The most recent research from New World Wealth and investment migration advisor Henley & Partners indicates that the world’s very rich club has grown dramatically over the past ten years, with China leading the way.
The survey states that during the past ten years, the number of cent millionaires has increased 54% globally to 29,350, mostly in China and the United States. Cent millionaires are ultra-high-net-worth individuals who have at least $100 million in investable money.
According to Juerg Steffen, CEO of Henley & Partners, “America and China have experienced what can only be described as a centi-millionaire boom, significantly outperforming their European counterparts.”
“China’s rise has been the most spectacular, as its population of centimillionaires has increased by 108% in the last ten years – surpassing even the remarkable achievement of the United States, whose ranks of the super-wealthy have increased by 81% during the same period,” reports stated.
According to Steffen, the rise of tech-centric millionaires and industrial titans was a significant factor in China’s progress. At the moment, China is home to 2,350 cent millionaires.
However, the nation’s economy has stagnated recently due to a troubled real estate market, persistently high unemployment, and low domestic demand. China’s centimillionaires’ surge occurred primarily between 2013 and 2020, according to New World Wealth wealth expert Andrew Amoils, who spoke with CNBC. He continued, “The ultra-rich have increased in number by only about 10% since 2020.”
The Conference Board’s David Young said, “The upcoming U.S. presidential elections will largely determine existing centi-millionaire growth and migration trends.”
Henley & Partners, on the other hand, claimed that places like Shenzhen and Hangzhou still show promise as developing tech centres and were included in the list of places “poised for exceptional growth of over 150%” in terms of the number of centimillionaires living there by 2040.
These two cities’ economic growth has exceeded the nation’s 5% growth. Hangzhou’s GDP expanded 6.9% year-on-year for the first half of 2024. Similarly, Shenzhen’s industrial sector helped it grow 5.9% yearly during the same period.
A Stunning Europe
Steffen further ascribed Europe’s poor performance to the sluggish growth of essential markets like France, Germany, and the United Kingdom. Nevertheless, smaller European markets like Monaco, Malta, Montenegro, and Poland have seen notable growth in their centimillion-dollar populations, rising by at least 75%, while larger markets in Europe lag.
With areas like New York, Los Angeles, and the San Francisco Bay Area predicted to witness further growth of over 50% in their ultra-wealthy populations, the United States continues to be a top hub of wealth.
However, the outcome of the next elections may determine whether America maintains its dominance.
David Young, president of the Committee for Economic Development at think tank The Conference Board, stated, “existing centi-millionaire growth and migration trends will depend largely on the upcoming U.S. presidential elections where we anticipate drastic differences in fiscal, monetary, economic, and social policies.”
According to research by Henley & Partners, wealthy Americans are increasingly exploring citizenship and place of residence options.
