There are expected to be 7.7 million more millionaires in the world by 2023, according to a report by wealth data business, Wealth-X, surveying the demographics and profiles of high-net-worth-individuals (HNWI’s).

The report, named High Net Worth Handbook 2019, covers the number and dispersion of people with net assets between $1 million and $30 million, examining growth in 2018, as well as forecasting growth rates for the next five years.

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The report asserts that by 2023, with the world’s population expected to pass 8 billion, the number of HNWIs is forecast to exceed 30.1 million, a growth of 7.7 million against 2018. The wealth of said population is projected to total $82.2trn, equating to $20.9trn of newly created wealth in the next five years.

The region expected to see the biggest growth is Asia-Pacific with the compound annual growth rate (CAGR) for 2018 – 2023 forecast to be 7.6%. This compares to the Americas at 5.9% and Europe, the Middle East and Africa (EMEA) at 5.0.

This would suggest an opportunity for private banks to tap into a market that is currently underserved by the industry.

Growth in 2018

The report also finds that Nigeria saw the biggest growth in its HNW population in 2018, with a growth of 16.3%. Egypt, Bangladesh, Vietnam, Poland, China, Kenya, India, Philippines, and Ukraine round out the top 10, comprising a list the report describes as “a motley group”.

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In 2018, the United States topped the table both in terms of number of HNWIs and collective wealth. The US in both cases outstripped the combined figures of the other nine countries in the top 10.

However, among the top 10, China, Germany, France and Italy all figured higher than the US in terms of growth rate for 2018, suggesting its monopoly could be on the wane.

The report also finds that while HNWI’s are a male-dominated group, a record high 16% of their number are female, a figure that has been gradually rising in recent years.

Wealth-X’s report also examines the profiles of the world’s HNWI’s, in terms of source o wealth, asset allocation, philanthropic activity and extra-curricular interests, such as sport and music.