Global multimillionaires faced a notable dip in 2022, with the first decline since 2018 among those holding over $30 million in net worth, according to Wealth-X analyses. The total count stood at 395,070, slipping 5.4 percent from 2021, while aggregate wealth fell 5.5 percent to $45.4 trillion.
These shifts were felt across most regions, though Latin America and the Middle East bucked the trend. The main driver behind the downturn was a cooling Chinese economy, pressured by high inflation, rising central-bank rates, stock-market weakness, and ongoing quarantines. The global mix of wealth and the destinations for growth paint a clear picture for international investors and high-net-worth households in North America.
In the United States, multimillionaires numbered about 142,990 in 2022, down roughly 4 percent from the year prior. China saw a sharper slide, with 47,190 individuals in this echelon, down 7.1 percent. France experienced a significant decline of 11.9 percent. India stood out as a rare bright spot, posting growth amid broader turbulence.
Among cities, Hong Kong remained a leading hub for wealth despite a 23 percent decline in multimillionaires. The city was followed by New York, London, Los Angeles, and San Francisco, underscoring the global concentration of ultra-high-net-worth individuals in major metropolitan centers.
Elsewhere, Norway recorded a notable trend in 2022, with tax policy shifts contributing to a higher relative presence of ultra-wealthy residents, reflected in a 13-year high of billionaire counts. The year also highlighted geopolitical and regulatory factors that shaped wealth pathways across regions.
In terms of broader national profiles, Russia appeared on Wealth-X’s country lists for multimillionaires in 2022, illustrating how the distribution of wealth can shift with policy and market changes. Overall, the 2022 data illustrate a global rebalancing of ultra-wealth, with the United States continuing to host a large share of multimillionaires even as other regions faced headwinds.