The landscape of extreme wealth has seen unprecedented growth in the past decade, with the number of centi-millionaires—those possessing liquid investable assets of $100 million or more—surging by 54%. The Centi-Millionaire Report 2024, released by Henley & Partners, reveals that the global population of centi-millionaires has reached 29,350, showcasing a dramatic rise in extreme affluence.
Dominance of the US and China
The report highlights that America and China are leading this surge in centi-millionaires, significantly outpacing Europe. China’s centi-millionaire population has skyrocketed by 108% over the last ten years, surpassing even the impressive 81% growth seen in the United States. In contrast, Europe’s growth has been comparatively modest, increasing by only 26% during the same period.
“America and China have experienced what can only be described as a centi-millionaire boom, significantly outperforming their European counterparts,” the report states. “China’s ascent has been the most dramatic, with its centi-millionaire population expanding by 108% over the past 10 years—outpacing even the stellar performance of the US, whose super-wealthy ranks swelled by 81% over the same period. In contrast, Europe’s centi-millionaire growth has been anemic, increasing by only 26% over the past decade.”
Andrew Amoils, Head of Research at New World Wealth, emphasizes the role of entrepreneurship in this growth. Over 60% of centi-millionaires are entrepreneurs and founders, highlighting their crucial role in wealth creation. “The businesses started by centi-millionaires have a significant positive spillover effect on the middle class as they create large numbers of well-paying jobs in their base country,” Amoils notes. He also points out that many leading companies listed on global stock indices like the Fortune 500 and the S&P 500 were founded by individuals who eventually became centi-millionaires.
Europe’s Slow Growth and Emerging Markets
Dr. Juerg Steffen, CEO of Henley & Partners, attributes Europe’s slower growth to the stagnation in major markets such as the UK, Germany, and France. However, smaller European markets like Monaco, Malta, Montenegro, and Poland have seen their centi-millionaire populations surge by 75% or more. Steffen comments on the shifting geography of extreme affluence, predicting that this elite group’s growing influence on global economics, politics, and society will be profound.
America’s Dominance in Centi-City Rankings
According to the report, one-third of the world’s centi-millionaires reside in 50 key cities. The US continues to dominate this landscape, with New York City, the Bay Area (including San Francisco and Silicon Valley), and Los Angeles leading the rankings. New York City tops the list with 744 centi-millionaires, followed by the Bay Area with 675, and Los Angeles with 496. These cities are expected to see their ultra-wealthy populations grow by over 50% in the next decade.
David Young, President of the Committee for Economic Development at The Conference Board, suggests that future growth may be influenced by US presidential elections. “Existing centi-millionaire growth and migration trends will depend largely on the upcoming US presidential elections. The results could shift North America’s attractiveness as centi-millionaires seek countries with greater economic and political security,” Young says.
Potential Impact of Tax Proposals
Recent tax proposals, including those endorsed by Democratic presidential nominee Kamala Harris, could affect the attractiveness of the US for centi-millionaires. Harris supports a minimum tax on unrealized capital gains for those with net wealth above $100 million. Peter Ferrigno, Director of Tax Services at Henley & Partners, warns that such measures could have unintended consequences. “Taxing unrealized gains could lead to complex situations where billionaires receive tax refunds if those gains reverse. This could be perceived as a bailout for the rich,” Ferrigno explains.
Rising Influence of Asian and Middle Eastern Cities
Asian cities are increasingly prominent in the centi-millionaire landscape. Beijing, Singapore, Shanghai, and Hong Kong are among the top 10 cities globally. Both Singapore and Hong Kong are expected to see centi-millionaire populations grow by over 100% by 2040.
In Europe, London, once a leading financial hub, now ranks 4th with 370 centi-millionaires and faces a less optimistic growth forecast. Paris ranks 10th with 286 centi-millionaires, with Nice being the only other French city in the top 50.
Emerging Markets to Watch
Several Asian and Middle Eastern cities are projected for explosive growth. Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi are expected to see their centi-millionaire populations increase by over 150% in the coming years. Similarly, Riyadh and Bengaluru are forecasted to experience significant growth, making them key locations to watch in the evolving global wealth landscape.
The Centi-Millionaire Report 2024 underscores the dynamic shifts in global wealth distribution, highlighting the dominance of the US and China, the rising influence of Asia, and the evolving fortunes of European and emerging markets.