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. Henley & Partners’ Centi-Millionaire Report 2024 reveals that there are currently 29,350 individuals worldwide with liquid investable assets of $100 million or more. (Rs/ USD 83.3 Approx) The report features exclusive data from global wealth intelligence firm New World Wealth.

How much money does one need to be considered super-wealthy? This is an age-old question. In the 2020s, this figure is probably US$100 million, marking the centi-millionaires.

Wealth refers to an individual’s liquid investable wealth, which only includes listed company holdings, cash holdings, and debt-free residential property holdings. The term ‘centi-millionaires’ refers to individuals with liquid investable wealth of USD 100 million or more.

The exclusive club has experienced 54% global growth in the last decade, with America and China outperforming their European counterparts. China’s centi-millionaire population has grown by 108% in the past decade, surpassing the US’s 81% increase in super-wealthy ranks, while Europe’s centi-millionaire growth was by only 26% over the past decade.

New World Wealth’s Head of Research, Andrew Amoils, points out that over 60% of centi-millionaires are entrepreneurs and company founders, which makes them especially important when it comes to wealth creation. “The businesses started by centi-millionaires have a significant positive spillover effect on the middle class as they create large numbers of well-paying jobs in their base country. It is also worth noting that most of the companies on the Fortune 500, the S&P 500, the CAC 40, the FTSE 100 and the Nikkei 225 were started by individuals who went on to become centi-millionaires.”

The Top 50 Cities for Centi-Millionaires are predominantly situated in countries that offer investment migration programs.

America’s dominance hangs in the balance

The report reveals that one-third of the world’s centi-millionaires reside in 50 key cities across the world. The US continues to dominate the centi-city landscape, claiming 1st, 2nd, and 3rd places in the Top 50 Cities for Centi-Millionaires, 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 over the past decade but are expected to see significant growth of over 50% in their ultra-wealthy populations over the next 10 years.

Asia’s rising influence as Europe falls behind

Asian cities are rapidly ascending the super-wealthy ranks, with four cities and territories now 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 centi-millionaire growth rates of over 100% in the next decade and a half (to 2040).

However, 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 a 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). London is also the only UK city that makes it into the Top 50.

Finally, Paris claims the 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.