Sciences Po university authorities give the group of students 20 minutes to leave before forcible evacuation
However, the total ultra high net worth (UHNW) wealth across the world increased by 0.8 per cent to $30 trillion - a record high, and by 2020, the wealth of these ultra rich is expected to grow to $46.2 trillion at a compound annual growth rate of nine per cent, with the ultra rich population expected to exceed 318,000, Wealth-X said in its latest report on the world's super rich.
Currently, there are 212,615 individuals in the world who qualify as ultra high net worth, accounting for just 0.004 per cent of the world's adult population but controlling 12 per cent of its wealth. In two out of three cases, their wealth is purely self-made rather than inherited. The average net worth of the ultra wealthy individual was $141 million in 2015, experiencing an average increase of $290,000 year on year, Wealth-X said.
Finance, banking and investment remains the most significant industry in which to find the ultra wealthy, but its lead has shrunk while the percentage of UHNW individuals involved in manufacturing has grown to eight per cent since Wealth-X 2014 report - a three per cent increase.
In Europe, the Middle East and Africa, UHNW wealth fell 2.4 per cent as equity markets, local currencies and gross domestic product collectively experienced negative net returns. By contrast, Asia-Pacific experienced a 3.9 per cent rise as the ultra wealthy in certain markets continued to benefit from dynamic business expansion and economic growth. In the Americas, it was Latin America, rather than North America, that helped the region achieve a modest 1.5 per cent growth in ultra wealth value.
The report noted that across all geographic regions, it is the highest ranks of the UHNW population who are experiencing the most success. In 2015, billionaires saw their wealth grow 5.4 per cent, more than double the rate of global economic growth, while collectively other tiers saw their wealth shrink by 0.6 per cent.
While the female UHNW population remained steady at 13 per cent, their share of total UHNW wealth fell from 14 per cent to 11 per cent this year. Average female high net worth wealth dropped from $147 million to $126.3 million.
On the other hand, male wealth increased 2.4 per cent from $139.8 million to $143.1 million, reflecting a greater focus on self-made wealth and a higher-risk asset composition.
The under-30 demographic accounts for just one per cent of the world's ultra wealthy population and 0.3 per cent of global UHNW wealth.
Ultra rich individuals aged 80 or over are seven times wealthier than those under 30 and are worth nearly double that of the average UHNW individual globally.
Russia and Australia experienced double-digit declines in both UHNW population numbers and total UHNW wealth as the slump in energy and commodity prices from mid-2015 onward proved punishing for the ultra wealthy in certain countries.
By contrast, manufacturing-focused and energy-importing countries such as Germany and India benefited from oil's decline, which helped to support modest UHNW growth. New York, London and Tokyo remain the top ultra wealthy cities and together are the chosen homes for one in 10 of the world's UHNW population.
However, 2015 saw some surprising shifts, with all of the top five cities seeing their UHNW population decline slightly - the result of flat and declining asset values. By contrast, most principal Asian cities saw double-digit percentage growth in their ultra wealthy population, as have Rio de Janeiro and Sao Paulo in Brazil, as entrepreneurs and business owners continue to benefit from infrastructure development, urbanisation and rising consumption.
- issacjohn@khaleejtimes.com
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