New Class of Global Elites Emerges with Investable Assets of More Than $100 Million
The number of individuals with investable assets greater than $100 million more than doubled in the past two decades.
Currently, there are 28,420 centi-millionaires in the world, more than double the number 20 years ago and up by 12% versus last year, according to the 2023 Centi-Millionaire Report released by wealth and investment migration advisor Henley & Partners.
A third of the world's centi-millionaire population resides in 50 key cities, with 9,730 (38%) living in the U.S.New York City boasts 775 resident centi-millionaires, while the San Francisco Bay Area is home to 692, followed by Los Angeles with 504, the Henley & Partners report said. Chicago is in ninth place with 286 centi-millionaires, a significant drop of nearly 16% compared with last year.
In total, the U.S. has 12 cities in the Top 50, with a combined 3,311 centi-millionaires, representing 11.7% of the world's centi-millionaires.
«Not long ago, in the late 1990s, $30 million was considered by most banks as the fortune that was needed to meet this status. However, asset prices have risen significantly since then, making $100 million the new benchmark,» Juerg Steffen, chief executive officer (CEO) of Henley & Partners, said.
London is the only U.K. city in the Top 50, with 388 centi-millionaires representing 1.4% of the world's centi-millionaire population. China has two of the Top 10 centi-millionaire cities in the world, while four other Asian cities are among the Top 10.
With 365 centi-millionaires, Beijing ranks fifth, and Shanghai ranks sixth with 332. Singapore is ranked seventh with 330 centi-millionaires, followed by Hong Kong, ranked eighth with 305 centi-millionaires. A total of 280 centi-millionaires live in Paris and Ile-de-France,
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