Asia’s ultra-rich population records largest drop in the world. Here’s how North America and Europe did

Asia’s ultra-high-net-worth population declined by about 10.9% last year, marking the largest regional drop in the world, a report by data firm Altrata showed.

“Asia’s ultra wealthy population fell by 11% in 2022, the most of any region, to 108,370 individuals,” the report stated, attributing the fall to China’s strict Covid lockdown, the war in Ukraine, as well as disrupted regional supply chains.

Tech-heavy markets like South Korea and Taiwan bore the brunt of the compromised exports and consumption that arose from the war, the global data firm noted.

Ultra-high-net-worth (UHNW) individuals are those with a net worth of more than $30 million, according to the study.

The combined net worth of Asia’s super rich population was at $12.13 trillion compared with Europe’s $11.73 trillion, the report showed.

Europe recorded the second-worst regional performance, with a 7.1% fall to 100,850 high-net worth individuals. The “direct fallout” from Russia’s invasion on Ukraine was substantial, the report said.

Inflationary shocks from Moscow weaponizing energy supplies, which Europe is reliant on, heightened risk aversion and the disruption of supply chains all led to the decline.

North America, the world’s largest ultra wealth market with a combined net worth of $16.47 trillion, posted a 4% fall to 142,990 individuals, the report showed.

The decline was largely owed to the U.S. Federal Reserve’s aggressive rate-hiking cycle, it said. The Fed started its aggressive rate hike campaign in March 2022, as inflation climbed to its highest levels in 40 years.

The Middle East, Latin America and the Caribbean saw strong gains in the number of UHNW individuals. The Middle East registered a 15.7% jump in its ultra-rich population — largely…