PR98278

LONDON, Oct. 18, 2022, /PRNewswire=KYODO JBN/--

It's an age-old question: how much money do you need to be considered

super-wealthy? 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 by a fast-growing

global elite of highly influential super-wealthy movers and shakers who boast

USD 100 million or more in investable assets.

The first global study of the world's 25,490 centi-millionaires pulls back the

curtain on a growing and powerful class of super-rich tech titans, financiers,

multinational CEOs, and heirs whose ranks have swelled amid a period of

relative global prosperity and market gains — more than doubling in number over

the past 20 years — and whose capital accumulation has been dramatically

accelerated by the economically and socially disruptive effects of technology

and the recent Covid pandemic.

The Centi-Millionaire Report

[https://www.henleyglobal.com/publications/centi-millionaire-report-2022]

released by international investment migration

[https://www.henleyglobal.com/countries] advisory firm Henley & Partners

[https://www.henleyglobal.com/] points out that in the late 1990s, USD 30

million was considered the definition of 'super wealthy' but asset prices have

risen significantly since then, making USD 100 million the new benchmark.

The USA is home to an astonishing 38% (9,730) of global centi-millionaires,

despite constituting only 4% of the world's total population. The big emerging

markets of China and India follow in 2nd and 3rd place, with 2,021 and 1,132

centi-millionaires, respectively. They rank significantly higher than the main

European markets, with the UK in 4th place (with 968 centi-millionaires)

followed closely by Germany in 5th place (with 966). Switzerland (808), Japan

(765), Canada (541), Australia (463), and finally Russia (435) make up the rest

of the top 10 countries for centi-millionaires.

According to the report, there appears to be no set path to attaining

centi-millionaire status but there are some notable generational differences.

While a growing number of younger entrepreneurs who founded successful tech

companies are newcomers to the club, Baby Boomers still tend to dominate the

centi-millionaire circle despite many now cashing in their stock options and

selling their businesses.

As Misha Glenny[https://www.mishaglenny.com/], financial journalist, author,

and contributor to The Centi-Millionaire

Report[https://www.henleyglobal.com/publications/centi-millionaire-report-2022],

points out, unsurprisingly, white males over the age of 55 from the US and

Europe make up the majority of the cohort, but these demographics are shifting.

"At around 57%, the growth of centi-millionaires in Asia will be twice that of

Europe and the US over the next decade. Concentrated primarily in China and

India, the centi-millionaires in these countries are set to eclipse their

European and American peers."

The fastest growing market for centi-millionaires over the next decade is

forecast to be Vietnam, with an astonishing 95% growth rate predicted for this

emerging Asian manufacturing hub. India is next in line with an anticipated 80%

growth rate in individuals worth over USD 100 million by 2032. Mauritius has

recently emerged as a hot spot for migrating centi-millionaires, with growth of

75% predicted for this business-friendly African island nation. Three other

countries on the continent make it into the top league of fastest growing

centi-millionaire markets ­in the next decade — Rwanda (70%), Uganda (65%), and

Kenya (55%) ­­— with New Zealand (72%) and Australia (60%) also forecast to

enjoy exceptional growth.

Commenting in the report, author, financial writer, and global investment

expert Jeff Opdyke[https://www.forbes.com/sites/jeffopdyke/?sh=52875d64fcb1]

says a basic tenet of wealth preservation in the 21st century, regardless of

wallet size, is diversifying away from the risk of having most or all of one's

assets exposed to a single currency, a single government, and a single legal,

taxation, and financial system. "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 the span

of 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."

Download the Full Press

Release[https://www.henleyglobal.com/newsroom/press-releases/centi-millionaire-2

022] and read The Centi-Millionaire

Report[https://www.henleyglobal.com/publications/centi-millionaire-report-2022]

SOURCE: Henley & Partners