Despite challenging global economic conditions, the ultra wealthy in France, Italy, Germany and Switzerland (FIGS) are getting wealthier and growing in number.
These are the findings released by Wealth-X, the ultra high net worth (UHNW) business development solution for global private banks, luxury brands, educational institutions and non-profits.
The report also shows that the FIGS countries are home to more than 29,000 UHNW individuals, as of June 2013, with a combined wealth of nearly USS3.9trn. This is greater than the GDP of any of the world’s economies, except the US, China and Japan.
Six German cities make it to the list of the top 10 FIGS cities, suggesting the relative resilience of Germany’s economy despite difficult economic conditions. The country’s UHNW population (15,770 individuals) far exceeds even China (11,245 individuals) in 2012/2013, according to Wealth-X data.
Among the FIGS economies, Wealth-X data shows that Paris has the largest concentration of UHNW individuals in France, while Geneva has the highest density among the top 10 FIGS cities.
"The ultra wealthy in these countries continue to create more wealth and grow in number during these challenging times, testament to their smart investment strategies," says Mykolas Rambus, chief executive of Wealth-X. "This special report explores the changing demographics and growing wealth of the ultra affluent, invaluable for those in the financial services, philanthropy and luxury sectors."