People visit Taikoo Li, a trendy fashion district in Sanlitun, in Beijing, China, on Aug. 18, 2024. Photo by AFP
The number of individuals with investable assets of $100 million or more has doubled in China over the last 10 years, faster than Western countries, a report has found.
China’s 108% growth rate outpaced even the stellar performance of the U.S., whose super-wealthy ranks swelled by 81% over the same period, according to a report by London-based investment migration consultancy Henley & Partners.
Europe’s centi-millionaire growth has been anemic, increasing by only 26% over the period.
“America and China have experienced what can only be described as a centi-millionaire boom, significantly outperforming their European counterparts,” the report said.
Globally the number of centi-millionaire rose 54% in the last decade.
Asian cities are rapidly ascending the super-wealth ranks, with four cities and territories now among the world’s top 10 centi-millionaire hotspots.
Beijing, Singapore, Shanghai and Hong Kong claimed the fifth to eighth places, each with more than 300 centi-millionaires.
Both Singapore and Hong Kong are forecast to see centi-millionaire growth rates of over 100% by 2040.
Head of research Andrew Amoils points out that over 60% of centi-millionaires are entrepreneurs and company founders, which makes them especially important when it comes to wealth creation.
“The businesses started by centi-millionaires have a significant positive spillover effect on the middle class as they create large numbers of well-paying jobs in their base country.”
It is also worth noting that most of the companies on the Fortune 500, the S&P 500, the CAC 40, the FTSE 100 and the Nikkei 225 were started by individuals who went on to become centi-millionaires, he added.
Looking ahead to 2040, several Asian and Middle Eastern cities are poised for explosive growth, with Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi projected to see increases of over 150% in their centi-millionaire communities.
