The number of individuals who have wealth of at least US$100 million continues to grow globally, led by the United States.
There are now 29,350 people in the elite club according to the newly released Centi-Millionaires Report from wealth and investment migration specialists Henley & Partners. Over the past decade this wealthy population has grown 54% globally including an 81% rise in the US and a 108% rise in China.
The report shows that one third of centi-millionaires live in just 50 of the world’s cities, led by three in the US – New York (with 744 centi-millionaires), the Bay Area (675), and Los Angeles (496) – which has a total of 15 in the list.
But this could change, as David Young from the Conference Board explains.
“Existing centi-millionaire growth and migration trends will depend largely on the upcoming US presidential elections where we anticipate drastic differences in fiscal, monetary, economic, and social policies,” he said. “The results may cause a shift from North America being so attractive, as centis turn to countries that provide greater economic and political security.”
Dr. Juerg Steffen, CEO of Henley & Partners, says that his firm has seen a surge in Americans seeking advice on investment migration programs in the last year.
"We are witnessing a fascinating paradox. On one hand, the US remains the world's top wealth hub, accounting for over 30% of global liquid investable wealth — a massive $67 trillion. Yet, on the other hand, we're seeing an unprecedented surge in affluent Americans seeking alternative residence and citizenship options,” he said.
Looking ahead to 2040, several Asian and Middle Eastern cities are poised for explosive growth, with Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi projected to see increases of over 150% in their centi-millionaire communities.
Earlier this year, Henley & Partners reported how the rapid growth of the digital asset market has helped a near-doubling in the number of crypto millionaires.
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