The UK and the rest of Europe have experienced significantly less growth in the number of people with liquid investable assets of $100m or more than China and the US over the past decade, according to a report by Henley & Partners.

The Centi-Millionaire Report 2024, using data from New World Wealth, showed that the number of ‘centi-millionaires’ had risen by 54 per cent globally over the past decade to 29,350 individuals.

America and China had experienced sharp rises in their number of centi-millionaires, “significantly outperforming” their European counterparts.

Over the past 10 years, China and the US have seen the number of individuals with more than $100m increase by 108 per cent and 81 per cent respectively, while European centi-millionaire growth was an “anaemic” 26 per cent.

Henley & Partners CEO, Dr. Juerg Steffen, said the lethargic performance in Europe could be attributed to slow growth in major markets, such as the UK, Germany, and France.

“Pockets of dynamism exist, with smaller European markets such as Monaco, Malta, Montenegro, and Poland seeing their centi-millionaire populations surge by 75 per cent, or more,” Steffen added.

“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.”

The report showed that a third of the world’s centi-millionaires reside in 50 cities, with New York, the Bay Area, and Los Angeles, all in the US, making up the top three for ultra-wealthy populations.

Their domination is forecast to continue, with a rise of 50 per cent in their ultra-wealthy populations expected over the next 10 years.

London, in fourth place, was the only UK city to make it into the top 50 with 370 centi-millionaires.

However, Henley & Partners noted that London was once considered the global epicentre of wealth and had a “lacklustre” forecast of less than 50 per cent growth in its ultra-rich population over the next 16 years to 2040.

Looking ahead to 2040, the report stated that several Asian and Middle Eastern countries were poised for “explosive growth”, with Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi projected to see increases of over 150 per cent in their centi-millionaire populations.

Steffen highlighted that nearly two-thirds of the top 50 cities for centi-millionaires were located in countries offering investment migration programmes.

“This concentration speaks volumes about the interconnectedness of global wealth and the allure of strategic residence and citizenship planning,” Steffen said.

“In an era of unprecedented uncertainty, the importance of building a strategic portfolio of complementary residence permits and citizenships that provide you with personal access rights to a wide range of different jurisdictions has never been more evident for centi-millionaires.”

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