A newly identified cohort of ultra-rich people called “centi-millionaires” is growing worldwide, according to a report by Henley & Partners.
The London-based firm, which focuses on global residence and citizenship investment planning for elite clients, describes the emergence of this class of wealthy individuals in a study entitled “The Centi-Millionaire Report: The Emergence of a New Class of Super-Rich,” released Tuesday.
“A new landmark report on the rise of the centi-millionaire reveals that although a handful of the world’s billionaires such as Elon Musk, Mark Zuckerberg, Jeff Bezos, Roman Abramovich, and Bill Gates dominate the news headlines, their wealth cohort is outnumbered nearly 10-to-1,” the press release from Henley & Partners reads.
Centi-millionaires are a class of individuals who have US$100 million or more in investable assets. According to the firm, there are 25,490 people worldwide who fit this description.
“In the late 1990s, US$30 million was considered the fortune needed to meet this definition,” Dr. Juerg Steffen, CEO of Henley & Partners says in the press release. “However, asset prices have risen significantly since then, making US$100 million the new benchmark.”
The report combines data from New World Wealth, a global intelligence firm tracking spending habits of the world’s wealthiest people, and Henley & Partners to find out how these people became so rich and where they live.
The United States is home to 38 per cent (9,730) of centi-millionaires, followed by China and India, with 2,021 people and 1,132 people, respectively.
The United Kingdom is fourth on the list with 968 people, followed closely by Germany with 966 centi-millionaires. Despite its small population, Switzerland is sixth with 808 people in the category.
Japan, with 765 people, is seventh on the list, just ahead of Canada, which ranks eighth in the world with 514 persons who fit the description of a centi-millionaire. Australia (463 people) and Russia (435) are not far behind in ninth and tenth position.
The report reveals there is “no set path” to attaining the status, explaining some inherited wealth while others worked to amass their fortunes. Instead, the data points to the age gap between the centi-millionaires, seeing a growing number of young entrepreneurs who founded tech companies joining the club.
“Baby Boomers still tend to dominate the centi-millionaire circle despite many now cashing in their stock options and selling their businesses,” the report reads.
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