There are nearly 30,000 UHNWs holding assets of at least $100 million around the world, a new report by citizenship and migration specialists Henley & Partners has found.
The consultancy, which assists HNWs in uprooting and rerooting across the globe, looked at the most popular regions, countries and cities for UHNW residents globally in its Centi-Millionaire Report 2024, and found the number of centimillionaire UHNWs across the globe had grown by 54 per cent over the past ten years.
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An all-American leaderboard – but many US UHNWs are considering alternative citizenship options
The three most popular cities for centimillionaires globally were all in the US – New York (744), San Francisco’s Bay Area (675) and Los Angeles (496), with many attracted to the Big Apple’s financial services as well as Silicon Valley’s tech scene.
‘These cities have not only maintained their leading positions globally but are expected to see significant growth of over 50 per cent in their ultra-wealthy populations over the next decade,’ said Dr Juerg Steffen, CEO of Henley & Partners.
While the US is expected to maintain its centimillionaire dominance, Steffen added that American clients had become the most important cohort for Henley & Partners, with a fivefold increase in enquiries over the past year.
He explained: ‘We are witnessing a fascinating paradox. On one hand, the US remains the world’s top wealth hub, accounting for over 30 per cent of global liquid investable wealth — a massive USD 67 trillion. Yet, on the other hand, we’re seeing an unprecedented surge in affluent Americans seeking alternative residence and citizenship options.’
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Growth in Asia as Europe lags with 'anaemic' growth
Meanwhile, in China, the $100 million-plus population has swelled by 108 per cent over the past decade, with Beijing, Hong Kong and Shanghai each home to more than 300 centimillionaires.
All three cities made the top ten in Henley & Partners global list, and all are expected to see high growth rates in their superrich populations by 2040.
By contrast, Europe has experienced ‘anaemic’ growth rates in its centimillionaire population over the past decade – with a 26 per cent rise in ten years – when compared with other global UHNW hotspots.
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London, which is home to 370 centimillionaires and came fourth in Henley’s list, is predicted to see a ‘lacklustre’ growth rate by 2040.
‘[London’s] decline reflects broader economic uncertainties and shifting global power dynamics,’ said Steffen.
Across the English Channel, more centimillionaires are finding a home. Paris – still high off of this summer’s UHNW and Arnault family-tinted Olympic Games – made it into tenth place in Henley’s annual list, with 286 centimillionaires. Meanwhile, Nice now has 95 centimillionaires, making it the only other French city to make it into the top 50.
The top ten cities also included Singapore in sixth place, with 336 centimillionaires, and Chicago in ninth place with 290 centimillionaires.
'The geography of extreme affluence is shifting'
By 2040, other British wealth hubs are expected to see moderate growth rates, including Manchester and Trafford, and Edinburgh.
Yet other cities outside of Europe are expected to see more dramatic growth rates in their super-rich populations.
Riyadh, Kyoto, Auckland and Bangkok were all flagged as cities expected to experience ‘very high’ growth rates in their centimillionaire populations in the coming decade. ‘These wealth hubs are worth keeping an eye on for companies operating in the luxury goods, wealth management and hi-tech space,’ the migration consultancy said.
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Steffen noted that the growth story of some European hubs was still impressive. ‘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. 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.’
He also pointed out that two-thirds of countries with high centimillionaire growth rates were offering residency and citizenship options for global UHNWs. ‘This concentration speaks volumes about the interconnectedness of global wealth and the allure of strategic residence and citizenship planning.’
Steffen added: ‘In an era of unprecedented uncertainty, the importance of building a strategic portfolio of complementary residence permits and citizenships that provide you with personal access rights to a wide range of different jurisdictions has never been more evident for centi-millionaires.’
