An IMGW News Report
According to the Centi-Millionaire Report 2024 by Henley & Partners and New World Wealth, there are currently 29,350 individuals globally with liquid investable assets of USD 100 million or more. This exclusive group has expanded by 54% in the last decade, with America and China leading the way.
China’s centi-millionaire population has surged by 108% over the past ten years, outpacing the US growth of 81%. In contrast, Europe’s growth has been sluggish at just 26%.
Dr. Juerg Steffen, CEO of Henley & Partners, attributes Europe’s slow progress to lacklustre growth in major markets like the UK, Germany, and France. However, smaller markets such as Monaco, Malta, Montenegro, and Poland have seen their centi-millionaire populations increase by 75% or more.
Andrew Amoils, Head of Research at New World Wealth, notes that over 60% of centi-millionaires are entrepreneurs, crucial for wealth creation and job provision. Many major companies were founded by individuals who later became centi-millionaires.
The report reveals that one-third of centi-millionaires live in 50 key cities, with the US dominating the list. New York City leads with 744 centi-millionaires, followed by the Bay Area with 675 and Los Angeles with 496. These cities are expected to see over 50% growth in ultra-wealthy populations in the next decade.
However, David Young from The Conference Board warns that future trends will depend heavily on the upcoming US presidential elections, which could impact North America’s appeal for centi-millionaires seeking greater stability elsewhere.
Dr Steffen highlights a five-fold increase in investment migration inquiries from wealthy Americans this year, despite the US being the largest wealth hub. Recent tax proposals may encourage affluent individuals to explore options outside the US.
Asian cities are rising rapidly, with Beijing at fifth and Singapore at sixth in the Top 10 centi-millionaire hotspots. Both are projected to see growth rates exceeding 100% in the next decade and a half. In contrast, London, once the financial capital, now ranks fourth with modest growth expectations.
Looking ahead to 2040, several Asian and Middle Eastern cities, including Hangzhou, Shenzhen, and Dubai, are projected for significant growth, while established capitals like Chicago and Zurich may experience stagnation.
Dr Steffen notes that nearly two-thirds of the Top 50 Cities for Centi-Millionaires are in countries offering investment migration programmes, highlighting the importance of strategic residence planning for this elite group.
Read the Centi-Millionaire Report 2024 online.
