Countries like Kenya may not have billionaires, but they boast significant centi-millionaire populations, with 15 such individuals in Kenya and 102 in South Africa, compared to just 5 billionaires in the latter.
According to Dominic Volek, Head of Private Clients at Henley & Partners, the centi-millionaire wealth bracket provides a more accurate depiction of the super-wealthy community in these nations.
Volek anticipates that Asia and the Middle East will play a more prominent role over the next decade, with an expected 38 percent increase in the global centi-millionaire population. He notes that wealth accumulation in this cohort typically arises from inheritance, divestment of small- to medium-sized enterprises, trading and investing in stock markets, and leadership positions in multinational corporations and successful tech firms. However, he highlights a growing trend towards crypto wealth, with 182 crypto centi-millionaires currently holding assets worth $100 million or more.
Looking ahead to 2033, Riyadh, Saudi Arabia, and Delhi, India’s primary commercial center, are forecasted to experience the third-highest growth rates of 85% each, while Mumbai, the global financial hub, is expected to see an 80% increase in centi-millionaires.
Dubai, with its thriving and diverse economy, is projected to witness a 78% increase in millionaires over the next decade, closely following Mumbai. Guangzhou, China’s central trade and transportation hub, ranks second with a 76% increase, while Monaco, renowned as the world’s most expensive city, is third with a 72% rise.
Philippe Amarante, Head of Henley & Partners Dubai, emphasizes the intensifying competition among nations to attract and retain centi-millionaires. He underscores the need for comprehensive strategies that go beyond financial incentives and investment opportunities to address various aspects of the centi-millionaires’ concerns, including business environment, lifestyle preferences, immigration policies, and philanthropic interests.
