The rich have a wealth gap, too
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Illustration: Aïda Amer/Axios
The world's super wealthy (people with at least $30 million) grew to about 1% of the global millionaire population by the middle of 2025, says Altrata, a wealth data firm. This top cohort now holds 32% of the wealth among the ultra-rich.
Why it matters: Yes, there's a wealth gap even among the rich, as the richest of them all keep gathering a higher percentage of overall wealth.
By the numbers: The number of ultra-high-net-worth individuals rose to more than 500,000 by mid-2025.
- This group makes up just 1% of the wealth population, but still accounts for over a third of millionaire wealth.
- North America's richest groups are growing, accounting for about 41% of the ultra-high-net-worth population, with $24 trillion in wealth.
- New York is home to the largest share of these super wealthy, followed by Hong Kong and Los Angeles.
- 7 of the top 10 cities the richest people live in are in the U.S, and a fifth of the global ultra-wealthy live in these top 10 cities.
The big picture: The concentration of wealth in the top 1% of the top 1% mirrors the wealth gap playing out more broadly in the current K-shaped economic recovery in the U.S.
- The top 10% of earners now make up about half of consumer spending, according to Moody's, obscuring the spending habits of middle- and lower-income consumers.
- Corporations are looking to profit off this, with credit card companies offering increasingly expensive annual memberships and airlines catering to wealthier travelers.
Zoom out: The wealth gap among the rich is also affecting the luxury goods sector.
- The ultra wealthy accounted for over 20% of consumer spending on luxury goods in 2024, according to the Altrata report, spending $290 billion, the equivalent of 1% of U.S. GDP.
- The general luxury consumer base is declining after a decade of growth, making the ultra wealthy "increasingly critical to luxury brands' quest for growth," the Altrata report notes.
Zoom out: The wealth effect, or the impact of rising stock and home prices making people feel richer, is helping the richest of the rich feel even richer.
- The ultra-high-net-worth class has about $30 trillion of investable assets, equivalent to 10% of investable global assets.
