Key Takeaways
- "Centi-millionaires" are individuals with investable assets greater than $100 million.
- The number of centi-millionaires in the world has more than doubled in the last 20 years and now stands at 28,420, a report released by a wealth advisory firm said.
- Thirty-eight percent of centi-millionaires live in the U.S., with 775 based in New York City.
- In the next decade, Hangzhou in China is expected to have a projected 95% leap in its centi-millionaire population, followed by Shenzhen, with an estimated 88% more centi-millionaires.
The number of individuals with investable assets greater than $100 million more than doubled in the past two decades.
Currently, there are 28,420 centi-millionaires in the world, more than double the number 20 years ago and up by 12% versus last year, according to the 2023 Centi-Millionaire Report released by wealth and investment migration advisor Henley & Partners.
A third of the world's centi-millionaire population resides in 50 key cities, with 9,730 (38%) living in the U.S. New York City boasts 775 resident centi-millionaires, while the San Francisco Bay Area is home to 692, followed by Los Angeles with 504, the Henley & Partners report said. Chicago is in ninth place with 286 centi-millionaires, a significant drop of nearly 16% compared with last year.
In total, the U.S. has 12 cities in the Top 50, with a combined 3,311 centi-millionaires, representing 11.7% of the world's centi-millionaires.
"Not long ago, in the late 1990s, $30 million was considered by most banks as the fortune that was needed to meet this status. However, asset prices have risen significantly since then, making $100 million the new benchmark," Juerg Steffen, chief executive officer (CEO) of Henley & Partners, said.
London is the only U.K. city in the Top 50, with 388 centi-millionaires representing 1.4% of the world's centi-millionaire population. China has two of the Top 10 centi-millionaire cities in the world, while four other Asian cities are among the Top 10.
With 365 centi-millionaires, Beijing ranks fifth, and Shanghai ranks sixth with 332. Singapore is ranked seventh with 330 centi-millionaires, followed by Hong Kong, ranked eighth with 305 centi-millionaires. A total of 280 centi-millionaires live in Paris and Ile-de-France, placing them at 10th place.
In the next decade, the e-commerce hub of Hangzhou in China is expected to experience the fastest growth in the centi-millionaire population, with a projected 95% increase, closely followed by the prominent tech hub of Shenzhen, which is projected to grow by 88%.
Between now and 2033, Riyadh in Saudi Arabia, and Delhi, India's largest commercial hub, each will post growth of 85%, while Mumbai's centi-millionaire community is expected to expand by 80%.
A strong 84% growth projection is also forecast by 2033 for tech-friendly Austin, Texas, while centi-millionaire growth figures are expected to slow to 17% in Los Angeles, 12% in London, and 6% in Chicago.
