The number of centi-millionaires, individuals with assets of $100 million or more, has doubled in the past two decades, reaching a total of 28,420 globally. This represents a 12% increase in the last year alone, highlighting a significant growth in this elite group of super-wealthy individuals.
The United States leads with 38% of the world’s centi-millionaires, followed closely by China and India. A third of this population resides in 50 key cities worldwide, with New York City at the forefront, boasting 775 resident centi-millionaires.
The benchmark for “super-wealthy” status has shifted to $100 million, reflecting the rising asset prices over the years. Following New York, the San Francisco Bay Area and Los Angeles have the highest concentrations of centi-millionaires, with 692 and 504 respectively. The U.S. is home to 12 cities in the top 50, totaling 3,311 centis, which accounts for 11.7% of the global centi-millionaire population.
London stands as the only UK city in the top 50, ranking fourth with 388 centi-millionaires, marking a 4.4% decrease from the previous year. Asian cities are also prominent in the top 10, including Beijing, Shanghai, Singapore, and Hong Kong, reflecting the growing wealth in these regions.
Looking ahead, emerging markets are expected to see significant growth in their centi-millionaire populations. Cities like Hangzhou and Shenzhen in China are projected to experience the highest growth rates, with increases of 95% and 88% respectively over the next decade. Other cities, such as Riyadh, Delhi, Mumbai, and Austin, are also anticipated to see substantial increases.
The demographics of centi-millionaires are gradually changing, although the majority are still white males over 55 from the U.S. and Europe. The growth of centi-millionaires in Asia is expected to outpace that of Europe and the U.S. over the next decade.
Many centi-millionaires are exploring global citizenship options to enhance their mobility, access better healthcare and education, and increase security. Countries are leveraging investment migration programs to attract these individuals and stimulate their economies.
To effectively attract and retain centi-millionaires, countries need to offer more than just financial incentives. It is essential to create comprehensive environments that address business, lifestyle, immigration concerns, and philanthropic aspirations of these super-wealthy individuals.