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LONDON, Oct. 10, 2023 /PRNewswire/ — There are now 28,420 centimillionaires in the world, more than double the number 20 years ago, and an increase of 12% compared to last year, according to the 2023 Centi-Millionaire Report published today by Henley & Partners, wealth migration and investment advisor, which includes proprietary data from wealth intelligence company New World Wealth. This fast-growing global elite of super-wealthy influential people has investable assets of US$100 million or more.
As noted in last year’s inaugural report, at the country level, the majority of centimillionaires (or “centis”) are concentrated in the United States (38%), followed by developing countries such as China and India. One-third of the global centimillionaire community lives in 50 major cities around the world, led by New York with 775 centimillionaires living there.
Dr. Juerg Steffen, CEO of Henley & Partners, said the $100 million-plus range represents the best definition in the world today of what it means to be “super rich.” “Not long ago, in the late 90s, most banks considered $30 million to be the wealth needed to achieve this status. However, asset prices have risen sharply since then, making $100 million the new benchmark.
The most centis city
The next city in first place is the Bay Area with 692 centimillionaire residents, followed by Los Angeles with 504 centimillionaires. This group of the super-rich has grown more than 5% in the Big Apple in the past 12 months, compared with 11% in the Bay area. Chicago also made the Top 10, taking ninth place with 286 centimillionaires, but this is a significant drop of almost 16% compared to last year.
In total, the US has 12 cities ranked in the top 50 cities, with a combined total of 3,311 centimillionaires, representing 11.7% of the world’s centimillionaire population as of June 2023.
In contrast, the UK only has one city in the top 50, namely London, which ranks 4th with 388 centimillionaires, representing 1.4% of the world’s centimillionaire population. London, once the center of world prosperity and influence, appears to be in decline. A year ago, there were 406 cents in the UK capital, down 4.4% in just 12 months.
There is impressive Asian representation at the top of the rankings, with four Asian cities and regions in the world’s top 10 rankings for centimillionaires. Mainland China has two cities in the top 10: Beijing is ranked 5th with 365 millionaires and Shanghai is ranked 6th with 332. Singapore is ranked 7th with 330 millionaires, while Hong Kong (SAR China), in 8th place, it is home to 305 millionaires. . Paris and Île-de-France ranked 10th, with 280 centimillionaires living between them.
Growth forecast in Southern countries
Of the top 50 cities, Hangzhou (China), the e-commerce hub, will experience the largest growth in centimillionaire population in the next decade, with an estimated increase of 95%, followed by Shenzhen (88%). , a leading technology center.
The emerging global business hub of Saudi Arabia, Riyadh and India’s largest shopping mall, Delhi, will experience the third highest growth of 85% each by 2033, while the financial capital, Bombay, will record growth of 80% in millionaire community. Austin (USA), a technology-oriented city, also predicts strong growth of 84% between now and 2033.
Dubai, with its dynamic and diversified economy, is not far behind Mumbai, with forecast growth of 78% over the next ten years of one billion dollars, followed by China’s main transport and trade hub, Guangzhou (76%), and the most expensive city. in the world, Monaco (72%).
In Australia, the numbers also appear to be rising rapidly: 67% in Melbourne, 60% in Sydney and 57% in Perth. In contrast, centimillionaire growth rates are estimated at only 17% in Los Angeles, 12% in London, 6% in Chicago, and only 5% in Moscow.
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