In the past decade, China has seen its population of “hundred-millionaires” grow by 108%, outpacing even the United States, where the super-rich increased by 81% in the same period. Europe lags behind with an increase of only 26%.
“There are pockets of dynamism, and in smaller European markets such as Monaco, Malta, Montenegro and Poland, the population of multimillionaires has increased by 75% or more. The geography of extreme affluence is changing. As this elite group continues to grow and migrate, their influence on the global economy, politics and society is likely to be profound and far-reaching,” said Juerg Steffen, chief executive of Henley & Partners, in a statement.
Sixty percent of billionaires are entrepreneurs and company founders, which, according to Andrew Amoils, research director at New World Wealth, has “a positive effect on the middle class, as they create a large number of well-paid jobs in their countries of origin.”
Which city has the most super-rich?
New York is the city with the most people worth more than $100 million, according to the report, with 744 super-rich people. The US metropolis is followed by the Bay Area, which includes San Francisco and Silicon Valley, with 675, and Los Angeles, with 496 resident 100-millionaires.
And while these cities could increase this population of super-rich by up to 50% over the next 10 years, “current growth and migration trends of centimillionaires will depend largely on the upcoming US presidential elections, in which we anticipate drastic differences in fiscal, monetary, economic and social policies. The results may cause North America to become less attractive and centimillionaires to move to countries that offer greater economic and political security,” explained David Young, president of the Economic Development Committee of The Conference Board.
