW
population. In other words, although there is no doubt
the country has risen rapidly in the last half century,
its economic growth has been led by the UHNW
population.
Only 8% of UHNW individuals in the United Arab
Emirates that have fully inherited their wealth, though
93%
POPULATION
80
TOTAL WEALTH
US$ 480 BILLION
UHNW WEALTH
US$ 255 BILLION
a much larger than average proportion of UHNW

individuals have at least partially inherited their wealth
and further grown it. In the coming years, we expect
that UHNW population and wealth growth in the
region will slow as more of the wider population starts
capitalising on the opportunities available in this
increasingly diverse and international country.
7%
96%
NET WORTH
4%
Female UHNW individuals in the

United Arab Emirates have a lower
proportion of their countrys UHNW
wealth than in any other focus
country. On average, female UHNW
individuals in the United Arab
Emirates are worth almost half of
what their male counterparts are
worth.
MALE
FEMALE
53.1%
81
ISRAEL
2014
MIDDLE EAST
ISRAEL
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
5,975
385
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
995
5,300
880
12.7%
13.1%
75
360
70
6.9%
7.1%
30%
56%
SELF-MADE
Israels UHNW population and wealth grew at rates higher than the global
average, but almost half of those seen throughout the wider Middle East.
In fact, although the GDP of the country grew at a rate of 3%, its equity
markets growth rate was significantly lower than those of the United Arab
Emirates and Saudi Arabia.
13%
13% of Israels UHNW
population is involved in
the health care sector, the
largest proportion of any
other focus country.
More than 13% of Israels UHNW population has made their fortunes in the
health care sector, but Israel is also a hotspot for technology, with 9% of its
population involved in this sector. Only the United States has a larger share
of its UHNW population in the technology industry. This suggests that
there is scope for much greater wealth creation in Israel, but the country
is currently hampered by its precarious position in the region. Although
Israels performance from July 2013 to June 2014 was positive, the country
is likely to experience short-term volatility in both UHNW population and
wealth if the socio-political situation in the region continues to worsen.
POPULATION
82
TOTAL WEALTH
US$ 660 BILLION
UHNW WEALTH
US$ 75 BILLION
INHERITANCE/
SELF-MADE
Only 11% of Israels total wealth is currently in the

hands of its UHNW population. This is a significantly
lower share than in other Middle Eastern countries such
as Saudi Arabia or the United Arab Emirates, whose
UHNW populations control more than half their
respective countries total wealth.
93%
14%
7%
INHERITANCE
As is the case in the United Arab Emirates, inheritance/

self-made individuals are disproportionately
represented in Israels UHNW population, suggesting
that a legacy of hard work is very much present in
this population. Israels UHNW population is also
the oldest of any of the focus countries, at 65, and
will see yet another wave of wealth transfers become
increasingly important in the coming year.
94%
NET WORTH
6%
On average, female UHNW

individuals in Israel are worth
US$10 million less than their male
counterparts.
MALE
FEMALE
11.4%
83
THE PACIFIC
Besides Africa, the Pacific region has the smallest

UHNW population and wealth, despite Australias
position as the 11th largest country by UHNW
population - with a larger population than Mexico.
However, this year, New Zealands GDP and equity
markets, among other factors, outperformed Australias,
leading to faster growth in that countrys UHNW
population and wealth.
The Pacific regions growth is tied to that of Asias:

the two regions economies are complementary in
many ways and Australias vast primary resources and
developed financial infrastructure have long made it an
attractive commercial partner for many Asian investors.
As Asias UHNW population and wealth continue to
swell, the Pacific has seen a renewed burst of growth in
its own UHNW population and wealth that is likely to
continue.
6,000
$1,400
5,000
$1,200
$1,000
4,000
$800
3,000
$600
2,000
$400
1000
$200
2011
2012
2013
The Pacifics economic performance is also heavily

dependent on the size of the region as well as global
movements of demand for primary resources.
Consequently, the last few years have shown patchy
growth in UHNW population and wealth. Although we
expect the regions UHNW population and wealth to
grow in the next five years, its annual average population
growth rate will be low, at only 3.9%, because it will
84
2014
UHNW POPULATION
PACIFIC 2011-2019
2019
continue to struggle with the impact of volatile Asian

markets and difficult circumstances surrounding the
mining industry. Only Europe is forecasted to have a
lower average annual UHNW population growth rate
than the Pacific region - though the former will remain a
much more significant region in terms of both UHNW
population and wealth.
85
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
WORLD
211,275
PACIFIC
AUSTRALIA
2013-2014
2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
29,725
199,235
27,770
6.0%
7.0%
TOTAL
4,170
515
3,955
485
5.4%
6.2%
3,580
440
3,405
415
5.1%
NEW ZEALAND
550
70
510
65
REST OF PACIFIC
40
40
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
4,170
US$1 billion +
6.0%
7.8%
0.0%
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
515
3,955
485
5.4%
6.2%
34
97
34
99
0.0%
-2.0%
40
33
30
25
33.3%
32.0%
7.7%
70
45
60
40
16.7%
12.5%
0.0%
190
55
170
51
11.8%
7.8%
285
67
260
60
9.6%
11.7%
460
60
430
57
7.0%
5.3%
1,120
78
1,075
75
4.2%
4.0%
1,971
80
1,896
78
4.0%
2.6%
Brisbane
145
Sydney
1,470
Melbourne
1,240
Auckland
250
Wellington
95
More than three quarters of the regions UHNW

population is located in just these five hubs. As usual,
the top regional hub is the one that displays the largest
concentration of infrastructure and services necessary
to foster business development. Sydneys position as
the largest regional UHNW hub is due in large part
86
The greatest population and wealth growth is

concentrated in the top ranks of the regions
UHNW population - many of the regions
gains have gone to those UHNW individuals
who were already wealthy. Growth in the
two lowest UHNW wealth tiers and in the
lowest percentiles was lower than the regions
average. For both extremes, however, wealth
growth was slower than population growth.

This suggests that while the region does
offer future potential gains, especially as it
continues to attract Asian investors and as
demand for natural resources remains strong,
domestic opportunities have not yet been
fully exploited.
to the city being the financial centre of the region.

Many of the remaining quarter of the regions UHNW
population - those whose primary business interests
are located outside these five metropolitan areas - tend
to be primarily involved in raw materials and natural
resources.
87
AUSTRALIA
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
PACIFIC
4,170
AUSTRALIA
3,580
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
515
3,955
485
5.4%
6.2%
440
3,405
415
5.1%
6.0%
79%
SELF-MADE
8%
8% of Australias UHNW
population derives its
wealth from the metals
& mining industry, and
some of the regions largest
fortunes have been made
in this sector.
Australias GDP grew by 2.5% in the last year. While not a very high GDP
growth, it is on par with that of other mature economies such as the United
States. In the same period, the Australian equity market rose by more than
14%. Despite these promising statistics, unemployment continues to plague
the country, and although the Australian dollar finished the period 2.0%
higher than at the start, it had a volatile performance over the year, losing
much of its value in February 2014.
While the metals and mining sector remains a key driver of wealth creation
for Australias UHNW individuals, the mining boom in the country has
been put under scrutiny and the proportion of UHNW individuals having
made their fortunes through this sector has declined between 2013 and
2014, from 9% to 8%. While not a huge dip, it certainly signals that for
Australia to remain competitive and to continue to be a hub of wealth, raw
materials alone will not be enough.
88
UHNW WEALTH
US$ 440 BILLION
INHERITANCE/
SELF-MADE
INHERITANCE
Although the Pacific - and by default Australia as its

largest component - has seen comparatively slow growth
POPULATION
US$ 6,080 BILLION
9%
Only 7.2% of Australias total wealth is in the hands of

its UHNW population. This is not surprising, especially
as the country has experienced lower than average
population and wealth growth in this segment.
90%
TOTAL WEALTH
12%
10%
77%
in the number of UHNW individuals worth US$30US$49 million, a proxy for the number of new entrants,
the countrys UHNW population is still predominantly
self-made. As Asias economic performance continues to
stabilise and increase, Australias somewhat dependent
economy will also see more promising prospects for
future UHNW population and wealth growth.
23%
NET WORTH
Australias UHNW women are

significantly wealthier than their male
counterparts. On average, female UHNW
individuals in Australia are worth US$278
million, compared to US$106 million for
males, although there are only 36 such
females.
MALE
FEMALE
7.2%
89
AFRICA
Only 1.4% of the worlds UHNW population and

1.3% of the worlds UHNW wealth is in Africa. Yet
the region was the second best performer this year
in terms of UHNW population and wealth growth,
just below the Middle East. In absolute terms, the net
gain in Africas UHNW population was only of 230
individuals, less than the absolute gains in UHNW
individuals in Switzerland alone. Africas performance
continues to be hindered by governmental regulations
and poor infrastructure. Such obstacles can be difficult
to overcome, and have most likely limited the ability of
many entrepreneurial individuals to seize opportunities
within the region.
However, the fast relative growth of Africas UHNW

population shows just how much potential exists in
the region; potential that non-African entrepreneurs
are seeking to tap into. For example, many NonResident Indian UHNW individuals have started
business ventures in the region. In fact, almost half of
the UHNW expatriates in Africa come from Asia. If
government regulations are able to facilitate increased
support of business interests and improved available
public services and infrastructure, this could unlock
further sources of wealth for the regions growing
UHNW population.
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
WORLD
211,275
AFRICA
3,005
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
29,725
199,235
27,770
6.0%
7.0%
395
2,775
350
8.3%
12.9%
Cairo
445
AFRICA 2011-2019
4,500
4,000
$500
UHNW POPULATION
3,500
3,000
$400
2,500
$300
2,000
$200
1,500
1,000
$100
500
2011
2012
2013
2014
$600
2019
Although it has consistently shown positive growth rates in the last four years, the region continues to have the
smallest number of UHNW individuals and the smallest total UHNW wealth in the world. Even with high
forecasted growth rates in both UHNW population and wealth, Africa will remain a minor player in the UHNW
landscape. Yet, at 56 years old on average, Africa is a particularly young UHNW region, with much potential for
further wealth accumulation - thus prompting our forecasted high growth rates.
90
Lagos
520
There are three particularly significant hubs

in Africa: Lagos, Johannesburg and Cairo.
Lagos position as the African city with the
largest UHNW population is a reflection
of Nigerias increasing economic potential.
However, recent developments - such as
the mounting Ebola epidemic in Western
Africa - may have negative consequences
in the near future, with many UHNW
individuals potentially relocating to other,
safer locations. As with most emerging
markets, UHNW individuals in Africa are
concentrated in the main economic hubs of
the country. Limited infrastructure outside
of these hubs makes transaction costs
prohibitively high.
Nairobi
135
Johannesburg
450
Cape Town
150
91
2014
2013
2013
UHNW
POPULATION
3,005
US$1 billion +
23.1%
9.7%
11.1%
15
4.3%
6.7%
110
14
4.5%
7.1%
65
0.0%
65
65
ETHIOPIA
60
55
MOROCCO
35
ALGERIA
35
UHNW
POPULATION
POPULATION
CHANGE %
WEALTH
CHANGE %
395
2,775
350
8.3%
12.9%
40
114
42
101
-4.8%
12.9%
20
16
15
12
33.3%
33.3%
40
24
30
18
33.3%
33.3%
175
53
160
48
9.4%
10.4%
0.0%
225
50
193
40
16.6%
25.0%
0.0%
0.0%
430
50
415
45
3.6%
11.1%
9.1%
0.0%
705
40
670
40
5.2%
0.0%
35
0.0%
60.0%
35
0.0%
0.0%
1,370
48
1,250
46
9.6%
4.3%
265
26
255
25
3.9%
4.0%
UHNW
POPULATION
UHNW
POPULATION
POPULATION
CHANGE %
WEALTH
CHANGE %
3,005
395
2,775
350
8.3%
12.9%
SOUTH AFRICA
835
112
775
100
7.7%
12.0%
NIGERIA
645
90
600
80
7.5%
12.5%
EGYPT
595
80
510
65
16.7%
KENYA
170
20
155
18
TANZANIA
120
16
115
ANGOLA
115
15
TUNISIA
65
LIBYA
REST OF AFRICA
2013-2014
UHNW
WEALTH
US$ billion
UHNW
WEALTH
US$ billion
AFRICA
Growth in the region has been facilitated by the

increasing globalisation of world demand - such
as continued demand for natural resources - and
development in the regions economies - for example,
Nigeria experienced almost 7% GDP growth. Even
socio-political unrest has not greatly inhibited the
growth in Africas UHNW population and wealth
growth - with Egypt experiencing fast growth in both
amidst tumultuous political circumstances.
92
2014
2013-2014
UHNW
WEALTH
US$ billion
UHNW
WEALTH
US$ billion
TOTAL
The only wealth tier to experience a decline in Africa was

the billionaire population. This was a net decline of only
two individuals, and was largely due to wealth transfers families splitting billion dollar fortunes - causing the net
worth of these two individuals to fall below the ten-figure
threshold. All other wealth tiers saw positive growth in
their population, but even larger growth in their combined
wealth, with the exception of the two lowest tiers as they
are more susceptible to the effects of economic volatility
within the region.
93
SOUTH AFRICA
2014
AFRICA
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
3,005
835
SOUTH AFRICA
13%
Golf is the most common
hobby amongst South
Africas UHNW
population, shared by 13%
of the countrys UHNW
individuals.
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
395
2,775
350
8.3%
12.9%
112
775
100
7.7%
12.0%
South Africa remains Africas largest UHNW country, accounting for just
under 30% of the regions total UHNW population. One of the reasons
why South Africa has long been Africas wealthiest economy is its relatively
developed financial infrastructure. In fact, the financial sector accounts
for almost a quarter of South Africas GDP, and over 30% of the countrys
UHNW population have derived their fortunes from this sector. The
financial sector is crucial, particularly in emerging regions and markets such
as Africa, as it is a prerequisite for further business development. Yet, it is
also often itself dependent on pre-existing business. In the case of South
Africa, abundant natural resources made the development of financial
services necessary, which in turn helped maintain the countrys high standing
in the region with regards to wealth accumulation opportunities.
South Africa experienced relatively high growth rates in terms of UHNW
population and wealth, though it remains below the regional average.
In large part, this is due to the strong decline of the South African rand,
which lost 7% of its value relative to the American dollar. Furthermore,
while South Africas GDP growth rate was positive, it was only of 2.1%,
significantly lower than that of the rest of the region - apart from Egypt and
Libya, which both experienced socio-political strife during this time period.
77%
17%
6%
SELF-MADE
INHERITANCE/
SELF-MADE
INHERITANCE
South Africa has long been one of the regions biggest

success stories. In economic terms, even including
typical case studies of African Success such as
Mauritius and Botswana, few African economies have
had as consistent an economic performance as South
Africa has had in the last twenty years. However,
this year, South Africa has had negative experiences
with high inflation, government debt and the end of
American financial stimulus, which have negatively
impacted the countrys economy.
South Africas female UHNW

individuals are significantly wealthier
than their male counterparts.
90%
POPULATION
94
TOTAL WEALTH
US$ 630 BILLION
UHNW WEALTH
US$ 112 BILLION
These developments, however, have not affected the

ultra wealthy, mainly because these individuals are
primarily self-made - only 6% have fully inherited
their wealth - and have proved resilient to short-term
volatility. In fact, for some UHNW individuals, the
decrease in the value of the South African rand helped
boost revenue, as exports became more competitive.
10%
84%
16%
NET WORTH
The countrys 85 UHNW females have

an average net worth that is almost
twice that of their male counterparts:
US$214 million compared to US$125
million.
MALE
FEMALE
17.8%
95
NIGERIA
2014
2013
UHNW
POPULATION
UHNW
WEALTH
US$ billion
AFRICA
3,005
NIGERIA
645
25%
Almost 25% of Nigerias
UHNW population made
their fortunes through the
oil, gas & consumable fuels
industry.
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
395
2,775
350
8.3%
12.9%
90
600
80
7.5%
12.5%
In April 2014, Nigeria rebased its GDP, nearly doubling the official
economic output of the country overnight. This rebasing shed light on
the growing importance of the service industry in Nigeria - for example,
the telecom industry was finally incorporated into the GDP estimates.
Although the latest estimates suggest that the non-oil sector is increasing
in economic importance in Nigeria, oil, gas & consumable fuels remain the
most significant sources of wealth for the nations ultra wealthy.
The reason for the non-oil sectors gain, in relative terms, may not be
indicative of a real decline in the relevance of this industry: this is not new,
it is simply now being recorded by government statisticians. Even with this
redesign, Nigerias GDP per capita remains significantly smaller than South
Africas. This indicates that while there may still be large scope for growth
in the economy, it is currently hampered by various factors including limited
infrastructure and cloudy institutional frameworks. Furthermore, in the
last year, Nigeria has experienced turbulent circumstances, from the rise
of Boko Haram to the onset of the Ebola epidemic, which pose significant
threats to the progress of the countrys economy.
73%
17%
10%
SELF-MADE
INHERITANCE/
SELF-MADE
INHERITANCE
At the moment, almost a quarter of Nigerias wealth is

held by the regions UHNW population, a relatively
high share compared to that held by American UHNW
individuals. Although there is still great potential for
future growth in Nigerias UHNW population and
wealth, this growth is currently limited by the wider
countrys economic development. While many of the
countrys UHNW individuals have made their fortunes
through diversified business interests that rely on more
than just the domestic market, more growth in the
87%
96
TOTAL WEALTH
US$ 380 BILLION
UHNW WEALTH
US$ 85 BILLION
POPULATION
13%
93%
NET WORTH
general economy is needed to fuel more potential for

growth in both UHNW population and wealth.
The countrys vast potential and therefore
opportunities are not lost on Nigerias population: the
country is particularly entrepreneurial. Only 10% of
Nigerias UHNW individuals have fully inherited their
wealth, further indicating that the country could be well
positioned for future growth, provided local sociopolitical conditions allow it.
7%
In Nigeria, UHNW women have an

average net worth that is half that of
their male counterparts, at US$75
million, compared to US$149 million.
MALE
FEMALE
22.4%
97
APPENDIX: WORLD RANKING
2013
2014
98
2013
2014
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
WORLD
211,275
29,725
199,235
27,770
6.0%
7.0%
33
2013-2014
UHNW
POPULATION
UHNW
WEALTH
US$ billion
UHNW
POPULATION
UHNW
WEALTH
US$ billion
POPULATION
CHANGE %
WEALTH
CHANGE %
SOUTH AFRICA
835
112
775
100
7.7%
12.0%
UNITED STATES
69,560
9,630
65,505
9,085
6.2%
6.0%
34
DENMARK
825
95
740
80
11.5%
18.8%
GERMANY
19,095
2,580
17,820
2,345
7.2%
10.0%
35
THAILAND
735
135
720
110
2.1%
22.7%
JAPAN
14,720
2,430
14,270
2,335
3.2%
4.1%
36
LUXEMBOURG
725
125
660
85
9.8%
47.1%
UNITED KINGDOM
11,510
1,445
10,910
1,375
5.5%
5.1%
37
PHILIPPINES
690
100
660
95
4.5%
5.3%
CHINA
11,070
1,565
10,675
1,515
3.7%
3.3%
38
COLOMBIA
670
85
635
80
5.5%
6.3%
12.5%
INDIA
8,595
1,013
7,850
935
9.5%
8.3%
39
NIGERIA
645
90
600
80
7.5%
SWITZERLAND
6,635
790
6,330
750
4.8%
5.3%
40
REPUBLIC OF IRELAND
610
70
580
65
5.2%
7.7%
CANADA
5,305
635
4,980
595
6.5%
6.7%
41
EGYPT
595
80
510
65
16.7%
23.1%
FRANCE
4,750
565
4,490
525
5.8%
7.6%
42
AUSTRIA
590
90
565
70
4.4%
28.6%
10
BRAZIL
4,225
820
4,015
770
5.2%
6.5%
43
GREECE
565
70
505
60
11.9%
16.7%
11
AUSTRALIA
3,580
440
3,405
415
5.1%
6.0%
44
NEW ZEALAND
550
70
510
65
7.8%
7.7%
12
MEXICO
3,470
460
3,365
445
3.1%
3.4%
45
CHILE
515
75
515
65
0.0%
15.4%
13
HONG KONG
3,335
595
3,180
530
4.9%
12.3%
46
PERU
515
65
495
60
4.0%
8.3%
14
ITALY
2,295
270
2,075
235
10.6%
14.9%
47
UKRAINE
470
85
440
75
6.8%
13.3%
15
SPAIN
1,800
225
1,625
195
10.8%
15.4%
48
PAKISTAN
465
55
415
50
12.0%
10.0%
16
NORWAY
1,565
185
1,450
165
7.9%
12.1%
49
VENEZUELA
455
60
435
55
4.6%
9.1%
17
SAUDI ARABIA
1,495
320
1,360
285
9.9%
12.3%
50
FINLAND
435
50
400
45
8.7%
11.1%
18
SOUTH KOREA
1,470
280
1,390
265
5.8%
5.7%
51
HUNGARY
405
45
400
45
1.3%
0.0%
19
SINGAPORE
1,395
180
1,355
160
3.0%
12.5%
52
ISRAEL
385
75
360
70
6.9%
7.1%
20
NETHERLANDS
1,370
190
1,290
175
6.2%
8.6%
53
QATAR
375
55
320
50
17.2%
10.0%
21
TAIWAN
1,315
225
1,245
210
5.6%
7.1%
22
UNITED ARAB
EMIRATES
1,275
255
1,050
190
21.4%
34.2%
23
RUSSIA
1,230
650
1,180
620
4.2%
4.8%
24
ARGENTINA
1,185
160
1,110
150
6.8%
6.7%
25
SWEDEN
1,130
130
1,070
120
5.6%
8.3%
26
PORTUGAL
930
110
870
100
6.9%
10.0%
27
TURKEY
915
120
900
105
1.7%
14.3%
28
INDONESIA
875
130
865
130
1.2%
0.0%
29
MALAYSIA
875
110
840
105
4.2%
4.8%
30
BELGIUM
870
105
810
95
7.4%
10.5%
31
POLAND
845
100
800
95
5.6%
5.3%
32
KUWAIT
835
140
845
145
-1.2%
-3.4%
54
CZECH REPUBLIC
295
35
280
35
5.4%
0.0%
55
CROATIA
285
30
280
30
1.8%
0.0%
56
ECUADOR
280
30
265
30
5.7%
0.0%
57
DOMINICAN REPUBLIC
265
30
250
30
6.0%
0.0%
58
GUATEMALA
260
30
245
30
6.1%
0.0%
59
BOLIVIA
245
30
230
30
6.5%
0.0%
60
HONDURAS
225
30
215
30
4.7%
0.0%
7,845
970
7,305
920
7.4%
5.4%
REST OF THE WORLD
99
METHODOLOGY
ABOUT WEALTH-X
Wealth-X uses a proprietary valuation model to assess all asset holdings including privately and publicly held
businesses and investible assets to develop our Net Worth Valuation.
Our team of researchers and analysts has access to an unrivalled, proprietary database of global ultra high net
worth (UHNW) individuals that is the largest in existence. Our database highlights their financial profiles,
passions and interests, known associates, affiliations, family members, biographies, news and much more.
Wealth-X uses the primary business address as the determinant of an individuals location.
UHNW Philanthropic Causes

Arts, Culture, Includes museums, galleries, theatres, symphonies, performing arts centres, opera houses,
and Humanities: culture/heritage festivals or exhibitions, as well as public foundations specifically focused

on supporting these types of causes.

Education:
Includes primary schools, high schools, scholarship funds, and social organisations

or foundations specifically focused on education. All education-related philanthropy,

except those covered in Higher Education.
Environment
and Animals:

Foundations:
Includes public foundations or charitable organisations focused on environmental

preservation, saving endangered animals, providing veterinary care, clean energy research,
building parks or gardens.
Government:
Government institutions, ministries, departments, municipalities.
Higher
Education:
Includes colleges, universities and other post-secondary educational institutions.
Wealth-X is the worlds leading ultra high net worth (UHNW) intelligence and
prospecting firm with the largest collection of curated research on UHNW
individuals, defined as those with net assets of US$30 million and above. The firms
Wealth-X Professional solution is the standard for financial institutions, not-forprofit organisations and luxury brands working with the ultra affluent.
Headquartered in Singapore, Wealth-X has 13 offices on five continents.
www.worldultrawealthreport.com
[email protected]
Private foundations established by a person or a family.
Health:
Includes hospitals, clinics, medical research centers and public foundations focused on
healthcare/medicine.
Human
Includes childrens/youth services, adoption, family services, single parent agencies, family
Services:
services/counselling, emergency assistance, victims services, hospices, employment and
housing/shelter projects.
Public, Society Includes research and public policy institutions, community foundations, science and
Benefit:
technology research.
Religious
Organisations:
100
Includes churches, mosques, temples, religious schools and any organisations with an explicitly
religious focus.
101
www.wealthx.com

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WORLD ULTRA WEALTH REPORT 2014

WORLD ULTRA WEALTH REPORT 2014

WEALTH-X AND UBS WORLD ULTRA WEALTH REPORT 2014

WEALTH-X AND UBS WORLD ULTRA WEALTH REPORT 2014

A NOTE TO OUR READERS

Mykolas D. Rambus, Chief Executive Officer

nearly US$2 trillion more than last year. These

WEALTH-X AND UBS WORLD ULTRA WEALTH REPORT 2014

WEALTH-X AND UBS WORLD ULTRA WEALTH REPORT 2014

made and involved in founder-owned private

Geopolitics, disinflation, and a lack of economic

year, despite only comprising 0.004% of the worlds

However, this disproportionality exposes

a given risk level (i.e. occupying the efficient

Wealth concentration is perhaps the biggest risk

WEALTH-X AND UBS WORLD ULTRA WEALTH REPORT 2014

WEALTH-X AND UBS WORLD ULTRA WEALTH REPORT 2014

Latin America & the Caribbean

United Arab Emirates 80

APPENDIX: WORLD RANKING

WEALTH-X AND UBS WORLD ULTRA WEALTH REPORT 2014

WEALTH-X AND UBS WORLD ULTRA WEALTH REPORT 2014

In 2014, the worlds ultra high net worth (UHNW)

influence over the worlds wealth continues to expand.

WEALTH-X AND UBS WORLD ULTRA WEALTH REPORT 2014

WEALTH-X AND UBS WORLD ULTRA WEALTH REPORT 2014

US$10 million - US$29 million

US$5 million - US$9.9 million

US$1 million - US$4.9 million

LATIN AMERICA &

$10,000 & UNDER

The worlds UHNW population accounts for 0.004%

On top of the direct influence that UHNW individuals

Over the course of the past year, numerous disruptive

Equity markets across the world performed well, with

* July 2013 - June 2014.

WEALTH-X AND UBS WORLD ULTRA WEALTH REPORT 2014

WEALTH-X AND UBS WORLD ULTRA WEALTH REPORT 2014

KEY WORLD WEALTH EVENTS IN 2013-2014

(+) MIDDLE EAST

JOINT PLAN OF ACTION

(+) NORTH AMERICA

(+) NORTH AMERICA

ECB LOWERS INTEREST

(+) LATIN AMERICAN &

CHINA ENDS IPO

CHINA ALLOWS FOREIGN

CHINAS TRADE SURPLUS

(+) NORTH AMERICA

(-) NORTH AMERICA

(-) MIDDLE EAST

WEST GATE SHOPPING

(-) NORTH AMERICA/

FORMER SENIOR LEADER

(+) NORTH AMERICA

FTSE 100 RISES TO 6,878

S&P 500 HIT A HIGH OF

(-) NORTH AMERICA

THE DOW JONES