China’s centi-millionaire population—individuals with investable assets of $100 million or more—has surged by an astonishing 108% over the past decade, outpacing global and US growth rates.
According to a new report by New World Wealth and Henley & Partners, this remarkable increase highlights China’s booming tech and industrial sectors as primary drivers behind the surge in ultra-wealthy individuals.
As of 2024, China boasts 2,350 centimillionaires, a significant leap from previous years.
However, recent economic challenges, including a struggling property market, rising unemployment, and weak consumer spending, have tempered this growth.
Since 2020, the number of ultra-rich in China has grown by only about 10%, indicating a period of slower expansion after years of rapid wealth accumulation.
Hangzhou and Shenzhen poised for 150% growth by 2040
Despite current economic headwinds, cities like Hangzhou and Shenzhen are forecasted to see their centi-millionaire populations increase by over 150% by 2040.
Both cities have experienced robust economic performance, with Hangzhou’s GDP growing at 6.9% and Shenzhen’s at 5.9% year-on-year for the first half of 2024—outpacing China’s national growth rate of 5%.
This economic vitality is expected to continue attracting substantial-tech and industrial investments, fueling further growth in their ultra-wealthy populations.
US and China to lead global wealth expansion
The report projects that the US and China will continue to lead global centi-millionaire growth.
China’s centi-millionaire population is expected to expand by 80% to 100% by 2040.
Meanwhile, the US, with wealth hubs like New York, Los Angeles, and San Francisco, is anticipated to grow its ultra-wealthy population by more than 50%.
Both countries are set to outperform the global average growth rate of 75%, showcasing their resilience and potential for wealth creation despite uncertainties such as the upcoming US presidential elections.
New wealth hubs are emerging in Asia and the Middle East, with cities like Taipei, Dubai, Abu Dhabi, and Bengaluru projected to see a surge of 150% or more in their centi-millionaire populations by 2040.
This growth is driven by regional economic development, investments in technology, and favorable business environments that attract global capital.
These cities are becoming significant centers for wealth creation, diversifying the global landscape of the ultra-rich.
Slower growth in established wealth centers
In contrast, established wealth hubs such as Zurich, Chicago, Moscow, and Madrid are expected to see slower growth, with increases of less than 50% by 2040.
These cities face more mature and saturated markets.
In Europe, while larger economies like Germany, France, and the UK show modest growth, smaller markets such as Monaco, Malta, Montenegro, and Poland have experienced notable increases in their centi-millionaire populations, growing by 75% or more over the past decade.
The US political landscape could significantly influence future wealth migration trends.
Wealthy Americans are increasingly exploring alternative residence and citizenship options in response to potential changes in fiscal, economic, and social policies.
The outcome of upcoming presidential elections could impact both domestic and international migration trends among the ultra-rich, altering the wealth dynamics within the US and beyond.
Overall, China’s explosive growth in centimillionaires and the emerging wealth centers in Asia and the Middle East highlight shifting global wealth patterns.
As established centers face slower growth, the ultra-wealthy are increasingly looking to new regions for investment and opportunities.
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