The world has witnessed a staggering growth in its centi-millionaire population. As of 2023, there are 28,420 individuals with investable assets exceeding USD 100 million, marking a 12% rise from the previous year.
This data emerges from the latest Centi-Millionaire Report, a collaborative effort between Henley & Partners and New World Wealth.
USA Dominates, But Asia Rises
The USA remains the primary residence for these super-wealthy individuals, housing 38% of them. However, emerging markets like China and India are not far behind. A significant portion, one-third to be precise, of this affluent community resides in 50 global cities. New York City leads the pack with 775 centi-millionaires.
Dr. Juerg Steffen of Henley & Partners comments on the evolving definition of ‘super-wealthy’. Two decades ago, USD 30 million was the benchmark. Today, it’s USD 100 million. Andrew Amoils from New World Wealth highlights the significance of the centi-millionaire category, especially in emerging markets where billionaires are scarce but centi-millionaires abound.
Top Cities for the Super-Rich
New York might be at the top, but the Bay Area and Los Angeles are hot on its heels with 692 and 504 centi-millionaires respectively. The USA boasts 12 cities in the top 50, collectively home to 11.7% of the global centi-millionaire population. In contrast, the UK’s representation is limited to London, which has seen a 4.4% decline in its centi-millionaire count over the past year.
Asian cities are making their mark. Four of them, including Beijing, Shanghai, Singapore, and Hong Kong, are among the top 10 global centi-millionaire hubs.
Future Projections and Growth
Dominic Volek from Henley & Partners anticipates a shift in the wealth landscape over the next decade. He predicts a 38% increase in centi-millionaires, with Asia and the Middle East playing pivotal roles. Interestingly, the sources of this wealth are diversifying, with crypto centi-millionaires emerging as a new category.
Cities in the Global South are poised for explosive growth. Hangzhou and Shenzhen in China, Riyadh in Saudi Arabia, and Delhi in India are expected to see their centi-millionaire populations nearly double in the next decade. Meanwhile, traditional powerhouses like Los Angeles, London, and Chicago might experience slower growth.
H2: The Global Citizenship Trend
Investment migration programs are gaining traction among the super-rich. Two-thirds of the top 50 centi-millionaire cities are in countries offering these programs. Peter Ferrigno from Henley & Partners notes the rising interest in such programs, emphasizing their economic benefits. Philippe Amarante, Head of Henley & Partners Dubai, stresses the importance of holistic strategies to attract and retain this affluent demographic.
In conclusion, the surge in centi-millionaires is reshaping the global economic landscape. With emerging markets rising and traditional powerhouses evolving, the next decade promises intriguing shifts in the world of the super-wealthy.