Ever wondered where the super-wealthy live? Well, ponder no more, because Henley & Partners has released The Centi-Millionaire Report 2023.
Centi-milionaires, also referred to as centis, are those whose wealth is estimated at one hundred million (as of dollars or pounds) or more.
These high-net-worth individuals hold $100 million in investable assets and are typically the founders of large multinational companies or the heirs to vast family fortunes.
According to Henley & Partners, there are 28 420 centi-millionaires in the world as at June 2023, making this an elite club. Henley & Partners CEO Dr Juerg Steffen said that this wealth band is important to track as they are, in many respects, a good reflection and useful barometer when it comes to a country’s private wealth sector.
Steffen said that at a country level, most centi-millionaires are concentrated in the US, followed by the large emerging markets of China and India. He revealed that certain cities and regions are home to particularly dense centi-millionaire communities.
“The USA takes the top three spots, all of which have over 500 resident centi-millionaires: New York City, which is home to 775 centi-millionaires, the Bay Area with 692, and Los Angeles with 504.
“These leading cities have all grown the size of their centi populations in the past 12 months: New York’s has grown by 5.2%, the Bay Area by 11.1%, while the number of centi-millionaires in Los Angeles has ballooned by a remarkable 28.2%,” said Steffen.
These are the top 10 cities in the world where centis reside:
1. New York City, US, has 775 centi-millionaires.
2. The Bay Area, US, has 692 centi-millionaires.
3. Los Angeles, US, has 504 centi-millionaires.
4. London, UK, has 388 centi-millionaires.
5. Beijing, China, has 365 centi-millionaires.
6. Shanghai, China, has 332 centi-millionaires.
7. Singapore has 330 centi-millionaires.
8. Hong Kong SAR, China, has 305 centi-millionaires.
9. Chicago, US, has 286 centi-millionaires.
10. Paris and Ile-de-France have 280 centi-millionaires.
Steffen said that by contrast, the UK has only one city in the Top 50, London, which comes in fourth place worldwide with 388 centi-millionaires, representing 1.4% of the global centi population.
“Once the global centre of affluence and influence, London appears to have lost its crown. A year ago, there were 406 centis in the UK’s capital city – a loss of 4.4% in just 12 months,” highlighted Steffen.