The number of Austria’s high-net-worth (HNW) individuals rose by 5.3% from 2019 to 2020 to reach 163,300.

This is 8,200 more than the same period last year.

On a global scale, the number of HNW individuals increased by 6.3%, exceeding 20 million. Simultaneously, their total wealth also rose by 7.6% to hit close to $80 trillion last year, according to Capgemini's World Wealth Report (WWR) 2021.

The report “examines the global HNWI population and wealth growth dynamics, shifting digital-era expectations, asset allocation trends, and investor opinions about fees, hybrid advisory services, and existing offerings.”

The trend is echoed in Austria, where the total wealth of high-net-worth individuals also rose by 5.3% in 2020, following a 7.1% rise in 2019.

In addition, the number of ultra-HNW individuals increased globally by 9.6%, along with a 9.1% rise in their assets last year. The so-called "millionaires next door" and the middle millionaires revealed a rise in relation to number and asset growth of 6% and 8% respectively, the report goes on to add.

Furthermore, according to findings by Statista, Austria’s high and ultra-high-net-worth population in the country is forecast to rise 23% and 25% respectively by 2023. 

An HNW individual is typically classed as someone with a net worth of over US$1 million excluding their primary residence; whilst an ultra-high-net-worth individual is someone with a net worth of over US$30 million excluding their primary residence.