World’s ultra-rich people getting richer

World’s ultra-rich people getting richer

The world's rich are getting richer, a study says.

A new study shows the world’s ultra-rich people are getting richer, pointing out that most of the wealthy are among the adult population.

The findings of the study by the Union Bank of Switzerland and luxury industry consultant Wealth-X indicate that a total number of 211,275 million people qualify as "ultra-high net worth" (UHNW) in the world, AFP reported.
The UHNW are the people who are in possession of assets more than $30 trillion, 13 percent of the world's total wealth. 
The study revealed that 2,325 of the UHNW have over $1 billion.
Statistics show that in comparison to the previous year there has been a 6 percent rise in the number of the rich people in this category and the wealth of the rich in this group has seen a 7 percent rise in 2014.
According to the study, the $30 trillion wealth is in the hands of a bare 0.004 percent of the world's adult population.
"Even amidst geopolitical conflicts, socio-economic strife, and volatile currency markets, the world's equity markets displayed strong performances, thereby enabling UHNW individuals' wealth to increase and their influence across industries and sectors to grow -- from their importance in wealth management to their consumption of luxury goods," the study said.
The report also says that one third of the $30 trillion wealth is controlled by tycoons in North America, over one-quarter in Europe, and 23 percent in Asia.
It is also shown that 87 percent of the rich are men with an average age of 59 of whom one-quarter are in banking industry.
It is found that 68 percent of the rich have made the money on their own, 13 percent have inherited their assets and the rest have enjoyed both of the sources.
Among women, the average age of the wealthy was 57 and they were mostly involved in business related to non-profit and social organizations. Inheritance made almost half of the women rich and one-third of them made the wealth themselves.

The rich enjoy their wealth in a host of different ways, the study says, adding, luxury items can be "part and parcel of their lifestyle and are not necessarily considered a 'luxury.'"
"For example, UHNW individuals with private jets use their aircraft not only for leisure, but also for business purposes. On the other hand, while yachts, and particularly superyachts, are usually a non-necessity, many UHNW individuals lead very public lives, and the privacy of a family holiday on a yacht is a very special treat,” according to the report.
"Such a large concentration of wealth in the hands of these few individuals means that they tend to have a large degree of influence, whether on global equity markets or specific industries," the study concluded.