If you've been associating the term "centi-millionaire" with unknown territory, you're probably not a part of the club. For those unaware, a centi-millionaire is an individual with liquid investable assets worth at least $100 million. Based on a fresh report from Henley & Partners, an investment migration consultancy, you're likely to find a substantial number of these ultra-wealthy individuals living in select cities across the United States.
Specifically, New York, the Bay Area, and Los Angeles topped the list as homes to the highest number of centi-millionaires. The report disclosed that, globally, close to 30,000 people fit the centi-millionaire description.
Furthermore, the research unearthed a significant surge in the population of extremely rich individuals in the United States and China over recent years. In the past ten years, the count of centi-millionaires in these nations has skyrocketed by 81% and 108% respectively, while Europe has noted a 26% growth in the same duration.
The global centi-millionaire population now stands at 29,350 individuals, as per Henley's report, which did not disclose any names. Andrew Amolis, head of research at New World Wealth, whose research contributed to the Henley report, revealed that six out of ten centi-millionaires are company founders.
Amolis added, "An interesting observation is that majority of the corporations listed on the Fortune 500, the S&P 500, the CAC 40, the FTSE 100 and the Nikkei 225 were initiated by individuals who later became centi-millionaires."