World’s Ultrawealthy Grew 1.7% In 2020
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World’s Ultrawealthy Grew 1.7% In 2020

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

By Fang Block
Thu, Jul 1, 2021 2:56pmGrey Clock 2 min

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.


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Is ‘Rizz’ the Secret to Getting Ahead at Work?

Whether you call it charisma, charm or magnetism, some people seem like naturals. Good news: It can be learned.

By Rachel Feintzeig
Mon, Jul 22, 2024 4 min

Great leaders have it. Gen Z has a new word for it. Can the rest of us learn it?

Charisma—or rizz , as current teenage slang has anointed it—can feel like an ephemeral gift some are just born with. The chosen among us network and chitchat, exuding warmth as they effortlessly hold court. Then there’s everyone else, agonising over exclamation points in email drafts and internally replaying that joke they made in the meeting, wondering if it hit.

“Well, this is awkward,” Mike Rizzo, the head of a community for marketing operations professionals, says of rizz being crowned 2023 word of the year by the publisher of the Oxford English Dictionary. It’s so close to his last name, but so far from how he sees himself. He sometimes gets sweaty palms before hosting webinars.

Who could blame us for obsessing over charisma, or lack thereof? It can lubricate social interactions, win us friends, and score promotions . It’s also possible to cultivate, assures Charles Duhigg, the author of a book about people he dubs super communicators.

At its heart, charisma isn’t about some grand performance. It’s a state we elicit in other people, Duhigg says. It’s about fostering connection and making our conversation partners feel they’re the charming—or interesting or funny—ones.

The key is to ask deeper, though not prying, questions that invite meaningful and revealing responses, Duhigg says. And match the other person’s vibes. Maybe they want to talk about emotions, the joy they felt watching their kid graduate from high school last weekend. Or maybe they’re just after straight-up logistics and want you to quickly tell them exactly how the team is going to turn around that presentation by tomorrow.

You might be hired into a company for your skill set, Duhigg says, but your ability to communicate and earn people’s trust propels you up the ladder: “That is leadership.”

Approachable and relatable

In reporting this column, I was surprised to hear many executives and professionals I find breezily confident and pleasantly chatty confess it wasn’t something that came naturally. They had to work on it.

Dave MacLennan , who served as chief executive of agricultural giant Cargill for nearly a decade, started by leaning into a nickname: DMac, first bestowed upon him in a C-suite meeting where half the executives were named Dave.

He liked the informality of it. The further he ascended up the corporate hierarchy, the more he strove to be approachable and relatable.

Employees “need a reason to follow you,” he says. “One of the reasons they’re going to follow you is that they feel they know you.”

He makes a point to remember the details and dates of people’s lives, such as colleagues’ birthdays. After making his acquaintance, in a meeting years ago at The Wall Street Journal’s offices, I was shocked to receive an email from his address months later. Subject line: You , a heading so compelling I still recall it. He went on to say he remembered I was due with my first child any day now and just wanted to say good luck.

“So many people say, ‘Oh, I don’t have a good memory for that,’” he says. Prioritise remembering, making notes on your phone if you need, he says.

Now a board member and an executive coach, MacLennan sent hundreds of handwritten notes during his tenure. He’d reach out to midlevel managers who’d just gotten a promotion, or engineers who showed him around meat-processing plants. He’d pen words of thanks or congratulations. And he’d address the envelopes himself.

“Your handwriting is a very personal thing about you,” he says. “Think about it. Twenty seconds. It makes such an impact.”

Everyone’s important

Doling out your charm selectively will backfire, says Carla Harris , a Morgan Stanley executive. She chats up the woman cleaning the office, the receptionist at her doctor’s, the guy waiting alongside her for the elevator.

“Don’t be confused,” she tells young bankers. Executive assistants are often the most powerful people in the building, and you never know how someone can help—or hurt—you down the line.

Harris once spent a year mentoring a junior worker in another department, not expecting anything in return. One day, Harris randomly mentioned she faced an uphill battle in meeting with a new client. Oh!, the 24-year-old said. Turns out, the client was her friend. She made the call right there, setting up Harris for a work win.

In the office, stop staring at your phone, Harris advises, and notice the people around you. Ask for their names. Push yourself to start a conversation with three random people every day.

Charisma for introverts

You can’t will yourself to be a bubbly extrovert, but you can find your own brand of charisma, says Vanessa Van Edwards, a communications trainer and author of a book about charismatic communication.

For introverted clients, she recommends using nonverbal cues. A slow triple nod shows people you’re listening. Placing your hands in the steeple position, together and facing up, denotes that you’re calm and present.

Try coming up with one question you’re known for. Not a canned, hokey ice-breaker, but something casual and simple that reflects your actual interests. One of her clients, a bookish executive struggling with uncomfortable, halting starts to his meetings, began kicking things off by asking “Reading anything good?”

Embracing your stumbles

Charisma starts with confidence. It’s not that captivating people don’t occasionally mispronounce a word or spill their coffee, says Henna Pryor, who wrote a book about embracing awkwardness at work. They just have a faster comeback rate than the rest of us. They call out the stumble instead of trying to hide it, make a small joke, and move on.

Being perfectly polished all the time is not only exhausting, it’s impossible. We know this, which is why appearing flawless can come off as fake. We like people who seem human, Pryor says.

Our most admired colleagues are often the ones who are good at their jobs and can laugh at themselves too, who occasionally trip or flub just like us.

“It creates this little moment of warmth,” she says, “that we actually find almost like a relief.”

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

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