Whose Wealth is Estimated at $100 Million or More: New Yorkers’ Neighbors on This List

2:00 pm  |  12.12.2023

According to the CentiMillionaires 2023 report, published by Henley & Partners in collaboration with New World Wealth, there are 28,420 centi-millionaires worldwide. This number is double what it was 20 years ago and 12% more than in 2022.

Centi-millionaires are a fast-growing new group of ultra-wealthy individuals with $100 million or more in investable assets. The majority of centi-millionaires (or “centis” for short) live in the United States (38%). A third of the global Centis community lives in 50 key cities around the world, but predominantly in New York (775).

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Andrew Amoils, who leads research at New World Wealth, points out that while many emerging economies lack billionaires, they do have a significant number of centi-millionaires. For example, Kenya has 15 centi-millionaires but no billionaires. Similarly, South Africa has only five billionaires but as many as 102 centi-millionaires.

San Francisco ranks first behind New York with 692 centi-millionaire residents, followed by Los Angeles (504). In third place is the only city in the UK – London, which is home to 388 centi-millionaires. A year ago, there were 406 residents living in the UK capital, a decrease of 4.4% over 12 months.

An impressive number of Asian cities feature in the top spots: four Asian cities and territories are among the top 10 in the world for the number of centi-millionaires. Mainland China has two cities in the top ten: Beijing (365) in fifth place and Shanghai (332) in sixth. Singapore ranks 7th with 330 centi-millionaires, and Hong Kong ranks 8th with 305.

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Forecast: Rise in the Global South and the Crypto World

The Centi-Millionaires 2023 report forecasts the growth of centi-millionaires over the coming decades. 

Dominik Volek, who is in charge of private clients at Henley & Partners, has predicted that the number of centi-millionaires worldwide will increase by 38% over the next decade. 

Traditionally, inheritance, income from selling small and medium-sized businesses, trading and investing in the stock market, and working for multinationals and technology firms have been the primary sources of funds for this group. However, the landscape is changing. Currently, there are 182 crypto centi-millionaires globally, and their numbers are only expected to grow.

The biggest jump in the number of centi-millionaires is expected to come from Hangzhou, China, which has earned fame in e-commerce. The number of centi-millionaires in this city is expected to grow by 95% over the next decade. It is followed by the Chinese technology hub Shenzhen (88%). Riyadh in Saudi Arabia and Delhi will have the third-highest growth in the number of centi-millionaires (85%), followed by Mumbai with a projected growth of 80% by 2033. Other cities include the US Austin (84%), Dubai (78%), Guangzhou (76%), and Monaco, the only European country on the list, with a 72% increase.

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Amid such dynamic growth, some previously popular centers for wealthy people will grow unusually slowly: Los Angeles by 17%, London by 12%, Chicago by 6%, and Moscow by 5%.

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Investment Migration: The Choice of Centi-Millionaires

Two-thirds of the 50 largest cities where centi-millionaires live are in countries with active government investment migration programs. A portfolio of different citizenships and residences allows centi-millionaires to gain freedom of movement and visa-free access to developed countries with reliable healthcare and education systems and provides security and stability.

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