Millionaire boom: US, China dominate super rich club, 60% are founders

The number of ultra-wealthy individuals, known as centi-millionaires (those with liquid investable assets of $ 100 million or more), has surged by 54% in the last decade. According to the Centi-Millionaire Report 2024 released by Henley & Partners, there are now 29,350 centi-millionaires worldwide.

 America and China have experienced significant growth in their centi-millionaire populations, outperforming Europe. China's centi-millionaire population has expanded by a remarkable 108% in 10 years. Europe's growth in centi-millionaires has been relatively slow, increasing by only 26%.

"America and China have experienced what can only be described as a centi-millionaire boom, significantly outperforming their European counterparts.

 

China’s ascent has been the most dramatic, with its centi-millionaire population expanding by 108% over the past 10 years — outpacing even the stellar performance of the US, whose super-wealthy ranks swelled by 81% over the same period. In contrast, Europe’s centi-millionaire growth has been anemic, increasing by only 26% over the past decade," noted the report. 

New World Wealth’s Head of Research, Andrew Amoils, pointed 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."

Dr. Juerg Steffen, CEO of Henley & Partners, said the lethargic performance in Europe can be attributed to the slow growth of major markets such as the UK, Germany, and France. “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. The geography of extreme affluence is shifting. As this elite group continues to grow and migrate, its influence on global economics, politics, and society is likely to be profound and far-reaching.”

America’s dominance hangs in the balance

The report revealed 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 reigns supreme
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.

" Existing centi-millionaire growth and migration trends will depend largely on the upcoming US presidential elections where we anticipate drastic differences in fiscal, monetary, economic, and social policies. The results may cause a shift from North America being so attractive, as centi-millionaires turn to countries that provide greater economic and political security," said David Young, President of the Committee for Economic Development at the leading US think tank The Conference Board.

Democratic presidential nominee Kamala Harris recently endorsed the tax increases proposed by President Biden in his fiscal year 2025 budget — including a new idea that would require taxpayers with net wealth above USD 100 million to pay a minimum tax on their unrealized capital gains. However, as Director of Tax Services at Henley & Partners, Peter Ferrigno, warns, “any proposal that deviates too far from accepted international tax principles of only taxing realized income would lead to people looking very carefully at the US as a place to invest in. Taxing an unrealized gain on the way up looks great, but the optics of handing billionaires tax refunds in the following year when those unrealized gains reverse, looks terrible. Handled poorly, this can look like a bailout for the rich when their stock prices fall. Nobody will remember it’s just giving them back what they paid in last year. There are many good reasons why other countries don’t do this”.

Top 10 Cities for Centi-Millionaires

Asia’s rising influence as Europe falls behind

Asian cities are rapidly ascending the super-wealth 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 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 the10th 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

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 super wealth growth of less than 50% between now and 2040.