Number of centi-millionaires with over USD100M fortunes surges 54 percent globally

(MENAFN) According to a recent report by investment consultancy firm Henley & Partners, the number of centi-millionaires—individuals with fortunes exceeding USD100 million—has surged by 54 percent over the past decade, now exceeding 29,300 globally. This dramatic increase highlights significant shifts in wealth distribution, particularly with the US and China experiencing the most substantial growth in this ultra-wealthy demographic. China has seen an impressive 108 percent rise in centi-millionaires, while the US has experienced an 81 percent increase. In comparison, Europe has had a more modest growth of 26 percent in the same period.

Henley & Partners’ “Top 50 Cities for Centi-Millionaires” report reveals where this elite class is most concentrated and their evolving preferences. The United States leads globally, with New York hosting 744 centi-millionaires, San Francisco and Silicon Valley housing 675, and Los Angeles accommodating 496. The report underscores that the US controls over 30 percent of the world’s liquid investable wealth, totaling USD67 trillion. However, this dominance may be affected by the upcoming US presidential election, particularly with proposed tax increases for the wealthy, which could drive some centi-millionaires to relocate.

In Asia, the growth of wealthy individuals is particularly notable, with cities such as Beijing, Singapore, Shanghai, and Hong Kong emerging as significant hubs. Beijing now hosts 347 centi-millionaires, while Singapore has 336, Shanghai 322, and Hong Kong 320. This rapid expansion contrasts with Europe’s slower growth, where London remains a major center with 370 centi-millionaires, ranking fourth globally despite experiencing less dynamic growth compared to Asia and the US.

Looking ahead, the report predicts explosive growth in centi-millionaire populations in several Asian cities, including Hangzhou, Shenzhen, and Taipei, as well as in Dubai and Abu Dhabi in the UAE. Conversely, cities like Chicago, Moscow, Zurich, and Madrid are expected to see more moderate growth, with increases projected to be less than 50 percent over the next decade. This forecast highlights shifting trends in global wealth distribution and the evolving preferences of the world's richest individuals.

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