Top cities for centi-millionaires revealed, with New York, the Bay Area, and Los Angeles in the lead
According to the Centi-Millionaire Report 2024 by Henley & Partners, there are currently 29,350 individuals globally with liquid investable assets of at least US$100m.
Over the last decade, this group has grown by 54 percent, with significant increases in the United States and China. China's centi-millionaire population has expanded by 108 percent, while the US saw an 81 percent rise in its super-rich population. In contrast, Europe experienced a slower growth of 26 percent.
Juerg Steffen, CEO of Henley & Partners, attributes Europe's slow growth to stagnation in major markets like the UK, Germany, and France.
However, smaller markets like Monaco, Malta, Montenegro, and Poland saw significant increases in centi-millionaire populations, indicating a geographical shift in extreme affluence.
One-third of the world’s centi-millionaires live in 50 key cities, with the US leading the list. New York City holds the top spot with 744 resident centi-millionaires, followed by the Bay Area with 675, and Los Angeles with 496.
However, David Young from The Conference Board notes that growth and migration trends in the US could be influenced by the upcoming presidential elections and related fiscal and social policies. These policies may cause centi-millionaires to seek countries offering more economic and political security.
Henley & Partners observed a significant increase in investment migration inquiries from affluent Americans, with the US accounting for over 30 percent of global liquid investable wealth, a total of US$67tn.
Democratic presidential nominee Kamala Harris recently supported President Biden’s proposal to impose a minimum tax on unrealized capital gains for individuals with over US$100m.
Peter Ferrigno of Henley & Partners cautions that taxing unrealized gains could lead to potential investors reassessing the US as a financial hub.
Asia's influence is also growing, with four of its cities ranking in the top 10 for centi-millionaires: Beijing, Singapore, Shanghai, and Hong Kong. Both Singapore and Hong Kong are expected to see over 100 percent growth in their centi-millionaire populations by 2040.
London, which ranks fourth, is forecast to grow at a slower rate of less than 50 percent over the next 16 years. Paris holds the 10th spot with 286 centi-millionaires.
Looking ahead, Asian and Middle Eastern cities like Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi are expected to experience substantial growth, with their centi-millionaire populations increasing by over 150 percent by 2040.
Emerging markets like Riyadh and Bengaluru are also forecast to see similar growth trends in the coming years.
