Tuesday, May 28

New class of super-rich revealed in 2023 centi-millionaire report

There are currently 28,420 centi-millionaires in the world, more than double the number 20 years ago, according to the 2023 Centi-Millionaire Report released by wealth and investment migration advisors Henley & Partners.

The report featured exclusive data from global wealth intelligence firm New World Wealth indicating that the amount represents an increase of 12 per cent compared to this time last year.

According to Henley & Partners in a statement, this fast-growing global elite of highly influential super-wealthy movers and shakers boast investable assets of US$100 million or more. (US$1=RM4.72)

As outlined in the inaugural report last year, at a country level, most centi-millionaires (or ‘centis’) are concentrated in the United States (US) with 38 per cent, followed by the large emerging markets of China and India.

One third of the world’s centi-millionaire community live in 50 key cities across the globe, with New York City (NYC) wearing the crown with 775 resident centi-millionaires.

Hot on the heels of NYC in first place comes the Bay Area with 692 resident centi-millionaires, followed by Los Angeles with 504 centis. This super-rich cohort has grown by just over five per cent in the Big Apple over the past 12 months, compared to 11 per cent in the Bay Area.

Overall, the US has 12 cities in the Top 50, with a combined total of 3,311 centis, representing 11.7 per cent of the world’s centi-millionaire population as of June this year.

By contrast, the United Kingdom (UK) has only one city in the Top 50, in which London comes in fourth place with 388 centi-millionaires, representing 1.4 per cent of the world’s centi population.

The report further unveiled an impressive representation from Asia in the upper rankings, with four Asian cities and territories among the world’s Top 10 centi-millionaire hotspots, in which Mainland China has two Top 10 cities with Beijing ranked fifth and Shanghai took the sixth spot, while Singapore follows in seventh place, and Hong Kong (SAR China) in eighth place.

Of the Top 50 cities, the e-commerce hub of Hangzhou in China is expected to see the highest growth in its centi-millionaire population in the next decade with a projected 95 per cent increase, closely followed by the prominent tech hub, Shenzhen (88 per cent). – Bernama

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