The global pandemic and the attendant economic and social turmoil had differing effects on ultra-high-net-worth individuals' private wealth in 2020, according to Wealth-X's World Ultra Wealth Report 2021.
Ultra-rich individuals with $30 million or more in net worth represent just 1.2% of the world's high-net-worth population (individuals with $1 million of net worth), but command 34% of global net worth.
Last year, their numbers grew 1.7% to 295,450 individuals, and their combined net worth increased 2% to $35.5 trillion.
The report listed 10 countries that are home to three-quarters of the global ultra-high-net-worth population.
Pandemic Effects
Wealth-X researchers looked at how ultra-wealthy individuals' net worth fared last year based on their gender, primary industry and age.
They found little difference in ultra-high-net-worth effects by gender in 2020 — in contrast to the general population, in which women disproportionately bore pandemic-related disruptions in employment and income.
The saving grace? Asset allocations of the ultra-wealthy, regardless of gender. Private and public holdings account for 56.2% of their assets, well above the proportion for people with lower levels of wealth, according to the report.
Wealth-X said this reflects rich individuals' tendency to either own or operate a business (or part of one) and to invest widely in public companies as part of wealth planning and protection strategies.