The number of centi-millionaires, individuals possessing at least $100 million in investable assets, has risen sharply over the past decade.
According to a recent report by Henley & Partners: The Centi-Millionaire Report 2024, the global population of centi-millionaires has increased by 54% in this period, reaching over 29,300 individuals.
This growth has been primarily driven by the United States and China, with both countries witnessing significant increases in their populations of super-rich individuals.
China has experienced a 108% surge in its centi-millionaire population over the past decade, marking the fastest growth globally. In the United States, the number of individuals in this wealth category rose by 81%. In contrast, Europe has seen a more modest 26% increase during the same time frame.
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The concentration of centi-millionaires in major global cities is notable. In the United States, New York City leads with 744 centi-millionaires, followed closely by the San Francisco Bay Area with 675 and Los Angeles with 496.
The U.S. also holds a significant portion of the world’s liquid investable wealth, with total assets of $67 trillion, representing more than 30% of the global total.
China’s major cities are also home to a growing number of centi-millionaires. Beijing now hosts 347 such individuals, followed by Shanghai with 322, and Hong Kong with 320. Singapore ranks high in Asia with 336 centi-millionaires.
These cities are expected to see further growth in their wealthy populations over the next two decades, with some forecasts predicting a more than 100% increase in Singapore and Hong Kong by 2040.
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In Europe, London remains a prominent financial hub, with 370 centi-millionaires, placing it fourth globally.
However, the region’s slower growth overall is attributed to economic stagnation in key markets such as the United Kingdom, Germany, and France. Smaller European countries like Monaco, Malta, Montenegro, and Poland, on the other hand, have experienced faster growth in their ultra-wealthy populations, reflecting a shift in the geographical distribution of extreme wealth.
Looking ahead, several cities in Asia and the Middle East are poised for significant increases in their centi-millionaire populations.
Cities such as Hangzhou, Shenzhen, and Taipei in Asia, as well as Dubai and Abu Dhabi in the United Arab Emirates, are expected to witness explosive growth in the number of centi-millionaires over the next 16 years, with projected increases exceeding 150%.
In contrast, cities in Europe such as Zurich, Madrid, and Moscow are forecast to experience more moderate growth of less than 50% over the same period.
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The migration of centi-millionaires is also shifting, as economic and political factors influence where the super-rich choose to reside. In the United States, tax policies proposed by political leaders could spur some wealthy individuals to seek alternative locations with more favourable economic environments.
This trend is evident in the rising number of investment migration inquiries from affluent Americans. Additionally, global cities that offer stability and attractive investment opportunities, such as those in Asia and the Middle East, are expected to attract increasing numbers of centi-millionaires in the coming years.
In summary, while the United States and China lead the current global surge in centi-millionaire populations, emerging markets in Asia and the Middle East are expected to play an increasingly significant role in the future distribution of the world’s wealthiest individuals.
