Private Air New York

www.privateairny.com Private Air | Winter 2022/2023 46 INVESTMENT Words By: Sarah Nicklin The Emergence of a New Class of Super-Rich THE CENTI-MILLIONAIRE I t's an age-old question: how much money do you need to be considered super-wealthy? A new landmark report on the rise of the centi-millionaire reveals that although a handful of the world's billionaires, such as Elon Musk, Mark Zuckerberg, Jeff Bezos, Roman Abramovich, and Bill Gates, dominate the news headlines, their wealth cohort is outnumbered nearly 10-to-1 by a fast-growing global elite of highly influential super-wealthy movers and shakers who boast USD 100 million or more in investable assets. e first global study of the world's 25,490 centi-millionaires pulls back the curtain on a growing and powerful class of super-rich tech titans, financiers, multinational CEOs, and heirs whose ranks have swelled amid a period of relative global prosperity and market gains — more than doubling in number over the past 20 years — and whose capital accumulation has been dramatically accelerated by the economically and socially disruptive effects of technology and the recent Covid pandemic. e Centi-Millionaire Report recently released by leading international residence and citizenship by investment advisory firm Henley & Partners and features exclusive data and insights from global wealth intelligence firm New World Wealth. As Dr. Juerg Steffen, CEO of Henley & Partners, points out, the USD 100 million plus band represents the best definition in today's world of what it means to be 'super-wealthy.' "e centi-millionaire is someone so affluent that they don't need to think about how much they spend. In fact, the level of wealth they have achieved means they are unlikely to ever worry about money again. Not long ago, in the late 1990s, USD 30 million was considered the fortune needed to meet this definition. However, asset prices have risen significantly since then, making USD 100 million the new benchmark." Where can you find the world's centi-millionaires? e USA is home to an astonishing 38% (9,730) of global centi- millionaires, despite constituting only 4% of the world's total human population. e big emerging markets of China and India follow in 2nd and 3rd place, with populations of 2,021 and 1,132 centi-millionaires, respectively. ey rank significantly higher than the main European markets by this measure, with the UK in 4th place (with 968 centi- millionaires) followed very closely by Germany in 5th place (with 966). Punching above its weight, Switzerland ranks 6th on the list with 808 inhabitants worth over USD 100 million despite its small size and population. Japan (765), Canada (541), Australia (463), and finally Russia (435) make up the rest of the top 10 countries for centi-millionaires. Other major economies such as France and Italy just miss out, with 380 and 298 centi-millionaires, respectively, while South Africa is the top-ranked country on the African continent, with 92 resident centi-millionaires, holding 27th position globally. Andrew Amoils, Head of Research at New World Wealth, says the centi-millionaires are arguably the most important and relevant top- end global wealth band currently. "In many emerging markets and smaller countries, there are relatively few billionaires, which makes the billionaire wealth band largely irrelevant. However, many of these same countries have large numbers of centi-millionaires. For instance, Kenya has no billionaires, but it has 14

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