Growth of Millionaires in the U.S. and China
09:05 18/09/2024 - PesoMXN.com
There are 29,350 individuals in the world with liquid assets of $100 million or more, according to a recent report by Henley & Partners. The study points out that the United States and China hold the majority of this millionaire population.
Which city has the highest number of millionaires? Over the past decade, China has seen a 108% increase in its number of "centimillionaires," surpassing the United States, where the figure grew by 81% in the same period. Europe has fallen behind, with an increase of only 26%. “There are hotspots of dynamism, and in smaller European markets like Monaco, Malta, Montenegro, and Poland, the population of centimillionaires has risen by 75% or more. The geography of wealth is changing. As this elite group continues to grow and move, their impact on the economy, politics, and global society will be significant and lasting,” commented Juerg Steffen, CEO of Henley & Partners. Sixty percent of these individuals are entrepreneurs and business founders, which, according to Andrew Amoils, head of research at New World Wealth, has “a beneficial effect on the middle class by creating numerous well-paying jobs in their home countries.” New York leads as the city with the largest number of people with wealth exceeding $100 million, boasting 744 ultra-rich individuals. It is followed by the Bay Area, including San Francisco and Silicon Valley, with 675, and Los Angeles, with 496 residents in this category. While these cities are expected to increase their millionaire population by 50% over the next decade, “the current growth and migration of centimillionaires will largely depend on the upcoming presidential elections in the U.S., where we anticipate drastic differences in fiscal, monetary, economic, and social policies. The results could make North America less attractive, prompting centimillionaires to relocate to countries that offer greater economic and political security,” explained David Young, chairman of the Economic Development Committee of The Conference Board.
This increase in the number of "centimillionaires" is a phenomenon that reflects economic inequalities and the power of entrepreneurial innovation. However, it is crucial that policies are implemented to ensure that the growth of this group benefits not just themselves but also society at large, promoting job creation and investment in local communities.
