The ranks of the uber-wealthy are booming: here's how many are in Canada
financialpost.comThe world’s centi-millionaires — individuals with liquid investable assets of US$100 million or more — have ballooned by 54 per cent over the past decade, a new report shows.
The Centi-Millionaire Report 2024 was released Tuesday by British wealth and investment migration advisors Henley & Partners with data from New World Wealth, a global wealth intelligence firm based in South Africa.
The data shows there’s a growing cohort of the ultra-wealthy — although many of them are concentrated in specific countries and cities.
The U.S. and China appear to be experiencing a centi-millionaire boom, surging by 81 per cent and 108 per cent, respectively, while Europe has fallen behind at just 21 per cent over the past 10 years.
In comparison, Canada’s centi-millionaire numbers have expanded by 42 per cent to a total of 495.
Andrew Amoils, head of research at New World Wealth, said that centi-millionaire growth is a more comprehensive measure of wealth across the globe compared to billionaire growth, noting that billionaires are more common in larger markets like in the U.S..
“US$100 million in liquid wealth is the amount of money that’s normally considered to make someone super rich, and it’s also the general threshold for people starting their own family offices,” Amoils added.
About a third of the world’s centi-millionaires reside in 50 cities across the world, with U.S. metropolises making up 15 cities on the list and New York City (744 centi-millionaires), The Bay Area (675 centi-millionaires) and Los Angeles (496 centi-millionaires) landing the top three spots.
Two major Canadian cities made their way to the list as well, with Toronto boasting 195 centi-millionaires and Vancouver with 80, but projected to grow further in the
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