The number of multimillionaires across the world is shrinking.

The global ultrahigh-net-worth (UHNW) population has declined for the first time since 2018, according to the 2022 World Ultra Wealth Report released on Wednesday. The annual report, which was published by Altrata using Wealth-X data, found that the number of individuals with a net worth of $30 million or above fell by six percent to 392,410 in the first half of 2022.

The downturn marks a sharp reversal from 2021 and 2020, during which the UHNW population hit historic highs despite the pandemic. This year, however, wealth portfolios were affected by widespread economic uncertainty that was triggered by the war in Ukraine, according to the report.

The combined net worth of the ultra wealthy also dropped by 11 percent to $41.8 trillion. It’s worthwhile putting that figure into perspective, though. The uber-rich represent just 1.2 percent of the larger high-net-worth (HNW) population, which is composed of roughly 34.2 million individuals with net worths in excess of $1 million, yet accounts for 31 percent of this group’s total wealth.

The report also looked at the distribution of UHNW individuals across different regions. London was the only city in the top 10 to gain more multimillionaires in the first six months of the year,…