{"id":9018,"date":"2024-09-17T15:43:08","date_gmt":"2024-09-17T08:43:08","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=9018"},"modified":"2024-09-17T15:43:08","modified_gmt":"2024-09-17T08:43:08","slug":"centi-millionaire-boom-america-and-china-dominate-the-super-rich-club","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=9018","title":{"rendered":"Centi-Millionaire Boom: America and China Dominate the Super Rich Club"},"content":{"rendered":"

LONDON<\/span>, Sept. 17, 2024<\/span> \/PRNewswire\/ — There are currently 29,350 individuals worldwide with liquid investable assets of USD 100 million<\/span> or more, according to the Centi-Millionaire Report<\/a> 2024 released today by wealth and investment migration advisors Henley & Partners<\/a>.<\/p>\n

This exclusive club has grown globally by 54% over the last decade, with America and China<\/span> experiencing a centi-millionaire boom, significantly outperforming their European counterparts.<\/p>\n

China’s<\/span> ascent has been the most dramatic, with its centi-population expanding by 108% over the past 10 years \u2014 outpacing even the US, whose super-rich ranks swelled by 81% over the same period. In contrast, Europe’s<\/span> centi-millionaire growth has been anemic, increasing by only 26% over the past decade.<\/p>\n

Dr. Juerg Steffen<\/span><\/a>, CEO of Henley & Partners, says the lethargic performance is due to slow growth in major markets such as the UK, Germany<\/span>, and France<\/span>. “Pockets of dynamism exist, with smaller European markets such as Monaco<\/span>, Malta<\/span>, Montenegro<\/span>, and Poland<\/span> seeing their centi-millionaire populations surge by 75% or more. The geography of extreme affluence is shifting. As this elite group continues to grow and migrate, its influence on global economics, politics, and society is likely to be profound and far-reaching.”<\/p>\n

America’s dominance hangs in the balance<\/p>\n

The report reveals that one-third of the world’s centi-millionaires reside in 50 key cities across the world. The US continues to dominate the centi-city landscape, claiming 1st, 2nd, and 3rd places in the Top 50 Cities for Centi-Millionaires<\/a>, and boasting a total of 15 metropolises on the elite list.<\/p>\n

New York City<\/span> reigns supreme with 744 resident centi-millionaires, followed closely by the Bay Area with 675, and Los Angeles<\/span> with 496 super rich residents.<\/p>\n

However, as David Young<\/span><\/a> from the US think tank The Conference Board points out, “existing centi-millionaire growth and migration trends will depend largely on the upcoming US presidential elections where we anticipate drastic differences in fiscal, monetary, economic, and social policies. The results may cause a shift from North America<\/span> being so attractive, as centis turn to countries that provide greater economic and political security”.<\/p>\n

Dr. Steffen adds that wealthy Americans have become the firm’s single largest client cohort, with a five-fold increase in investment migration enquiries this year. “We are witnessing a fascinating paradox. On one hand, the US remains the world’s top wealth hub, accounting for over 30% of global liquid investable wealth \u2014 a massive USD\u00a067 trillion. Yet, on the other hand, we’re seeing an unprecedented surge in affluent Americans seeking alternative residence and citizenship options.”<\/p>\n

Democratic presidential nominee Kamala Harris<\/span> recently endorsed the tax increases proposed by President Biden in his fiscal year 2025 budget \u2014 including a new idea that would require taxpayers with net wealth above USD 100 million<\/span> to pay a minimum tax on their unrealized capital gains. However, as Director of Tax Services at Henley & Partners, Peter Ferrigno<\/span><\/a>, warns, “any proposal that deviates too far from accepted international tax principles of only taxing realized income would lead to people looking very carefully at the US as a place to invest in.\u00a0Taxing an unrealized gain on the way up looks great, but the optics of\u00a0handing billionaires tax\u00a0refunds in the following year when those unrealized gains reverse, looks terrible.\u00a0Handled poorly, this can look like a bailout for the rich when their stock prices fall.”\u00a0<\/p>\n

Asia’s<\/span> rising influence as Europe<\/span> falls behind<\/p>\n

Four Asian cities and territories are now among the world’s Top 10 centi-millionaire hotspots. Beijing<\/span> sits in 5th position worldwide with 347 centis, while Singapore<\/span> follows closely in 6th place with 336. Shanghai<\/span> is in 7th place with 322 centi-millionaires and Hong Kong<\/span> ranks 8th, boasting 320 ultra-wealthy residents.<\/p>\n

Both Singapore<\/span> and Hong Kong<\/span> are forecast to enjoy exceptionally high centi-millionaire growth rates of over 100% in the next decade and a half (to 2040).<\/p>\n

However, London<\/span>, once considered the financial capital of the world, now ranks just 4th in the Top 50 Cities for Centi-Millionaires<\/a> with 370 super-rich residents and a lackluster forecast of less than 50% when it comes to centi growth over the next 16 years (to 2040). Finally. Paris<\/span> claims the10th spot on the latest centi-rich city index with 286 ultra-wealthy residents.<\/p>\n

Centi city hotspots to watch<\/p>\n

Looking ahead to 2040<\/a>, several Asian and Middle Eastern cities are poised for explosive growth, with Hangzhou<\/span>, Shenzhen<\/span>, Taipei<\/span>, Dubai<\/span>, and Abu Dhabi<\/span> projected to see increases of over 150% in their centi-millionaire communities.<\/p>\n

Emerging markets are also set to make their mark. Riyadh<\/span> in Saudi Arabia<\/span> and Bengaluru in India<\/span> are both forecast to enjoy growth of over 150% in their centi-populations over the next 16 years.<\/p>\n

Read the full Press Release<\/a><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

LONDON<\/span>, Sept. 17, 2024<\/span> \/PRNewswire\/ — There are currently 29,350 individuals worldwide with liquid investable assets of USD 100 million<\/span> or more, according to the Centi-Millionaire Report<\/a> 2024 released today by wealth and investment migration advisors Henley & Partners<\/a>.<\/p>\n

This exclusive club has grown globally by 54% over the last decade, with America and China<\/span> experiencing a centi-millionaire boom, significantly outperforming their European counterparts.<\/p>\n

China’s<\/span> ascent has been the most dramatic, with its centi-population expanding by 108% over the past 10 years \u2014 outpacing even the US, whose super-rich ranks swelled by 81% over the same period. In contrast, Europe’s<\/span> centi-millionaire growth has been anemic, increasing by only 26% over the past decade.<\/p>\n

Dr. Juerg Steffen<\/span><\/a>, CEO of Henley & Partners, says the lethargic performance is due to slow growth in major markets such as the UK, Germany<\/span>, and France<\/span>. “Pockets of dynamism exist, with smaller European markets such as Monaco<\/span>, Malta<\/span>, Montenegro<\/span>, and Poland<\/span> seeing their centi-millionaire populations surge by 75% or more. The geography of extreme affluence is shifting. As this elite group continues to grow and migrate, its influence on global economics, politics, and society is likely to be profound and far-reaching.”<\/p>\n

America’s dominance hangs in the balance<\/p>\n

The report reveals that one-third of the world’s centi-millionaires reside in 50 key cities across the world. The US continues to dominate the centi-city landscape, claiming 1st, 2nd, and 3rd places in the Top 50 Cities for Centi-Millionaires<\/a>, and boasting a total of 15 metropolises on the elite list.<\/p>\n

New York City<\/span> reigns supreme with 744 resident centi-millionaires, followed closely by the Bay Area with 675, and Los Angeles<\/span> with 496 super rich residents.<\/p>\n

However, as David Young<\/span><\/a> from the US think tank The Conference Board points out, “existing centi-millionaire growth and migration trends will depend largely on the upcoming US presidential elections where we anticipate drastic differences in fiscal, monetary, economic, and social policies. The results may cause a shift from North America<\/span> being so attractive, as centis turn to countries that provide greater economic and political security”.<\/p>\n

Dr. Steffen adds that wealthy Americans have become the firm’s single largest client cohort, with a five-fold increase in investment migration enquiries this year. “We are witnessing a fascinating paradox. On one hand, the US remains the world’s top wealth hub, accounting for over 30% of global liquid investable wealth \u2014 a massive USD\u00a067 trillion. Yet, on the other hand, we’re seeing an unprecedented surge in affluent Americans seeking alternative residence and citizenship options.”<\/p>\n

Democratic presidential nominee Kamala Harris<\/span> recently endorsed the tax increases proposed by President Biden in his fiscal year 2025 budget \u2014 including a new idea that would require taxpayers with net wealth above USD 100 million<\/span> to pay a minimum tax on their unrealized capital gains. However, as Director of Tax Services at Henley & Partners, Peter Ferrigno<\/span><\/a>, warns, “any proposal that deviates too far from accepted international tax principles of only taxing realized income would lead to people looking very carefully at the US as a place to invest in.\u00a0Taxing an unrealized gain on the way up looks great, but the optics of\u00a0handing billionaires tax\u00a0refunds in the following year when those unrealized gains reverse, looks terrible.\u00a0Handled poorly, this can look like a bailout for the rich when their stock prices fall.”\u00a0<\/p>\n

Asia’s<\/span> rising influence as Europe<\/span> falls behind<\/p>\n

Four Asian cities and territories are now among the world’s Top 10 centi-millionaire hotspots. Beijing<\/span> sits in 5th position worldwide with 347 centis, while Singapore<\/span> follows closely in 6th place with 336. Shanghai<\/span> is in 7th place with 322 centi-millionaires and Hong Kong<\/span> ranks 8th, boasting 320 ultra-wealthy residents.<\/p>\n

Both Singapore<\/span> and Hong Kong<\/span> are forecast to enjoy exceptionally high centi-millionaire growth rates of over 100% in the next decade and a half (to 2040).<\/p>\n

However, London<\/span>, once considered the financial capital of the world, now ranks just 4th in the Top 50 Cities for Centi-Millionaires<\/a> with 370 super-rich residents and a lackluster forecast of less than 50% when it comes to centi growth over the next 16 years (to 2040). Finally. Paris<\/span> claims the10th spot on the latest centi-rich city index with 286 ultra-wealthy residents.<\/p>\n

Centi city hotspots to watch<\/p>\n

Looking ahead to 2040<\/a>, several Asian and Middle Eastern cities are poised for explosive growth, with Hangzhou<\/span>, Shenzhen<\/span>, Taipei<\/span>, Dubai<\/span>, and Abu Dhabi<\/span> projected to see increases of over 150% in their centi-millionaire communities.<\/p>\n

Emerging markets are also set to make their mark. Riyadh<\/span> in Saudi Arabia<\/span> and Bengaluru in India<\/span> are both forecast to enjoy growth of over 150% in their centi-populations over the next 16 years.<\/p>\n

Read the full Press Release<\/a><\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[5,7],"tags":[],"class_list":["post-9018","post","type-post","status-publish","format-standard","hentry","category-cision-pr-newswire","category-cision-pr-newswire-en"],"_links":{"self":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/9018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9018"}],"version-history":[{"count":0,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/9018\/revisions"}],"wp:attachment":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}