World Wealth Report 2024 (2024)

FAQs

What is considered high net worth in 2024? ›

To be considered very high net worth, one might need assets ranging from $5 million to $10 million, while an ultra-high net worth status could require $30 million or more.

Wealth Management - United States

According to projections, the Assets under Management in this market are expected to reach a staggering US$64,390.00bn by 2024. It is worth noting that Financial Advisory services hold a dominant position in this sector, with a projected market volume of US$62,610.00bn in 2024.

There are only 28,420 centi-millionaires in the world (as at June 2023), making this a very elite club. The Centi-Millionaire Report includes exclusive statistics on centi-millionaires provided by global wealth intelligence firm New World Wealth. Read expert insights here and the methodology here.

The most recent data from the Fed's Survey of Consumer Finances comes from the end of 2022. If you wanted to be in the top 5% of households at that point, you would need a net worth of $3,795,000. As you might expect, though, you don't need as much to reach the top 5% of younger households.

The upper class has an average net worth of $793,120 to $2.65 million, while the lower class has $16,900. The middle class ranges from $58,550 to $300,800. You can grow your net worth by saving and investing consistently, investing in the stock market, and being careful about taking on debt.

There isn't a hard-and-fast rule for how much money you “need” to get started with wealth management, but generally speaking, this is most beneficial for people with a net worth of $250,000 or more. It's also strongly recommended for business owners.

The financial advisory industry faces a significant demographic shift, with the average age of advisors in the U.S. at 56 and about 20% set to retire in the coming years.

According to new research, your planning capabilities and attitude towards money are two big drivers when it comes to accumulating wealth.

What Constitutes Being an Ultra-High-Net-Worth Individual? While there's no legal standard when it comes to defining who is an ultra-high-net-worth individual (UHNWI), they're often defined as those who have $30 million or more in assets.

What is the net worth of the rich 1%? ›

In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd. As of the end of 2023, this ultra-high net worth population is on the rise, reaching 626,000 globally, up from just over 600,000 a year earlier.

An individual would have to earn an average of $407,500 per year to join the top 1%. A household would need an income of $591,550. The widening gaps in wealth and income stem from a variety of factors, including increasing dominance of public and private equity by the wealthiest and tax breaks.

Top 2% wealth: The top 2% of Americans have a net worth of about $2.472 million, aligning closely with the surveyed perception of wealth. Top 5% wealth: The next tier, the top 5%, has a net worth of around $1.03 million. Top 10% wealth: The top 10% of the population has a net worth of approximately $854,900.

What Is a High-Net-Worth Individual (HNWI)? A high-net-worth individual (HNWI) is someone who generally has liquid assets of at least $1 million after accounting for their liabilities. 1 (Liquid assets held by HNWIs include cash and investments that can be easily liquidated or converted to cash, including stocks.)

According to Schwab's Modern Wealth Survey, Americans said last year that it takes an average net worth of $2.2 million to qualify a person as being wealthy. (Net worth is the sum of your assets minus your liabilities.)