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- The global ultra-rich hit 510,810 people worth a combined $59.8 trillion in mid-2025.Millennials and Gen Z are shifting fortunes from stocks to real estate, art, and venture bets.By 2040, Gen X through Gen Z will make up 80% of the world's ultrawealthy, Altrata says.
The world's wealthiest individuals are getting richer — and younger — and they're changing the rules of wealth itself.
According to Altrata's World Ultra Wealth Report 2025, at the end of June, 510,810 ultra-high-net-worth individuals (UHNWIs) — each worth over $30 million — controlled $59.8 trillion in combined wealth. That's double the size of the entire US GDP.
Their portfolios, industries, and even philanthropy are shifting fast, driven by tech, geopolitics, and a massive generational wealth transfer.
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The $60 trillion elite keep growing — even in chaos
Amid trade wars, election shocks, and a volatile global economy, the ultrawealthy are thriving.
Their collective wealth rose by 6.7% in the first half of 2025, after an 11.6% surge in 2024 — the third strongest expansion in a decade.
North America remains the world's top wealth hub, home to 208,090 UHNW individuals worth a combined $24 trillion, or 41% of global UHNW wealth.
Asia follows closely with 129,100 ultrawealthy people holding $14.8 trillion, while Europe is home to $14.7 trillion.
Even Africa — long a minor player — saw its UHNW population jump 7.5%, powered by demand for critical minerals and a growing middle class.
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From Gen X to Gen Z: a $60 trillion generational takeover
A seismic shift is underway.
By 2040, Gen X, millennials, and Gen Z will make up 80% of the global ultrawealthy population, up from 33% now.
Baby boomers — now about 45% of the ultra-rich — are steadily ceding ground as massive intergenerational wealth transfers take place.
Altrata says the "Great Wealth Transfer" will reshape investment strategies, philanthropy, and luxury consumption for decades.
Younger generations are also changing how fortunes are built.
The next generation of the ultra-rich are far more likely to make their wealth in technology, entertainment, or hospitality, while older generations remain concentrated in finance and business services.
How the ultrawealthy invest
For much of the past two decades, UHNW portfolios have revolved around liquidity and control — and that remains true as of mid-2025.
Liquid assets like cash, dividends, and income still account for 35-45% of holdings. Another 30% sits in private business ownership or direct private equity.
But the younger generations are rewriting the playbook:
- Public equities make up about 25-30% of older cohorts' wealth, but only 18% for next-generation millionaires.Real estate and luxury assets — including art, cars, and collectibles — now comprise 12-24% of younger portfolios, compared with just 4-6% for older investors.Private holdings continue to rise, now representing a third of the typical portfolio.Debt remains consistently low — under 10% of net worth — across all generations.
This generational tilt marks a move toward tangible assets, lifestyle investments, and new sectors like venture capital and digital assets.
The new engines of wealth
Altrata's data shows the tech sector accounts for 9% of next-generation ultra-rich wealth, while hospitality and entertainment — fueled by the social media economy — make up 15%.
Self-made fortunes still dominate overall, but inheritance is playing a growing role: about 27% of next-generation UHNW individuals now combine inherited and self-created wealth, up from 17% among baby boomers.
Women also represent a growing share of global wealth, making up 17% of the youngest ultra-rich cohort — a modest but steady rise from past generations.
What the ultra-rich are buying — and giving back
Luxury spending among the ultrawealthy hit $290 billion in 2024, accounting for 21% of all luxury goods sales.
The biggest splurges: cars, jewelry, private jets, and fine art, but younger cohorts are increasingly prioritizing experiences such as travel and dining over pure status symbols.
Philanthropy remains a defining trait.
Education tops the list of charitable causes across all generations, with roughly half of UHNW donors contributing to education-focused organizations.
Other popular causes include social services, healthcare, and the environment, though environmental giving still lags expectations among younger generations.
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The bottom line
The world's richest people are no longer just aging industrialists or Wall Street financiers. They're younger, global, and increasingly digital.
They're diversifying beyond stocks into private equity, real estate, luxury assets, and impact investing, while expanding their influence across philanthropy and politics.
As almost $60 trillion shifts into younger hands, one thing is clear: the ultra-rich are no longer just preserving wealth — they're redefining it.
