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October 12, 2023 at 10:38 AM
The global elite of highly influential super-wealthy movers and shakers numbers 28,420 and each has investable assets of $100 million or more, according to the 2023 Centi-Millionaire Report, released this week by Henley & Partners, a wealth and investment migration advisory firm.
Data in the report from New World Wealth, a global wealth intelligence firm, indicates that the number of centimillionaires in 2023 is more than double the number 20 years ago and has increased by 12% since last year.
At the country level, 38% of centimillionaires are concentrated in the United States, followed by China and India. A third of this elite group live in 50 global cities.
Juerg Steffen, chief executive of Henley & Partners, noted in a statement that the $100 million-plus band represents today’s best definition of what it means to be super-wealthy.
“Not long ago, in the late 1990s, $30 million was considered by most banks as the fortune that was needed to meet this status,” Steffen said. “However, asset prices have risen significantly since then, making $100 million the new benchmark.”
Cities on a Growth Trajectory
According to the research, two Chinese cities in the top 50 are expected to experience the highest growth in their centimillionaire populations over the next decade: Hangzhou, an e-commerce hub, with a projected 95% increase; and Shenzhen, the prominent tech hub, with 88% growth.
The emerging global business center of Riyadh, in Saudi Arabia, and India’s largest commercial hub, Delhi, each have projected growth of 85% between now and 2033. Tech-friendly Austin, Texas, also has a very strong growth projection of 84% by 2033.
The number of centimillionaires in Dubai, with its vibrant and diversified economy, is projected to grow by 78% over the next 10 years, followed by Guangzhou, China’s main transport and trading nexus, at 76%, and Monaco, the world’s most expensive city, at 72%.
The number of centimillionaires in Australia also looks poised to increase sharply, according to the study: by 67% in Melbourne, 60% in Sydney and 57% in Perth.
See the accompanying gallery for the 15 cities with the most centimillionaires in 2023, according to Henley & Partners.
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