HOUSTON, July 8 (Xinhua) -- Houston is the only major U.S. city with a shrinking ultra high net worth (UHNW) population in 2016.
According to a new analysis released recently by Wealth-X, its fifth edition of this flagship report, UHNW population in Greater Houston decreased by 3.4 percent in 2016 from the prior year to 2290 individuals.
However, the report revealed that the world's UHNW population, or those with 30 million U.S. dollars or more in net worth, increased by 3.5 percent last year to 226,450 individuals and a 1.5 percent increase of their total combined wealth to 27 trillion U.S. dollars.
While this growth in population and wealth reflects a recovery from a steep decline in 2015, the report also revealed that average individual wealth in this population declined for the first time since 2013, demonstrating that in 2016 UHNW population growth outpaced wealth generation for the ultra-affluent.
Wealth-X, founded in 2010, is the leading global wealth information and insight business, partnering with prestige brands across the financial services, luxury, not-for-profit and higher education industries.
