Ultra-High-Net-Worth Individual (UHNWI): Definition and Criteria

Ultra-High-Net-Worth Individual (UHNWI): Definition and Criteria

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Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School for Social Research and Doctor of Philosophy in English literature from NYU.
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Updated June 24, 2023
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What Is an Ultra-High-Net-Worth Individual (UHNWI)?

Ultra-high-net-worth individuals (UHNWI) are people with a net worth of at least $30 million. This category is composed of the wealthiest people in the world, who control a tremendous amount of global wealth. This group of people is small—in terms of total population—but it continues to grow.

In 2023, the group totaled 579,625 individuals globally, down 3.8% from 2022, according to Knight Frank's Wealth Report Series, published in 2023. The U.S. has the most UHNWIs globally by a large margin (41.6%).

Key Takeaways

  • According to Knight Frank's definition, ultra-high-net-worth individuals are those with at least $30 million in investable assets.
  • The U.S. is home to the most UHNWIs in the world—241,253.
  • Most UHNWIs allocate a significant portion of their portfolios to equities, commercial real estate, and bonds. The majority of their wealth stems from the value of their primary and secondary homes.


Understanding Ultra-High-Net-Worth Individuals (UHNWIs)

The U.S. is home to 41.6% of the world's UHNWIs—241,253. Europe is the next closest, with 155,996. It is followed by China, which has 150,362.

The United Arab Emirates grew the most from 2021 to 2022 (18.1%). Knight Frank forecasts that the ranks of the ultra-wealthy will grow by 85% from a total of 579,625 to 744,812 by 2027.

By 2027, Hungary is expected to experience the most growth (74.4%), followed by Turkey (69.1%). The U.S. will continue to have the most UHNWIs by 2027, adding 24.6% more super-rich individuals.

More than 86% of ultra-high-net-worth wealth is held by people 50 and older, and a majority are men, according to a report published by Wealth-X in 2022. Only 10.8% are women, but that number is on the rise—among those below 50, women account for 13.9% vs. 10.2% of men under 50.

Ultra-high net worth is generally quoted in terms of combined net assets over a certain figure. While $30 million is typically the number used, the exact amount can differ depending on who defines it, the region the person lives in, and when the term is used.

Examples of UHNWIs

Many of the world's super-rich citizens are self-made individuals. This is evident in Forbes' annually curated list of the world's richest people. On its World's Real-Time Billionaires List, the magazine ranks the daily worth on its wealth-tracking platform. According to the website, "[The list] reflects changes since 5 pm EST of [the] prior trading day."

On Forbes' ever-changing list, on June 23, 2023, Elon Musk led the billionaire pack with $243 billion. He was followed by:

  • Bernard Arnault and his family ($222.6 billion)
  • Jeff Bezos ($152 billion)
  • Larry Elison ($148.6 billion)

The total worth of billionaires in 2023 tops $12.2 trillion, a decrease from $12.7 trillion in 2022. Others near the top of the world's UHNWI population include Warren Buffet, Bill Gates, and Larry Page.

2,640

The number of billionaires in 2023, according to Forbes.

How the UHNWIs Invest

Most UHNWIs do not have their money sitting in certificates of deposit (CDs), money market accounts, mutual funds, or a 401(k). Many ultra-high-net-worth individuals store the majority of their wealth in:

  • Primary and secondary homes
  • Stocks and bonds
  • Venture capital and private equity

Many UHNWIs invest in property—on average, UHNWIs allocate 21% of their wealth to investment properties like residential or office buildings.

When Forbes published its list of billionaires for 2023, it pointed out that billionaires suffered losses and slow growth in 2023.

What Defines Ultra-High Net Worth?

Net worth is the combined value of all of your assets. How much you need to be considered ultra-high net worth will change with time as more people become millionaires and billionaires. For now, the threshold is considered by most to be $30 million.

How Many People Have an Ultra-High Net Worth?

According to Knight Frank's definition, there are 529,625 people with a net worth of over $30 million. Because there are now more billionaires than ever, the Forbes billionaire list might be a better indicator of UHNW. In June 2023, there were 44 people with a net worth of more than $30 billion.

What Percentage of the U.S. Population Has $2 million?

Surveys find different figures, but the latest information from the U.S. Census Bureau 2021 survey shows that one in 10 households (10%) have a net worth of more than $1.41 million.

The Bottom Line

Ultra-high net worth individuals are loosely defined as people with more than $30 million in net worth. This is measured by combining the value of all assets, not just investable or physical assets.

In June 2023, hundreds of thousands of individuals worldwide met this definition. The number of millionaires in the world continues to grow, so it's safe to say that there will soon be many more UHNWIs. In fact, there are so many that the definition might soon need to be changed.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. Knight Frank. "The Wealth Report 2021," Page 13.

  2. Knight Frank. “Wealth Populations," Page 3.

  3. Knight Frank. "The Wealth Report," Page 7.

  4. Knight Frank. “Wealth Populations," Page 5.

  5. Wealth-X. "World Ultra Wealth Report 2022."

  6. Forbes. "The World's Real-Time Billionaires."

  7. Forbes. "World's Billionaire List | The Richest in 2023."

  8. U.S. Census Bureau. "The Wealth of Households: 2020," Page 2.

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