Wealth-X, a market research firm, defines the world’s richest as those with $30 million or more in assets, also known as ultra-high net worth (UHNW). Their latest report gives us a peek into the makeup of this exclusive group.
In total, Wealth-X tracked 226,450 UHNW individuals with a combined wealth of $27 trillion.
Keep reading for seven facts you probably didn’t know about the world’s wealthiest people.
The global UHNW population has $9.6 trillion in cash.
According to Wealth-X,the global UHNW population’s asset portfolio is more than one-third cash – a total of $9.6 trillion.
The rest of their assets are parked in private holdings such as privately-owned companies (33%), stocks and other public holdings (25%), and real estate and other luxury assets, including yachts, planes, cars, art, and jewelry (6.6%).
Ultra wealthy women are younger, on average.
According to Wealth-X, the average age of the world’s UHNW woman is 50, about 12 years younger than the global ultra wealthy population average.
Their average net worth is $110 million, and they command just 12% of global UHNW wealth. Just over half of women received all or some of their fortune from inheritance, compared to one-third of men.
Millennials account for 3.2% of the global UHNW population — and two-thirds are self-made.
Millennials – defined by Wealth-X as people born between 1980 and 1994 – make up 3.2% of the global UHNW population, which is about 7,200 individuals. Two-thirds of this group are self-made, including Facebook founder and CEO Mark Zuckerberg.
The Harvard dropout became the youngest self-made billionaire in history at just 23 years old. Today he’s worth an estimated $64.7 billion.
According to Wealth-X, UHNW millennials control a total of $334 billion; meaning Zuckerberg is responsible for nearly one-fifth of that wealth.
Only 15% of the global UHNW population graduated from an Ivy League.
Although it may set you on the right path, an Ivy League degree isn’t the only ticket to wealth.
According to Wealth-X, 15% of the global UHNW population – nearly 35,000 individuals – graduated from one of the American Ivy League universities. Of the top 20 colleges that have produced the most ultra wealthy people, five are public schools.
The average net worth of Ivy League alumni is 1.6 times more than the rest of the UHNW population.
Still, the Ivy League alumni have an average net worth of $200 million, 1.6 times that of the total UHNW population average.
Harvard alone has minted 1,906 alumni with at least $30 million in assets, including 131 living billionaires.
Interestingly, as Wealth-X notes, “given the exclusivity and highly selective admission criteria of the eight institutions” a whopping 75% of UHNW Ivy League alumni are self-made. Elon Musk, Warren Buffett, Jeff Bezos, and Jorge Paulo Lemann are among them.
Their favorite hobby is philanthropy.
More than one-third of the world’s wealthiest people enjoy pursuing charitable activities. This generosity comes as no surprise, though, thanks to initiatives like the Giving Pledge, a promise started by Bill Gates and Warren Buffett to commit more than half of their wealth to philanthropic causes during their lifetime. There are currently 168 people from 21 countries signed on to the pledge.
The second most popular interest among the UHNW population is watching, playing, and investing in sports, including tennis, golf, skiing, American football, and most of all, soccer, according to Wealth-X.
Billionaires account for just 1.1% of the global UHMW crowd, but control nearly 28% of its wealth.
There are 2,397 billionaires in the world with an average net worth of $3.1 billion, according to Wealth-X.
Their total combined fortune equaled approximately $7.4 trillion in 2016, a 3.7% dip from the previous year.