The number of “super rich” has exploded — and this has raised the minimum necessary to be “rich”

For the average person, US$30 million (R$170 million) is a significant amount — but for the ultra-high-income individual (UHNWI), this is currently the minimum.

This is because the number of individuals with more than $30 million in assets — the generally accepted threshold for “ultra-high-income individuals” — has grown from 157,000 in 2016 to 220,000 in 2023, according to with data from Capgemini. This represents an increase of almost 28% in just seven years.

Now, with so many multimillionaires running around, outbidding each other for priceless works of art and luxurious yachts, the real standard of what is considered “rich” is rising rapidly, adding more zeros.

Many of today’s newly self-employed UHNWIs “have built their wealth primarily through entrepreneurship or executive roles in the technology sector,” Elias Ghanem, global head of Capgemini’s Financial Services Research Institute, told .

How does this increase in the baseline of what is considered “rich” change behaviors, habits or desires among the ultra-rich? UHNWIs are “primarily focused on wealth growth,” Ghanem said. “In contrast, the primary objective for the remainder of the HNWI segment remains wealth preservation.”

The difference is due to the fact that UHNWIs know they can weather short-term market fluctuations — thanks to their “long-term investment horizons and substantial discretionary wealth.” As a result, Ghanem said, his risk tolerance is higher.

The Rich Are Getting Richer — Here’s Why

Inflation has undoubtedly made multimillionaire status more common and even more inaccessible. This is also due to the explosion of avenues — crypto, startups, technology, entrepreneurship, even influencers — through which entrepreneurs can amass a fortune.

Capgemini data shows that the number of UHNWIs in North America grew 7.3% last year, driven by “economic resilience, cooling inflationary pressures and a rally in the U.S. stock market,” Ghanem said.

“A series” of U.S. government-led spending initiatives aimed at boosting domestic manufacturing also led to capital growth, Ghanem added. He cited the CHIPS Act and the Reducing Inflation Act — announced in 2022 — as two big contributors.

The CHIPS Act resulted in more than $230 billion in private sector spending for the semiconductor manufacturing industry; the Inflation Reduction Act led to $201 billion in construction spending. At the same time, US GDP — which grew last year at a much higher rate than expected, 3.3% annualized — is another important factor. Each of these forces led to the “greatest economic revolution in generations” and a significant increase in new UHNWIs whose companies — or investments — were part of the boom.

Changing parameters

$30 million for most working people would undoubtedly provide an easy, luxurious lifestyle — but among the elite, that amount is “just the starting point,” said David Gibson-Moore, president of the consultancy Gulf Analytica, at . “The ultra-rich today are being measured by new standards, with some financial commentators suggesting that $100 million is the new yardstick for those who want to hold their heads high at private equity parties.”

According to Knight Frank’s 2024 Wealth Report, “the robust performance of the U.S. economy and a sharp rise in equity markets” have boosted global wealth creation, which has led—by the end of 2023—to an increase of 4 .2% in the number of UHNWIs from the previous year, totaling just over 626,600 worldwide.

North America has, of course, led the growth, but Europe is nevertheless home to the richest, Knight Frank has found. The rich have never been a bigger group—but getting into that circle has never been harder, with some experts saying it now takes $50 or $100 million in assets to join the club.

Passion projects for the richest of the rich

The number of wealthy individuals globally is expected to increase by a further 28% over the next four years, Knight Frank predicted in its report, but the rate of expansion will be “notably slower” than in the five-year period between 2018 and 2023, mainly due to the impacts of inflation.

“This growing group of wealthy individuals views the real estate industry favorably,” Knight Frank continued. “Nearly a fifth of UHNWIs plan to invest in commercial property this year, while more than a fifth are planning to buy residential. Growth over the forecast period offers several opportunities for investors, particularly developers able to offer properties that cater to the changing tastes of newcomers.”

Nearly all (91%) of UHNWIs lean toward passion investments, Capgemini research found, such as luxury real estate, wine, collectibles and art. “The growing appetite for luxury second homes has placed real estate advice among the top five service requirements of UHNWIs when deciding to select a wealth management firm,” Ghanem added.