According to the Centi Millionaire Report 2024, published today by wealth and investment migration advisor Henley & Partners and featuring exclusive data from global wealth intelligence firm New World Wealth, there are currently 1 million millionaires worldwide. There are 29,350 individuals with liquid investment assets of more than $100 million.
As this exclusive club has grown 54% globally over the past decade, the geographic distribution of this exploding ultra-wealthy group is becoming clearer. The United States and China experienced what can only be described as a centimillionaire boom, significantly outpacing European countries.
China’s rise has been the most dramatic, with its centimillionaire population growing 108% over the past decade, outpacing even the stellar performance of the United States, where the ultra-wealthy have grown 81% over the same period. By contrast, centimillionaire growth in Europe has been anemic, increasing by only 26% over the past decade.
Henley & Partners CEO Dr Jürg Steffen said the poor performance in Europe could be due to slower growth in key markets such as the UK, Germany and France. “There are areas of dynamism, such as small European markets such as Monaco, Malta, Montenegro and Poland, where the centimillionaire population has increased by more than 75%. As this elite group continues to grow and migrate, the global economic, political, and social implications are likely to be deep and far-reaching.
Andrew Amoyles, head of research at New World Wealth, points out that more than 60% of centimillionaires are entrepreneurs or company founders, making them especially important when it comes to wealth creation. “Businesses started by multi-billionaires create large numbers of well-paying jobs in their home countries, which has a huge positive ripple effect on the middle class. They are also listed on the Fortune 500 and S&P. Most of the notable companies – 500, CAC 40, FTSE 100, Nikkei 225 – were founded by individuals who later became multi-billionaires.
America’s supremacy is in jeopardy
The report reveals that one-third of the world’s centimillionaires live in 50 major cities around the world. The United States continues to dominate the centi-city landscape, taking first, second and third place in the top 50 centi-millionaire cities, with a total of 15 large cities on the elite list.
New York City tops the list with 744 centimillionaires, followed by the Bay Area (including San Francisco and Silicon Valley) with 675 and Los Angeles with 496. Not only have these cities maintained their global leadership positions over the past decade, but their ultra-high-net-worth populations are expected to significantly increase by more than 50% over the next decade.
However, as David Young, chairman of the Economic Development Committee of the Conference Board, a major U.S. think tank, points out in the Centimillionaire Report 2024, “the growth of existing centimillionaires and the Trends will largely depend on the upcoming US presidential election, where dramatic differences in fiscal, monetary, economic, and social policies are expected. This result could spark a shift in North America, which is highly attractive to billionaires as they look to countries that offer more economic and political security. ”
Dr. Stephan added that wealthy Americans have become the company’s single largest customer group, with investment migration inquiries increasing fivefold this year. “We are witnessing an interesting paradox: On the one hand, the United States remains the world’s top wealth center, accounting for more than 30% of the world’s liquid investable assets (a whopping USD 67 trillion). But at the same time, we are seeing an unprecedented surge in wealthy Americans seeking alternative residence and citizenship options.”
Democratic presidential candidate Kamala Harris recently endorsed President Biden’s proposed tax increases in the fiscal year 2025 budget. These include a new proposal that would require taxpayers with net worth of more than $100 million to pay a minimum tax on unrealized capital gains. However, Peter Ferrigno, director of tax services at Henley & Partners, said, “The proposal, which departs significantly from generally accepted international tax principles of taxing only realized income, makes people very wary of the United States as an investment destination.” “We will start to see more of this,” he warned. Taxing unrealized gains midway through seems like a great idea, but giving millionaires a tax refund when the unrealized gains reverse the following year looks terrible. In the wrong hands, this could look like a bailout for the wealthy when stock prices fall. No one will remember that you just paid back what you paid last year. There are many good reasons why other countries don’t do this. ”
Asia’s influence grows as Europe lags behind
Cities in Asia are rapidly rising through the ranks of the ultra-rich, with four cities and regions currently in the top 10 of the world’s billionaire hotspots. Beijing ranks fifth in the world with 347 centi, followed closely by Singapore, a city-state that punches way above its weight, in sixth place with 336 centi. Shanghai ranks seventh with 322 centimillionaires, while Hong Kong (Special Administrative Region of China) ranks eighth. , home to 320 ultra-high net worth individuals.
Both Singapore and Hong Kong (Special Administrative Region of China) are projected to enjoy very high centimillionaire growth rates of more than 100% over the next 15 years (until 2040).
But Europe’s representation in the world of multi-billionaires tells a story of changing dynamics and complicated fortunes. Once considered the financial capital of the world and the epicenter of global wealth, London now ranks just 4th in the top 50 cities for centimillionaires, with 370 ultra-wealthy people The outlook for the number of centimillionaires living in the country is less than 50%, which is lackluster. We aim for growth over the next 16 years (until 2040). London is also the only UK city to feature in the top 50.
Finally, Paris ranks 10th in the latest Centrich Cities Index, with 286 ultra-high-net-worth residents. Nice is the only French city in the top 50 where the 95cm billionaire is based.
Featured hotspots in Senticity
The growth trajectory of the centimillionaire population looking ahead to 2040 paints an interesting picture of wealth accumulation and migration. Several cities in Asia and the Middle East are poised for explosive growth, with Hangzhou, Shenzhen, Taipei, Dubai and Abu Dhabi predicted to see multi-millionaire communities increase by more than 150%.
Emerging markets are also set to establish themselves. Riyadh, Saudi Arabia, and Bengaluru, India, are both predicted to have centi population growth of more than 150% over the next 16 years.
In contrast, some of the world’s more established capitals (Chicago, Moscow, Zurich, Madrid) are projected to see less than 50% growth in ultra-wealth between now and 2040.
As Dr. Steffen points out, nearly two-thirds of the top 50 centimillionaire cities are located in countries that offer investment migration programs. “This concentration speaks volumes about the interconnectedness of global wealth and the appeal of strategic residency and citizenship planning. The importance of building a strategic portfolio of complementary residence permits and citizenship that provides comprehensive access has never been clearer to billionaires.
Read the Centi-Millionaire Report 2024 online.
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About Henry & Partners
Henley & Partners is a global leader in investment residency and citizenship. Every year, hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area. The company’s highly qualified professionals work together as one team in more than 55 offices around the world.
The concept of residence and citizenship by investment was created by Henley & Partners in the 1990s. As globalization expands, residence and citizenship have become topics of great interest among a growing number of internationally active entrepreneurs and investors, and we are proud to present them every day. We provide services.
The firm also operates a major government advisory practice and has raised more than US$12 billion in foreign direct investment. Trusted by governments, the company provides strategic consulting and has designed, established and operated some of the world’s most successful residency and citizenship programs.
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