According to The Centi-Millionaire Report – The Emergence of a New Class of Super-Rich, the first-ever global study of centi-millionaires, India has the third-highest number of centi-millionaires in the world, surpassing the United Kingdom (UK), Switzerland & Russia.
- Out of the 25,490 centi-millionaires in the world, 1,132 are present in India. These centi-millionaires are individuals who have investable assets worth more than USD 100 million (Rs. 830 crore).
By 2032, India is expected to surpass China (number 2) as the fastest growing market for centi-millionaires, with an 80% rise in individuals possessing more than USD 100 million.
Top 5 in the Centi-Millionaire Report 2022
| Rank | Country |
|---|---|
| 1 | United States (US) |
| 2 | China |
| 3 | India |
| 4 | United Kingdom (UK) |
| 5 | Germany |
The Centi-Millionaire Report
The Centi-Millionaire Report is released by Henley & Partners, a world’s leading residence and citizenship investment advisory firm, and includes exclusive data and insights from New World Wealth, a global wealth intelligence firm.
- The centi-millionaires are typically a powerful class of super-rich tech titans, financiers, CEOs of multinational companies, and heirs.
Key Findings from the Report
i.The United States (US) ranks first in the report and is home to 38% (9,730) of global centi-millionaires, despite accounting for only 4% of the global population.
- The 2nd and 3rd positions are occupied by the major growing economies of China and India, with 2,021 and 1,132 centi-millionaires, respectively.
- The UK ranks 4th (with 968 centi-millionaires), closely followed by Germany in 5th place (with 966).
ii.The remaining ten countries with the most centi-millionaires are Switzerland 6th (808), Japan 7th (765), Canada 8th (541), Australia 9th (463), and Russia 10th (435).
iii.New York (US) is the most favoured city, followed by the San Francisco Bay Area (US).
- Mumbai is the 15th most popular place for billionaires to live in.
- Dubai does not rank among the top 15.
iv.Vietnam is anticipated to be the fastest-growing market for centi-millionaires over the next decade, with a 95% growth rate.
- Over the next decade, India is expected to be the 2nd-fastest-growing market for centi-millionaires, with an 80% increase in persons worth more than USD 100 million by 2032.
- Mauritius comes in 3rd, having recently emerged as a hotspot for migrating centi-millionaires, with growth of 75% projected for this safe, business-friendly nation with low tax rates.
v.Over the next ten years, the growth of centi-millionaires in Asia will increase by about 57.5%, which is twice the rate in Europe and the US. This growth will primarily be in China and India.
- The majority of centi-millionaires are white males over the age of 55 from the US (primarily the San Francisco Bay area and New England) and Europe.
Other Notable Information from The Report
i.According to the report, the threshold for being deemed “super wealthy” in the late 1990s was USD 30 million.
- However, since then, asset prices have dramatically increased, making USD 100 million the new standard.
ii.It also claims that the number of centi-millionaires has doubled over the past 20 years, with many of them witnessing a major boost in wealth during the COVID-19 pandemic.
iii.Baby Boomers—those born between 1946 and 1964—continue to predominate the centi-millionaire circle.
- Whereas a significant number of younger entrepreneurs who built successful tech companies are newcomers to the club.
Recent Related News:
i.According to Fortune India’s list of ‘India’s Richest’ for 2022, the wealth of 142 billionaires based in India is collectively worth USD 832 billion (Rs 66.36 trillion).
ii.According to Forbes real-time billionaires list, Asia’s richest man Gautam Adani has overtaken Amazon founder Jeff Bezos to become the 3rd richest person in the world. He became India’s richest man with net worth of USD 129.16 billion (Rs. 10.29 trillion)
