The latest Centi-Millionaire Report 2024, released by Henley &
Partners and New World Wealth, highlights Asia's growing prominence in
the global ultra-wealthy landscape. The report reveals a significant
shift in the distribution of individuals with liquid investable assets
of US$100 million or more, with Asian cities rapidly ascending the ranks
of centi-millionaire hotspots.
China's dramatic ascent stands out, with its centi-millionaire
population expanding by 108% over the past decade, outpacing even the
robust 81% growth seen in the United States. This growth is reflected in
the rising status of Asian cities among the world's top
centi-millionaire hubs.
Four Asian cities now rank in the global top 10 for centi-millionaire
populations. Beijing leads the pack, sitting in 5th position worldwide
with 347 centi-millionaires. Singapore follows closely in 6th place with
336, while Shanghai claims 7th place with 322. Hong Kong (SAR China)
rounds out the Asian contingent in 8th place, boasting 320 ultra-wealthy
residents.
Looking ahead, the report forecasts exceptional growth for some Asian
cities. Both Singapore and Hong Kong (SAR China) are projected to see
their centi-millionaire populations more than double by 2040. Other
cities poised for explosive growth include Hangzhou and Shenzhen, with
increases of over 150% expected in their centi-millionaire communities
over the next 16 years.
Dr Juerg Steffen, CEO of Henley & Partners, commented on this
shift: "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."
As Asia's wealth continues to grow, these emerging and established
centi-millionaire hotspots are likely to play an increasingly
significant role in shaping global luxury travel and investment trends.