The super-rich centi-millionaires of the world are increasingly concentrated in the USA and China, while Europe is falling behind. The upcoming U.S. elections are causing tension: Is an exodus of the super-rich from America looming?
The number of the super-rich has more than doubled worldwide in the last ten years. However, there is a clear geographic divide in the increase of wealth.
This is the key finding of the newly published «Centi-Millionaire Report 2024» by Henley & Partners and the data provider New World Wealth. Specifically, the report examines the growth in the number of centi-millionaires—people with at least $100 million in liquid and investable assets.
Concentration on the Poles
In the last decade, the U.S. and China have seen rapid growth and have significantly outpaced Europe, which is falling behind in the global comparison. The race among the super-rich is increasingly focusing on the two economic poles of the world.
Globally, the number of centi-millionaires has risen to 29,350 – a 54 percent increase in the past ten years.
New York: The World Capital of Centi-Millionaires
In the U.S., New York, the Bay Area, and Los Angeles top the list of cities with the most super-rich individuals. New York leads with 744 ultra-wealthy people, followed by the Bay Area with 675 and Los Angeles with 496 centi-millionaires.
David Young from the think tank The Conference Board emphasizes that the upcoming U.S. presidential elections could significantly influence the migration patterns of centi-millionaires. «Changes in tax and economic policy could make other countries more attractive for wealth preservation,» says Young.
Are Americans Ready to Relocate?
Henley & Partners has already seen a fivefold increase in demand for investment migration from wealthy Americans seeking alternatives. Peter Ferrigno, director of the tax division at the firm, warns that a tax on unrealized capital gains, as proposed by Democratic candidate Kamala Harris, could fuel such a development. Such a tax would be «unprecedented.»
Meanwhile, Asian cities are rising as important centers for the ultra-wealthy. Beijing, Singapore, and Hong Kong are now among the top ten cities with the most centi-millionaires globally, and forecasts suggest their absolute numbers could more than double by 2040. Particularly in Singapore and Hong Kong, growth rates of over 100 percent are expected.
Europe Lagging
In Europe, however, London is losing significance. The former financial hub now ranks only fourth globally, with 370 centi-millionaires and weak growth prospects. Paris, with 286 ultra-rich individuals, is the only other European city in the top ten. Geneva ranks 12th globally with 244 individuals, while Zurich follows in 18th place with 205 centi-millionaires.
In the future, Asian and Middle Eastern cities like Hangzhou, Shenzhen, and Dubai are expected to become new hubs for centi-millionaires. The increasing concentration of wealth in a few global metropolises will also shape the international financial and political landscape, according to the report's authors.
