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.
This remarkable rise in the number of ultra-wealthy people is attributed to China’s booming industrial and tech sectors.
China will have 2,350 centimillionaires by 2024. This is a huge leap in comparison to previous years.
Recent economic challenges have dampened this growth, such as a struggling real estate market, rising unemployment and weak consumer expenditure.
The number of super-rich Chinese has only increased by 10% since 2020. This indicates a slower growth after many years of wealth accumulation.
Hangzhou and Shenzhen to grow by 150% in 2040
By 2040, the centimillionaires in cities such as Hangzhou and Shenzhen will have increased by more than 150%.
Hangzhou and Shenzhen have both experienced strong economic growth, as their GDP grew at a rate of 6.9% per annum for the first six months of 2024. This is higher than China’s 5% national growth.
The ultra-wealthy population is likely to grow further as a result of this economic vibrancy.
US and China lead the global wealth expansion
According to the report, China and the US will continue leading global growth in centimillionaires.
China’s population of centimillionaires is predicted to grow by 80 to 100 percent by 2040.
The US is expected to see a growth of more than half in its population of ultra-wealthy people, thanks to wealth hubs such as New York, Los Angeles and San Francisco.
The two countries will outperform global growth rates of 75 %, showing their potential to create wealth despite uncertainty such as the US Presidential elections.
By 2040, new wealth hubs will emerge in Asia and Middle East. Cities like Taipei and Dubai are expected to experience a 150% increase in the number of centimillionaires.
The growth of the region is driven primarily by investments in technology and by favorable business conditions that draw global capital.
The ultra-rich are diversifying their global wealth in these cities.
Growth slowing in wealth centers
The growth of established wealth hubs like Zurich, Chicago and Moscow is expected to be slower, with an increase of less than 50 percent by 2040.
The markets in these cities are more developed and saturated.
While the larger European economies, such as Germany, France and the UK, have shown modest growth in recent years, smaller markets, like Monaco, Malta and Montenegro and Poland, have seen a notable increase in the number of centimillionaires, with a 75% to 100% rise over the last decade.
Future wealth migration patterns could be significantly influenced by the US political environment.
As a result of possible changes to fiscal, economic and social policies, wealthy Americans increasingly explore alternative citizenship and residence options.
It is possible that the outcome of the upcoming US presidential election could have a significant impact on both the domestic and international movement trends for the ultra-rich and alter the dynamics in the US.
The rapid growth of China’s centimillionaires, and the emerging centers of wealth in Asia and in the Middle East are a good example.
The ultra-wealthy, as established centres face slower growth rates, are looking for new investment opportunities and regions.
As new information becomes available, the post China’s rich population has risen by 108% in the last decade could be updated.
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