There are currently only 28,420 centi-millionaires (those who hold US$100 million and above in investable assets) in the world. A new report reveals where the majority live.
According to Henley & Partners’ 2023 Centi-Millionaire Report, New York City hosts the most centi-millionaires (centis), at 775 and 62 billionaires. The Bay Area and Los Angeles in the US take out the top three, with 692 and 504 centis respectively, and 69 and 44 billionaires respectively.
Many economists consider private wealth to be a better indicator of a jurisdiction’s financial health than GDP, which does not take into account real estate or equity transactions.”
Dr. Juerg Steffen, CEO of Henley & Partners
Just one Australian city makes the top 20, and it may come as no shock to see that it’s Sydney, with 198 centis and 20 billionaires. Melbourne scrapes into the top 30 with 118 centis and 10 billionaires and Perth is the 50th centi-millionaire-rich city, with 63 centis and 8 billionaires.
The report also found two-thirds of the top 50 centi-millionaire-rich cities are in countries with investment migration programs. These programs, also called golden visa programs, offer residence-by-investment, or citizenship-by-investment. It means vetted candidates are offered residence or citizenship rights in exchange for an economic contribution to the country.
“Centi-millionaires’ wealth has generally come from four sources: inheritance, selling off their small- to medium-sized enterprises, trading and investing in stock markets, and leading multi-nationals and highly successful tech companies,” CEO of Henley & Partners, Dr. Juerg Steffen says.
“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. Many economists consider private wealth to be a better indicator of a jurisdiction’s financial health than GDP, which does not take into account real estate or equity transactions.”
Steffen says centi-millionaires can often be a far more accurate reflection of the power and influence of the ‘super wealthy population’, as they outnumber billionaires by nearly 10-1.
Here are the top 20 cities with the most centi-millionaires
- New York City (775)
- The Bay Area (692)
- Los Angeles (504)
- London (388)
- Beijing (365)
- Shanghai (332)
- Singapore (330)
- Hong Kong (305)
- Chicago (280)
- Paris and Ile-de-France (280)
- Tokyo (275)
- Geneva (262)
- Houston (255)
- Zurich (230)
- Mumbai (224)
- Dubai (210)
- Moscow (205)
- Sydney (198)
- Toronto (192)
- Seoul (185)
The report also revealed the most expensive cities for centi-millionaires, referring to the average square-metre price of a prime 200-400-sqm apartment in a city or town. Monaco was the most expensive, with a prime apartment costing about US$35,000 per square metre, followed by New York City at US$28,500 per square metre and London at US$26,000. Unsurprisingly, Sydney came in at number five, with a prime apartment costing US$22,200 per square metre.
Look back on the week that was with hand-picked articles from Australia and around the world. Sign up to the Forbes Australia newsletter here or become a member here.
