Altrata Family Wealth Transfer Report 2024: 37,218 HNWs with > $100 Million Wealth, 1.21 Million HNWs with > $5 Million Wealth, Average Age Range of Inheritors Globally 42.6 to 46.8, UHNW Profile Type Corporate Executives 71.1%, Entrepreneurs 20.8%, Sole Inheritors 6.7%, Others 1.4%, Top Donors Primary Source of Wealth is Banking & Finance, Top 3 Donations & Beneficiaries are Education, Arts & Culture and Social Services
28th June 2024 | Hong Kong
Altrata (Wealth-X) has released the Family Wealth Transfer Report 2024, providing key insights into global HNW & UHNW population (high net worth, ultra high net worth), source of wealth, size of wealth transfer & preferred areas to donate wealth. In 2024, there are 1.21 million HNWs (> $5 million wealth) with $30.9 trillion wealth (Average $25 million) and 37,218 HNWs (> $100 million wealth) with $13.9 trillion wealth (Average $374 million). Individuals with > $1 billion wealth – 1,300+ HNWs. $100 m to $1 billion wealth – 35,000+ HNWs. $30 m to $100 million wealth – 117,000+ HNWs. $5 m to $30 million wealth – 1 million+ HNWs. Top 3 HNW population by region – North America 597,309 HNWs, Europe 268,701 HNWs, Asia 238,508 HNWs. Top 3 HNW wealth by region – North America $14.1 trillion, Europe $7.4 trillion, Asia $6 trillion. Average age range of inheritors in all regions – Age 42.6 to 46.8. Average age of donors with > $30 to $100 million – Age 75.2. Average age of donors with > $100 million – Age 76.3. Gender of Donors $100 m to $1 billion – 90.7% men / 9.3% women. Gender of Donors $30 m to $100 million – 89.2% men / 10.8% women. Gender of Donors $5 m to $30 million – 84.6% men / 15.4% women. 6 Major aspects of family wealth planning – 1) Family governance, 2) Business transition, 3) Philanthropy, 4) Financial & investment management, 5) Real estate & luxury assets, 6) Reporting, legal, tax & others. UHNW profile type for wealth transfer – Corporate Executives 71.1%, Entrepreneurs 20.8%, Sole Inheritors 6.7%, Others 1.4%. Top 3 Asia UHNW source of wealth (donors > $100 million) – Banking & finance 14.4%, Industrial conglomerates 12.5%, Real estate 10.1%. Top 3 Europe UHNW source of wealth (donors > $100 million) – Banking & finance 19%, Business & consumer services 9.8%, Real estate 7%. Top 3 North America UHNW source of wealth (donors > $100 million) – Banking & finance 23.8%, Non-profit & social organizations 10.2%, Real estate 10%. Top 3 UHNW Corporate Executives preferred donations – Philanthropy 47.1%, Sports 34.4%, Aviation 24%. Top 3 UHNW Entrepreneurs preferred donations – Philanthropy 54.2%, Sports 40.9%, Aviation 28.3%. Top 3 UHNW Inheritors Executives preferred donations – Philanthropy 63.2%, Sports 27.7%, Aviation 27.3%. Top 3 UHNW donation in next 10 years (till 2033) – Education 56.7%, Arts & culture 39.8%, Social services 31.5%. Top 7 Beneficiaries from UHNW donors in next 10 years (till 2033) – Education 61.4%, Arts & culture 44.7%, Social services 35.9%. See below for key findings & summary | View report here
“ 37,218 HNWs with > $100 Million Wealth, 1.21 Million HNWs with > $5 Million Wealth, Average Age Range of Inheritors Globally 42.6 to 46.8, UHNW Profile Type Corporate Executives 71.1%, Entrepreneurs 20.8%, Sole Inheritors 6.7%, Others 1.4%, Top Donors Primary Source of Wealth is Banking & Finance, Top 3 Donations & Beneficiaries are Education, Arts & Culture and Social Services “
HNW (high net worth) ~ In this summary report, we refer HNW to as individuals with > $5 million. Generally, HNW refers to individuals with > $1 million. In the Altrata Family Wealth Transfer Report 2024, VHNW (Very high net worth) refers to individuals with $5 million to $30 million).
Altrata Family Wealth Transfer Report 2024: 37,218 HNWs with > $100 Million Wealth, 1.21 Million HNWs with > $5 Million Wealth, Average Age Range of Inheritors Globally 42.6 to 46.8, UHNW Profile Type Corporate Executives 71.1%, Entrepreneurs 20.8%, Sole Inheritors 6.7%, Others 1.4%, Top Donors Primary Source of Wealth is Banking & Finance, Top 3 Donations & Beneficiaries are Education, Arts & Culture and Social Services
Altrata (Wealth-X) has released the Family Wealth Transfer Report 2024, providing key insights into global HNW & UHNW population, source of wealth, size of wealth transfer & preferred areas to donate wealth. View report here
Altrata Family Wealth Transfer Report 2024
Definitions:
- High net worth (HNW) individuals* – > $5 m to $30 million
- Ultra high net worth (UHNW) individuals – > $30 million
- Donors – donating wealth
- Beneficiaries / Inheritors – inheriting wealth
In this summary, we refer HNW to as individuals with > $5 million. In the report VHNW (Very high net worth) refers to individuals with $5 million to $30 million).
Summary
- HNW with > $5 million – 1.21 million HNWs with $30.9 trillion wealth (Average $25 million)
- HNW with > $100 million – 37,218 HNWs with $13.9 trillion wealth (Average $374 million)
- Individuals with > $1 billion – 1,300+ HNWs
- $100 m to $1 billion – 35,000+ HNWs
- $30 m to $100 million – 117,000+ HNWs
- $5 m to $30 million – 1 million+ HNWs
- Top 3 HNW population by region – North America 597,309 HNWs, Europe 268,701 HNWs, Asia 238,508 HNWs,
- Top 3 HNW wealth by region – North America $14.1 trillion, Europe $7.4 trillion, Asia $6 trillion
- 6 Major aspects of family wealth planning – 1) Family governance, 2) Business transition, 3) Philanthropy, 4) Financial & investment management, 5) Real estate & luxury assets, 6) Reporting, legal, tax & others
UHNW Donations:
- Average age range of inheritors in all regions – Age 42.6 to 46.8
- Average age of donors with > $30 to $100 million – Age 75.2
- Average age of donors with > $100 million – Age 76.3
- Gender of Donors $100 m to $1 billion – 90.7% men / 9.3% women
- Gender of Donors $30 m to $100 million – 89.2% men / 10.8% women
- Gender of Donors $5 m to $30 million – 84.6% men / 15.4% women
- UHNW profile type for wealth transfer – Corporate Executives 71.1%, Entrepreneurs 20.8%, Sole Inheritors 6.7%, Others 1.4%
- Top 3 Asia UHNW source of wealth (donors > $100 million) – Banking & finance 14.4%, Industrial conglomerates 12.5%, Real estate 10.1%
- Top 3 Europe UHNW source of wealth (donors > $100 million) – Banking & finance 19%, Business & consumer services 9.8%, Real estate 7%
- Top 3 North America UHNW source of wealth (donors > $100 million) – Banking & finance 23.8%, Non-profit & social organizations 10.2%, Real estate 10%
- Top 3 UHNW Corporate Executives preferred donations – Philanthropy 47.1%, Sports 34.4%, Aviation 24%
- Top 3 UHNW Entrepreneurs preferred donations – Philanthropy 54.2%, Sports 40.9%, Aviation 28.3%
- Top 3 UHNW Inheritors Executives preferred donations – Philanthropy 63.2%, Sports 27.7%, Aviation 27.3%
- Top 3 UHNW donation in next 10 years (till 2033) – Education 56.7%, Arts & culture 39.8%, Social services 31.5%
- Top 7 Beneficiaries from UHNW donors in next 10 years (till 2033) – Education 61.4%, Arts & culture 44.7%, Social services 35.9%
Altrata Family Wealth Transfer Report 2024
1) HNW Population & Wealth
HNW with more than $5 million:
- HNW with > $5 million – 1.21 million HNWs
- Total wealth – $30.9 trillion
- Average wealth – $25 million each
HNW with more than $100 million:
- More than $100 million – 37,218 HNWs
- Total wealth – $13.9 trillion
- Average wealth – $374 million each
HNW Population to transfer wealth in next 10 years (to 2033)
- Individuals with > $1 billion – 1,379 HNWs
- $100 m to $1 billion – 35,840
- $30 m to $100 million – 117,683
- $5 m to $30 million – 1,061,095
- Total (> $5 million) – 1.21 million HNWs
Total wealth to be transferred in next 10 years (to 2033)
- Individuals with > $1 billion – $4.9 trillion
- $100 m to $1 billion – $8.9 trillion
- $30 m to $100 million – $5.9 trillion
- $5 m to $30 million – $11 trillion
- Total wealth – $30.9 trillion
Average wealth to be transferred in next 10 years (to 2033)
- Individuals with > $1 billion – $3.5 billion each (1,379 HNWs)
- $100 m to $1 billion – $250 million each (35,840 HNWs)
- $30 m to $100 million – $50 million each (117,683 HNWs)
- $5 m to $30 million – $10 million each (1,061,095 HNWs)
- Total average wealth – $25 million each (1.21 million HNWs with > $ 5 million)
HNW Population by Region:
- North America – 597,309 HNWs
- Europe – 268,701
- Asia – 238,508
- Latin America & Caribbean – 45,113
- Middle East – 30,672
- Pacific- 27,374
- Africa – 8,320
- Total (> $5 million) – 1.21 million HNWs
Pacific ~ Australia & New Zealand
Total HNW Wealth by Region:
- North America – $14.1 trillion
- Europe – $7.4 trillion
- Asia – $6 trillion
- Middle East – $1.2 trillion
- Latin America & Caribbean – $1.2 trillion
- Pacific – $524 billion
- Africa – $214 billion
- Total wealth – $30.9 trillion
2) Age of Inheritors of Wealth
Average age range of inheritors in all regions – Age 42.6 to 46.8
Average age of inheritors (UHNW Parents > $30 m):
- North America – Age 47.6
- Europe – Age 47.9
- Asia – Age 48.7
- Middle East – Age 50.4
- Latin America & Caribbean – Age 50.6
- Pacific – Age 50.3
- Africa – Age 49.9
Average age of inheritors (VHNW Parents $5 m to $30 m):
- North America – Age 46.1
- Europe – Age 46
- Asia – Age 46.8
- Middle East – Age 43
- Latin America & Caribbean – Age 44.8
- Pacific – Age 44.2
- Africa – Age 42.6
3) Age & Gender of Donors of Wealth
Current Age of UHNW Donors:
- Average age with > $30 to $100 million – 75.2
- Average age with > $100 million – 76.3
UHNW Donors Age Group ($30 to $100 million / > $100 million):
- Below age 70 – 26.3% / 30.7%
- Between age 70 to 80 – 43.3% / 44.2%
- Above age 80 – 30.4% / 25.1%
Men vs Women Donors by Wealth Tier
- $100 m to $1 billion – 90.7% men / 9.3% women
- $30 m to $100 million – 89.2% men / 10.8% women
- $5 m to $30 million – 84.6% men / 15.4% women
4) Family Wealth Planning
6 Major aspects of family wealth planning:
- Family governance
- Business transition
- Philanthropy
- Financial & investment management
- Real estate & luxury assets
- Reporting, legal, tax & others
5) UHNW Profile & Source of Wealth
UHNW profile type for wealth transfer in next 10 years (to 2033):
- Corporate Executives – 71.1% of UHNWs
- Entrepreneurs – 20.8%
- Sole Inheritors – 6.7%
- Others – 1.4%
UHNW wealth by profile type for wealth transfer in next 10 years (to 2033):
- Corporate Executives – 61.4% of wealth
- Entrepreneurs – 30.2%
- Sole Inheritors – 7.5%
- Other UHNWs – 0.8%
Top 8 UHNW primary industries (donors > $100 million)
Asia UHNW source of wealth:
- Banking & finance – 14.4%
- Industrial conglomerates – 12.5%
- Real estate – 10.1%
- Manufacturing – 8.5%
- Business & consumer services – 6.3%
- F&B – 5.9%
- Healthcare – 5.5%
- Hospitality & entertainment – 4.8%
Europe UHNW source of wealth:
- Banking & finance – 19%
- Business & consumer services – 9.8%
- Real estate – 7%
- Manufacturing – 6.8%
- F&B – 6.6%
- Hospitality & entertainment – 5.8%
- Non-profit & social organizations – 5.6%
- Textiles, apparel & luxury goods – 5.5%
North America UHNW source of wealth:
- Banking & finance – 23.8%
- Non-profit & social organizations – 10.2%
- Real estate – 10%
- Business & consumer services – 9.9%
- Healthcare – 4.9%
- Hospitality & entertainment – 4.8%
- Manufacturing – 4.8%
- F&B – 4.5%
6) UHNW Donations
Top 8 UHNW preferred donations by interests, passions & hobbies (Next 10 years):
For Corporate Executives:
- Philanthropy – 47.1%
- Sports – 34.4%
- Aviation – 24%
- Outdoors – 20.5%
- Education – 19.6%
- Politics – 16.8%
- Public Speaking – 15.1%
- Art – 14.7%
For Entrepreneurs:
- Philanthropy – 54.2%
- Sports – 40.9%
- Aviation – 28.3%
- Outdoors – 20.3%
- Education – 20.3%
- Politics – 20.3%
- Public Speaking – 19.1%
- Art – 15.6%
For Inheritors:
- Philanthropy – 63.2%
- Sports – 27.7%
- Aviation – 27.3%
- Outdoors – 24%
- Education – 21.7%
- Politics – 19.2%
- Public Speaking – 19%
- Art – 12.6%
Top 7 philanthropic causes among ultra wealthy donors and their beneficiaries (Next 10 years):
Top 7 UHNW donation in next 10 years (till 2033):
- Education – 56.7%
- Arts & culture – 39.8%
- Social services – 31.5%
- Healthcare & medical research – 29.8%
- Environment, conservation & animals – 15%
- Children & youth development – 9.2%
- Public affairs – 5.4%
Top 7 Beneficiaries from UHNW donors in next 10 years (till 2033):
- Education – 61.4%
- Arts & culture – 44.7%
- Healthcare & medical research – 36.9%
- Social services – 35.9%
- Environment, conservation & animals – 21.6%
- Children & youth development – 13.8%
- Public affairs – 8.7%
About Altrata
Altrata is a data powerhouse, built to deliver more value to our clients. We are the global leader in data-driven people intelligence on the wealthy and influential. We work at scale with businesses and nonprofits across the world from a variety of industries. We help our clients connect with confidence to the people who have the greatest impact on their business. Our products give our clients all the information they need on everyone they need to know. Our data is actionable, accurate, and comprehensive. And our global team of more than 400 researchers is committed to maintaining millions of profiles and changing data points, so our clients can effectively engage their target audience and make meaningful, lasting connections. AltrataTM is a registered trademark of Delinian Limited and its affiliated companies, which comprise five dynamic offerings: BoardEx, Boardroom Insiders, RelSci, WealthEngine and Wealth-X.
About Wealth-X
Wealth-X is an Altrata company and the global leader in wealth information and insight. Wealth-X partners with prestige brands across the financial services, luxury, nonprofit and higher-education industries to fuel strategic decision-making in sales, marketing and compliance. Wealth-X has developed the world’s largest collection of records on wealthy individuals and produces unparalleled data analysis to help organizations uncover, understand, and engage their target audience, as well as mitigate risk. Founded in 2010, with a team spanning North America, Europe and Asia, Wealth-X provides unique data, analysis, and counsel to a diverse roster of worldwide clients.
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