Introduction:

In a world where wealth is a defining metric of success, a new class of elites has emerged, known as “centi-millionaires.” These individuals boast investable assets exceeding $100 million, and their numbers have more than doubled in the past two decades, reaching a staggering 28,420, according to the 2023 Centi-Millionaire Report by Henley & Partners.

Key findings from the report reveal that the United States dominates this elite group, with 38% of centi-millionaires calling it home. New York City leads the pack with 775 residents in this exclusive club, followed closely by the San Francisco Bay Area and Los Angeles. The U.S. is home to a total of 3,311 centi-millionaires, representing 11.7% of the global population in this category.

Interestingly, the landscape of centi-millionaires is not static. Over the next decade, the Chinese city of Hangzhou is poised to experience a remarkable 95% surge in its centi-millionaire population, closely followed by Shenzhen with an estimated 88% increase. This growth underscores the shifting dynamics of wealth distribution on a global scale.

Reflecting on this unprecedented rise, Juerg Steffen, CEO of Henley & Partners, notes that what was once considered a fortune in the late 1990s has evolved. The benchmark for entry into the centi-millionaire club has shifted from $30 million to an impressive $100 million, a testament to the escalating value of assets in the current economic landscape.

The report also highlights the international diversity within the centi-millionaire community. London is the sole representative from the United Kingdom in the top 50 cities, boasting 388 centi-millionaires. Meanwhile, China stands out with two cities, Beijing and Shanghai, ranking among the top 10 globally. Singapore, Hong Kong, and Paris also secure their spots in this elite league.

Looking ahead, the forecasted growth in centi-millionaires unveils intriguing trends. Hangzhou and Shenzhen are expected to maintain their rapid ascent, while Riyadh in Saudi Arabia, Delhi in India, and Mumbai are projected to experience substantial growth. On the other hand, cities like Austin, Texas, are positioned for an 84% surge in centi-millionaires by 2033, showcasing the influence of technology-friendly environments on wealth accumulation.

Summing Up:

In conclusion, the Centi-Millionaire Report offers a glimpse into the evolving landscape of global wealth distribution. As cities around the world experience varying degrees of growth in their centi-millionaire populations, it underscores the dynamic nature of economic prosperity and the ever-changing face of the global elite.