Luxembourg has 699 ultra wealthy people per million adults, according to “The World Ultra Wealth Report 2019” published by Wealth-X on 25 September.

That places Luxembourg behind Hong Kong (with 1,364 wealthy residents per million adults) and Switzerland (848), and ahead of Singapore (530), Ireland (421) and Qatar (384). The US was ranked 10th (306).

Wealth-X defined ultra high net worth individuals as those having a “net worth of at least $30 million”.

Graphic: “The World Ultra Wealth Report 2019”, Wealth-X

The US topped the overall tables with 81,340 ultra wealthy residents, followed by China (24,965) and Japan (17,855). The rest of the top ten were 4th ranked Germany (15,685), Canada (10,395), France (10,145), the UK (9,575), Hong Kong (8,980), Italy (6,700) and 10th placed Switzerland (6,145).

The report stated: “The number of individuals with a net worth of between $30m and $100m is forecast to total 277,360 in 2023, a net increase of almost 69,400 compared with 2018.”

Wealth-X said it uses publicly available figures, such as those from the IMF and OECD, its proprietary database and “its own data models” to develop the report.