The global ultra-high-net-worth population has fallen for the first time in four years during 2022, but that hasn’t stopped the number of those living in London rising.

According to a report released by Wealth-X last week, the number of people with a net worth of US$30 million or more — fell 6% to 392,410 in the first half of 2022, a sharp reversal of last year’s 14% growth and the first downturn in UHNW numbers since 2018.

Three of the top 10 countries — the U.S., Japan, and France — have experienced a double-digit fall in their UHNW population this year.

However, London saw a 2.5% rise in population to 6,102, the only city in the top 10 to experience an increase.

The wealth report is the 10th edition by Wealth-X, a wealth data and insight provider as part of Altrata.