Centi-millionaire boom: US, China dominate; Delhi, Mumbai among top 50

India has 359 centi-millionaires in just two of the biggest cities in the country, Delhi and Mumbai, according to the Centi-Millionaire Report 2024 for the top 50 global cities, released by Australia-based Henley & Partners, a wealth and investment migration advisory company.

Another big business hub, Bengaluru, is fast emerging as the favourite home of the richest. The city is forecast to enjoy growth of over 150% in centi-populations over the next 16 years, Henley's report titled "Centi-Millionaire Boom..." says.

However, India is far behind the world's largest economies when it comes to the number of centi-millionaires. America and China are the two countries that dominate the "super rich club", which has grown globally by 54% over the last decade.

The centi-millionaire boom in the US and China has significantly outperformed Europe. There are 29,350 individuals worldwide currently, with liquid investable assets of $100 million or more.

"China’s ascent has been the most dramatic, with its centi-millionaire population expanding by 108% over the past 10 years — outpacing even the stellar performance of the US, whose super-wealthy ranks swelled by 81% over the same period. In contrast, Europe’s centi-millionaire growth has been anaemic, increasing by only 26% over the past decade," the report says.

Juerg Steffen, CEO of Henley & Partners, says the lethargic performance in Europe can be attributed to the slow growth of major markets such as the UK, Germany, and France. “Pockets of dynamism exist, with smaller European markets such as Monaco, Malta, Montenegro, and Poland seeing their centi-millionaire populations surge by 75% or more. The geography of extreme affluence is shifting."

Over 60% of centi-millionaires are entrepreneurs and company founders. Interestingly, most companies on Fortune 500, the S&P 500, the CAC 40, the FTSE 100 and the Nikkei 225 were started by individuals who went on to become centi-millionaires.

The report reveals that "one-third of the world’s centi-millionaires" reside in 50 key cities across the world, with the US continuing to claim 1st, 2nd, and 3rd places and boasting 15 metropolises on the elite list.

New York City reigns supreme, with 744 resident centi-millionaires, followed closely by the Bay Area (which includes San Francisco and Silicon Valley) with 675, and Los Angeles with 496 superrich residents.

Asian cities are rapidly ascending the super-wealthy ranks, with four cities and territories now among the world’s Top 10 centi-millionaire hotspots. Beijing sits in 5th position worldwide with 347 centis, while Singapore, a city-state punching well above its weight, follows closely in 6th place with 336. Shanghai comes in 7th place with 322 centi-millionaires and Hong Kong (SAR China) ranks 8th, boasting 320 ultra-wealthy residents.

Both Singapore and Hong Kong (SAR China) are forecast to enjoy exceptionally high centi-millionaire growth rates of over 100% in the next decade and a half (to 2040).

About Europe, it's a story of changing dynamics and mixed fortunes. London, once considered the financial capital of the world and a global epicentre of wealth, now ranks just 4th in the Top 50 cities for centi-millionaires, with 370 super-rich residents and a lacklustre forecast of less than 50% by 2040. London is also the only UK city that makes it into the Top 50.

Paris claims the 10th spot, with 286 ultra-wealthy residents, while Nice is the only other French city with 95 centi-millionaires.

By 2040, Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi are projected to see increases of over 150% in their centi-millionaire communities. "Riyadh in Saudi Arabia and Bengaluru in India are both forecast to enjoy growth of over 150% in their centi-populations over the next 16 years."