Centi-millionaires: how rich is REALLY rich?
Are you rich? Super rich? The world’s first global study on the ultra-rich found a surprising amount of centi-millionaires – people with more than US$100 million in investible assets. A startling 25,490 of these super wealthy and powerful people pepper the globe. The number of heirs, CEOs, tech gurus and finance moguls worth over $100 million doubled amid a period where the rich saw their profits surge worldwide.
Henley & Partners released The Centi-Millionaire Report which showcases the most elite of the wealthy. Many are new tech money, but the majority are Baby Boomers who are selling their businesses and cashing out stock. The study suggested that, while there’s no single path to extreme riches, global diversification is very helpful. Not relying on a single currency, or one country’s tax, financial, or legal systems, helps lower the risks when growing wealth.
“In an era where currencies are burdened by the debts and economic weaknesses of the countries they represent, it doesn’t take much to undermine the status quo. Just look at the British pound. In less than two months, it lost nearly 30% of its value relative to the dollar. That’s a major Western currency. The same can easily happen to the dollar.”
Not surprisingly, the US led the pack, but the 9,730 centi-millionaires make up a disproportionate 38% of the list for a country with just 4% of the world population. Mega-populous China and India were the second and third countries with the most ultra-rich citizens. Europe filled most of the rest of the top ten countries, except for Canada and Australia in 8th and 9th place.
Top 10 Countries with the Most Centi-Millionaires | ||
| RANK | COUNTRY | # OF CENTIMILLIONAIRES |
| 1 | United States | 9,730 |
| 2 | China | 2,021 |
| 3 | India | 1,132 |
| 4 | United Kingdom | 968 |
| 5 | Germany | 966 |
| 6 | Switzerland | 808 |
| 7 | Japan | 765 |
| 8 | Canada | 541 |
| 9 | Australia | 463 |
| 10 | Russia | 435 |
Rich but not that rich? Back in the day, the threshold for the ultra-rich label was US$30 million but, unfortunately for you, the wealthy elite has seen soaring profits since the 1990s so it takes a cool US$100 million to make the fat cats club now. The growth rate of rich people around the world is stunningly fast as well.
Asia is expected to generate wealth twice as quickly as Europe and the US at 57% growth. Vietnam is becoming a manufacturing hub boasting a gobsmacking 95% growth rate. New Zealand is showing a 72% growth rate and Australia has a 60% growth.
Africa has several countries with quickly growing wealth. The tiny island nation of Mauritius has become a haven for the ultra-rich with a forecasted growth of 75%. But on the mainland, Rwanda, Uganda, and Kenya are also seeing fast wealth accumulation – 70%, 65%, and 55% respectively.
