The global population of individuals worth $30 million or more saw an 8% increase in 2023, as reported by Altrata’s World Ultra Wealth Report 2024. The total wealth of these ultra-high-net-worth (UHNW) individuals surged by 7% to reach $49 trillion, primarily driven by a year-end stock rally. Notably, the U.S. experienced a significant growth of
Wealth
The luxury fashion sector is currently facing significant challenges as economic and geopolitical uncertainties continue to persist. Hugo Boss recently cut its sales outlook, which caused its shares to drop by as much as 10%. This decision was driven by macroeconomic and geopolitical challenges, with specific mentions of struggles in the Chinese and U.K. markets.
The dynamics of wealth transfer are set to undergo a significant transformation in the coming years, with an estimated $84 trillion being passed down from aging baby boomers and older generations to their heirs. This phenomenon, dubbed the “horizontal wealth transfer,” is expected to reallocate up to $9 trillion among spouses and partners, reshaping the
The upcoming wedding of Mukesh Ambani’s youngest son is set to be a three-day extravaganza filled with opulence and luxury. The groom, Anant Ambani, is set to marry Radhika Merchant, the daughter of Viren Merchant, in a traditional Hindu ceremony at the Jio World Convention Centre in Mumbai. The guest list includes a mix of
The 2024 Global Wealth Report from UBS predicts a continuous rise in the number of global millionaires over the next five years. The report indicates that the number of adults owning $1 million or more is expected to increase in 52 out of 56 developed and developing economies surveyed between 2023 and 2028. Leading this
The impending $90 trillion wealth transfer expected over the next two decades is set to position millennials as the wealthiest generation in history. However, the question remains – are they truly equipped to manage this significant influx of money? While projections suggest that millennials will inherit substantial assets from the silent generation and baby boomers,
Ferrari, known for its roaring combustion engines, is making a bold move towards electric vehicles with the launch of an all-electric model scheduled for the fourth quarter of 2025. CEO Benedetto Vigna emphasizes that the emotional experience of driving a Ferrari is paramount, even in the electric version. While traditional Ferrari engines are prized for
The latest research conducted by Henley Private Wealth Migration Report has shed light on the significant shifts in the global landscape of wealth and power. The report reveals that the United Arab Emirates is expected to maintain its position as the world’s top wealth magnet for the third consecutive year, attracting a staggering number of