World's ultra wealthy population reaches record high

China and Brazil, the fourth- and seventh-wealthiest UHNW nations in the world, saw a contraction in their ultra-high-net-wealth populations and wealth due to economic slowdowns, according to The Wealth-X and UBS World Ultra Wealth Report 2013 released on Tuesday.

Asia rebounded from last year's contraction, when there were 42,895 UHNW individuals in the region. This year, there are 44,505 UHNW individuals in Asia with a combined wealth of $6.5 trillion, an increase of 5.4 percent from the previous year.

Despite ongoing economic and geopolitical uncertainties, the world's ultra wealthy population reached an all-time high of 199,235 individuals with a combined fortune of nearly $28 trillion in 2013.

There are more than 2,000 billionaires globally with a total net worth of $6.5 trillion, equal to 23 percent of the world's UHNW total wealth. This is more than any other wealth tier despite making up only 1 percent of the UHNW population.

The report defines UHNW individuals as those with total net assets of at least $30 million.

The report forecasts that at current growth rates, Asia's ultra wealthy population and wealth will eclipse that of Europe in 2021 and 2017. Asia will have a larger UHNW population by 2032 and a greater total wealth by 2024.