World’s Ultrawealthy Grew 1.7% In 2020
However regions away from North America and Asia saw a decline ultra-wealthy populations.
However regions away from North America and Asia saw a decline ultra-wealthy populations.
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.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
A water lily painting by Claude Monet of his Giverny gardens is expected to achieve at least US$65 million at Christie’s November sale of 20th-century art in New York
Le bassin aux nymphéas, or water lily pond, painted around 1917 to 1919, is a monumental canvas extending more than six-and-a-half feet wide and more than three-feet tall, that has been in the same anonymous private collection since 1972. According to Christie’s, the painting has never been seen publicly.
The artwork is “that rarest thing: a masterpiece rediscovered,” Max Carter, Christie’s vice chairman of 20th and 21st century art said in a news release Thursday.
A first look at this thickly painted example of Monet’s famed and influential water lily series will be on Oct. 4, when it is revealed in Hong Kong.
The price record for a Nymphéas painting by Monet was set in May 2018 for Nymphéas en fleur, another large-scale work that had been in the collection of Peggy and David Rockefeller. That painting sold for nearly US$85 million.
The current work for sale is guaranteed, Christie’s confirmed. The auction house did not provide further details on the seller.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual