The emergence of a new class of the super-rich

The emergence of a new class of the super-rich

LONDON, Oct. 10, 2023 (GLOBE NEWSWIRE) — There are currently 28,420 millionaires in the world, more than double the number 20 years ago and a 12% increase compared to last year, according to the 2023 report. Millionaire Report 2023 Released today by Wealth Migration and Investment Advisors Henley & Company Featuring exclusive data from the global wealth intelligence company Wealth of the New World. This fast-growing global elite of the ultra-rich have investable assets of $100 million or more.

As mentioned in Opening report Last year, nationally, the majority of millionaires (or “centenarians”) were concentrated in the USA (38%), followed by the large emerging markets of China and India. A third of the global millionaire community lives in 50 major cities around the world, with New York City holding the crown with a population of 775 millionaires.

Dr. Jörg SteffenThe Henley & Partners CEO says the $100 million-plus group represents the best definition, in today’s world, of what it means to be “ultra-rich.” “Not long ago, in the late 1990s, most banks considered $30 million to be the wealth needed to achieve this status. However, asset prices have risen significantly since then, making $100 million the new benchmark value.”

main cities

Right after New York, in first place, is the Bay Area with 692 resident millionaires, followed by Los Angeles with 504 millionaires. This group of wealthy people has grown by just over 5% in the New York metropolitan area over the past 12 months, compared to 11% in the Bay Area. Chicago is also part of the top 10, earning ninth placey There are 286 millionaires in the rankings, but this represents a significant decline of almost 16% compared to last year.

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In total, the United States has 12 cities in the top 50, with a total of 3,311 millionaires, representing 11.7% of the world’s millionaire population as of June 2023.

In contrast, the UK has only one city in the top 50, London, which appears in fourth placey There are 388 millionaires in the center, which represents 1.4% of the world’s population. London, once the center of world wealth and influence, appears to have declined. A year ago, there were 406 cents in the UK capital, which equates to a loss of 4.4% in just 12 months.

Asia has impressive representation at the top of the rankings, with four Asian cities and territories in the top 10 places in the world for millionaires. Mainland China has two cities in the top ten: Beijing is in fifth placey With 365 million millionaires, Shanghai is sixthy with 332. followed by Singapore in 7th placey It ranked second, with 330 percentage points, while Hong Kong (the Special Administrative Region of China) came in eighth place.y The place, home to 305 millionaires. Paris and Ile-de-France are in tenth placey The place, with 280 cent millionaires residing among them.

Growth Prospects in the Global South

Among the top 50 cities, China’s e-commerce hub, Hangzhou, is expected to see the largest growth in its hundreds of millions of residents over the next decade, with a projected increase of 95%, closely followed by the prominent technology hub. Shenzhen (88%).

The emerging global business hub in Riyadh, Saudi Arabia, and India’s largest mall, Delhi, are expected to score 3y The largest growth is 85% for each by 2033, while the financial capital, Mumbai, is expected to record 80% growth in its millionaire community. The tech-friendly city of Austin in the US also has a very strong growth forecast of 84% by 2033.

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Dubai, with its vibrant and diverse economy, is not far behind Mumbai, with an expected 78% growth in the number of millionaires over the next ten years, followed by Guangzhou, China’s main transport and trade hub (76%), and the most expensive in the world. City in the world: Monaco (72%).

The numbers in Australia look set to rise sharply: 67% in Melbourne, 60% in Sydney, and 57% in Perth. On the other hand, millionaire growth is expected to reach 17% in Los Angeles, 12% in London, 6% in Chicago, and only 5% in Moscow.

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