World’s ultra wealthy got $2 trillion wealthier, up 6% from 2013, but the UAE’s UHNW population grew 21.4% and their wealth increased by 34.2%.
There were 12,040 new people who have more than $30 million in net assets in 2014, according to the Wealth-X and UBS World Ultra Wealth Report 2014. That’s a 6% increase from last year, pushing the worldwide total to a record 211,275 people.
Of them, 183,810 are men and just 27,465 are women. The wealth of these super rich people increased 7% to $29.7 trillion in 2014.
Although they only account for .004% of the world’s adult population, they control almost 13% of the total global wealth.
In the Middle East, there are 5,975 ultra high net worth individuals, up 12.7% over the previous year. This compares to 69,560 in the USA, 19,095 in Germany, 14,720 in Japan, 11,510 in the UK, and 11,070 in China.
The UAE experienced the fastest UHNW population and wealth growth in the world, with the number of individuals increasing by 21.4% and the wealth jumping 34.2% over 2013.
On average, the super rich have 2.2 kids and 1.9 grandchildren. The average man is 59 years old, while the average woman is 57.
They own 2.7 properties and at least 30% of them have at least one home outside of their primary country.
They have about seven other super rich buddies, including at least one billionaire, in their immediate social circle.
The report says that the average ultra wealthy person spends $1.1 million each year on luxury goods and services, from food to travel to clothes.
All together, they spend a combined $40 billion on cars, $23 billion on private aviation, and $22 billion on yachts.
They are generous, though women are more so than men. Women’s average lifetime donation is nearly $31 million, compared to $24.4 million for men.
The report says 64% of them are self-made and only 17% have fully inherited their wealth.
When it comes to men, 68% were self-made, compared to 34% of women. Only 13% of men fully inherited their wealth, whereas 48% of ultra wealthy women fully inherited their fortunes.
Nearly 88% of these super rich individuals got a bachelor’s degree, though 12% didn’t make it beyond high school.