World’s Ultrawealthy Grew 1.7% In 2020

The global ultra-high-net-worth (UHNW) population showed resilient growth in 2020 despite the huge disruption from Covid-19 pandemic, a new report finds.

In 2020, the world’s wealthiest population—those with a net worth of more than US$30 million—grew 1.7% year over year, adding 4,730 individuals to bring the total to 295,450 in 2020. Their combined fortune rose 2% to US$35.5 trillion, according to Wealth-X’s ninth annual World Ultra Wealth Report released Wednesday.

Last year’s ultrawealth expansion was much slower than the nearly double-digit pace in 2019, but represented a sharp increase from 2018’s flat growth rate of 0.8%, according to Wealth-X, a global provider of information and insights on the wealthy.

The expansion was largely driven by monetary stimulus from global central banks and a strong rally in financial markets, with almost all major stock market indices posting healthy annual returns by year’s end, the report said.

The report is in sync with others by wealth-tracking firms that show the rich weathered the pandemic with the help of the rising equity markets.

Across the regions, North America and Asia continued to lead in ultrawealth creation. In North America, the UHNW population grew 6.9% year over year in 2020 to 112,250 individuals. Their combined wealth increased 7.1% to US$13.4 trillion. Asia’s UHNW population and their joint wealth both increased 5.2% with 87,460 individuals possessing US$10.2 trillion.

All the other regions, including Europe, Middle East, Africa, Latin America, and the Pacific posted a decline in their ultra-wealthy populations, according to the report.

Other key findings in the report include:

The U.S., with 101,240, had the largest UHNW population, which was followed by China with 29,815, and Japan with 21,300;
France saw the largest decline in its ultrawealthy population, down 10.8% year over year to 9,810;
San Jose, Calif., had the highest density of UHNW individuals, with one for every 727 city residents. This concentration is two-and-a-half times greater than New York, the world’s largest UHNW city with 11,475 individuals;
Paris’s ranking fell two places to seventh as its UHNW population declined 13.7%r to 3,765; London, which suffered a 17% decline in the size of its ultrawealthy class, dropping from seventh to 12th position and out of the top-tier rankings for the first time since 2004;
The share of self-made ultrawealthy increased to 72.5%, compared to 66.5% in 2016;
Sports and philanthropy were the top hobbies and interests for the UHNW.

Klaus Busse would like you to close your eyes and imagine yourself behind the wheel of a Maserati. Picture the GranTurismo, which launched in Australia in 2024. Where do you see yourself? Chances are, Busse suggests, it’s not during the school pick-up or commuting to the office.

“You’re probably on a wonderful road in Tuscany, or Highway 1, or you’re going to a red carpet event,” says Busse, who holds the enviable title of Head of Design at Maserati, the iconic Italian car manufacturer. “Basically, it’s about emotion.”

At the luxury end of the market, the GranTurismo Coupe—priced between $375,000 and $450,000—is designed to transform the driving experience into something extraordinary. For Busse and his team, these “sculptures on wheels” are not just status symbols or exhilarating machines but expressions of pure joy. Their mission is to encapsulate that feeling and translate it into their cars.

“I really feel the responsibility to create emotion,” he says. “We have a wonderful word in Italy: allegria, which is best translated as ‘joyful.’ Our job as a brand is to lift you into this area of joy, perfectly positioned just short of ecstasy. It’s that tingling sensation you feel in your body when you drive the car.”

Even as 60 percent of the world’s population now lives in urban areas, Maserati’s design ethos captures the essence of “everyday exceptional.” Whether navigating city streets or open roads, a Maserati turns heads without being ostentatious or aggressive. “I’ve driven these cars all over the world, and no matter where I go, people smile at me and give a thumbs-up,” says Busse.

Since joining Maserati in 2015, Busse has reimagined and redefined the brand, steering his team through the reinvention of classic models and the transition to electric vehicles. Iconic designs like the Fiat 500, which entered the EV market in 2020, serve as a testament to Maserati’s ability to blend tradition with innovation.

Unlike other luxury car brands, Maserati embraces radical change with new designs every 10 to 15 years. Busse loves connecting with fans who follow the brand closely. He explains that each Maserati model reflects a specific era, from the elegant 35GT of the 1950s to the wedge-shaped designs of the 1970s and the bold aesthetics of the 1980s.

“I often ask fans, ‘What is Maserati for you?’ because their responses tell me so much about how they connect with the brand,” he shares.

Inspired by legendary Italian designer Giorgetto Giugiaro, Busse balances tradition with modernity in his designs. As Giugiaro once told him, “We always do the best in the moment.” This philosophy resonates deeply with Busse, who believes in honouring the past while embracing future possibilities.

Through advances in technology, techniques, and societal trends, Busse ensures Maserati remains at the forefront of automotive design. For him, the creative process is more than just a job—it’s a way to create joy, connection, and timeless elegance.

World’s Ultrawealthy Grew 1.7% In 2020

However regions away from North America and Asia saw a decline ultra-wealthy populations.

Ever wondered what it takes to create a car like the Maserati? Meet the German designer taking on an Italian icon.