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Mapping the Centi-Millionaire Boom

Dr. Juerg Steffen

Dr. Juerg Steffen

Dr. Juerg Steffen, FIMC, is Chief Executive Officer of Henley & Partners.

Over the past decade, the accepted benchmark for ‘super-wealthy’ status has risen dramatically, from USD 30 million in the late 1990s to a staggering USD 100 million today. This exclusive club, known as centi-millionaires, has grown by more than 50% over the last decade, and there are currently 29,350 individuals worldwide with liquid investable assets of USD 100 million or more.

The geographic distribution of this wealth is revealing. One-third of the world’s centi-millionaires reside in 50 key cities across the globe, with nearly two-thirds of these wealth hubs located in countries offering investment migration programs. This concentration speaks volumes about the interconnectedness of global wealth and the allure of strategic residence and citizenship planning.

Smartly dressed woman in pink coat

America’s centi-millionaire strongholds

The USA continues to dominate the centi-millionaire landscape, claiming 1st, 2nd, and 3rd place in the Top 50 Cities for Centi-Millionaires ranking, and boasting a total of 15 metropolises on the elite list.

New York City reigns supreme with 744 resident centi-millionaires, followed closely by the Bay Area (which includes San Francisco and Silicon Valley) with 675, and Los Angeles with 496 super-rich residents. These cities have not only maintained their leading positions globally but are expected to see significant growth of over 50% in their ultra-wealthy populations over the next decade.

Asia’s rising influence

Asian cities are rapidly ascending the ranks as leading global super-wealth hubs. Four Asian cities and territories are currently among the world’s Top 10 centi-millionaire hotspots. Beijing sits in 5th position worldwide with 347 centis, while Singapore, a city-state punching well above its weight, follows closely in 6th place with 336. Shanghai comes in 7th place with 322 centi-millionaires and Hong Kong (SAR China) ranks 8th, boasting 320 ultra-wealthy residents.

Both Singapore and Hong Kong (SAR China) are forecast to enjoy exceptionally high wealth growth rates of over 100% in the next decade and a half (to 2040).

Europe falls behind

Europe’s representation in the centi-millionaire landscape tells a story of changing dynamics and mixed fortunes. London, once considered the financial capital of the world and global epicenter of wealth, now ranks just 4th in the Top 50 Cities for Centi-Millionaires with 370 super-rich residents and a lackluster forecast of less than 50% when it comes to centi growth over the next 16 years (to 2040). This decline reflects broader economic uncertainties and shifting global power dynamics.

Finally, Paris and the surrounding Île-de-France region claim 10th spot on the latest centi-rich city index with 286 ultra-wealthy residents. Nice is the only other French city in the Top 50 with 95 centi-millionaires calling it home.

Centi city hotspots to watch

Looking ahead to 2040, the growth trajectory of centi-millionaire populations paints an intriguing picture of wealth accumulation and migration. 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.

Emerging markets are also set to make their mark. Riyadh in Saudi Arabia and Bengaluru in India are both forecast to enjoy growth of over 150% in their centi populations over the next 16 years.

In contrast, some of the world’s more established capitals — Chicago, Moscow, Zurich, and Madrid — are projected to experience sluggish growth of less than 50% between now and 2040.

The world’s largest economies set the pace

The past decade has witnessed a remarkable divergence in wealth accumulation patterns across different regions. America and China have experienced what can only be described as a centi-millionaire boom, significantly outperforming their European counterparts.

This growth disparity is starkly illustrated by market performance, with centi-millionaires typically being the founders of the world’s largest multi-national companies listed on the likes of the Fortune 500, the S&P 500, the CAC 40, the FTSE 100, and the Nikkei 225.

The S&P 500 surged by 162% between 2013 and 2023, while the Dow Jones Industrial Average climbed 135%. These robust returns have been a boon for US centi-millionaires, whose ranks swelled by 81% over the same period.

China’s ascent has been even more dramatic, with its centi-millionaire population expanding by 108% — outpacing even the stellar performance of the USA. This growth reflects the Red Dragon’s rapid economic transformation and the emergence of a new class of tech centi-millionaires and industrial titans.

In contrast, Europe’s centi-millionaire growth has been anemic, managing just a 26% increase over the past decade. This lethargic performance can be attributed to the slow growth of major markets such as the UK, Germany, and France. However, pockets of dynamism exist, with smaller European markets such as Monaco, Malta, Montenegro, and Poland seeing their centi-millionaire populations surge by 75% or more.

Chart 1. US Dollar Indices (2013 to 2023)

Chart 1Sources:

  • MSCI World Equity Index, DJIA, and S&P 500 — Markets Insider.
  • Gold Price — Daily Investor.
  • Centi-Millionaire growth rates and World Prime Residential Index — New World Wealth.

The future geography of affluence

The global wealth landscape is further shaped by broader market trends. The MSCI World Index, a key barometer of global stock market performance, rose by 93% over the past decade, driven largely by the stellar performance of US and Asian tech stocks. Given that centi-millionaires typically allocate over 40% of their liquid investable wealth to listed equities, these market movements have had a profound impact on ultra-high-net-worth portfolios.

Alternative assets have also played a role in wealth preservation and growth. Gold, often seen as a safe haven in times of economic uncertainty, saw its price increase by 72% over the decade. This appreciation has likely benefited many centi-millionaires who maintain gold holdings as a hedge against market volatility.

Interestingly, global prime residential indices have underperformed relative to other asset classes. Several major international cities, including London, have seen declines in prime USD square meter prices over the past 10 years. This trend may reflect changing preferences among the ultra-wealthy, who are increasingly looking beyond traditional property hubs for investment opportunities.

As we look to the future, the centi-millionaire map is set to be redrawn. Emerging tech hubs such as Shenzhen, Hangzhou, Austin, Taipei, Kyoto, Bengaluru, Warsaw, Tampa, Ho Chi Minh City, Scottsdale, and Salt Lake City are poised for exceptional growth of over 150% in their centi-millionaire populations, while cities benefiting from inward wealth migration — such as Dubai, Abu Dhabi, Riyadh, Lugano, Marrakech, and West Palm Beach — are also expected to see their ultra-wealthy communities swell.

It’s clear that the story of centi-millionaires is one of dynamism and change. From the tech-driven booms in China and the USA to the emergence of new wealth hubs around the world, the geography of extreme affluence is shifting. As this elite group continues to grow and move, its influence on global economics, politics, and society is likely to be profound and far-reaching.

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