According to a report by Henley & Partners, the population of individuals worth $100 million or more, known as centi-millionaires, has doubled in the past two decades. The report reveals that there are currently 28,420 centi-millionaires worldwide, marking a 12% increase from the previous year and more than double the figure in 2003. This surge in super-wealthy individuals reflects the skyrocketing asset values driven by low-interest rates. Notably, the rise in tech wealth, particularly in the U.S., has also played a significant role in the growth of the super-wealthy.
The number of billionaires globally has climbed from under 500 in 2003 to over 2,600 presently. The abundance of money due to the 2008 financial crisis and subsequent low-interest rates has made centi-millionaires more prevalent in terms of dollars. However, with ultra-low interest rates becoming less prevalent, the growth rate for centi-millionaires is expected to slow down in the coming years.
The report projects a 38% growth in the centi-millionaire population over the next decade, reaching approximately 39,000 individuals by 2033. Although billionaires receive more media attention, centi-millionaires are said to be more representative of the world’s superwealthy as the threshold for wealth has shifted to $100 million. Interestingly, less-developed countries may have a larger number of centi-millionaires than billionaires. With little visible lifestyle differences between a centi-millionaire and a billionaire, aside from potential philanthropy, their lifestyles remain relatively similar.