Lorre White reports, UHNWs Worth Up to $32 Trillion more than We Thought

UHNWs Worth Up to $32 Trillion More than We Thought

We know they are super rich. We also know the community of Ultra High Net Worth Families is growing – projected by Knight Frank to grow from nearly 200,000 households worldwide to 300,000 in the next decade. We know their fortunes keep growing – in the past year by $566 billion – about the GDP of Saudi Arabia. We know there is a wide range of estimates on how much they are worth – Wealth X says around $26 trillion and Citi Private Bank estimates $40 trillion (World GDP is about $70 trillion – so quite impressive at either number).

Now a piece from The Huffington Post follows up on articles last year that the Super Rich have as much as $10 trillion more wealth tucked away in overseas accounts. According to the article, referencing a new study from Tax Justice Network, an advocacy group for tax transparency, the Super Rich have an additional $21 to $32 trillion in liquid wealth in off-shore accounts. That would mean the UHNW segment’s worth would be somewhere between $47 trillion and $72 trillion. In other words, the wealth of the 200,000 richest families in the world may be equal to the World’s Annual GDP.

Interestingly it’s not tax avoidance that is driving money offshore according to the piece.

The report notes, “It’s simply the growth in the offshore money industry. This offshore wealth industry has been exploding even in a period in which we have been cutting taxes.”

This report comes thanks to Lorre White, The Luxury Guru