India Has Third Highest Number Of Centi-millionaires In The World, To Reach Second Place By 2032: Report

According to world¡¯s first-ever global study of centi-millionaires, India currently has 1,132 centi-millionaires (individuals with investable assets of more than $100 million), the third-highest number in the world, beating the UK, Switzerland and Russia. USA & China are placed on first and second place respectively.

Vanya GautamUpdated: Oct 20, 2022, 16:44 IST
3 min read
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On one hand, much of the world is grappling with a cost-of-living crisis amid high inflation and deepening recession fears. On the other hand, a new fast-growing and powerful class of super-rich titans, financiers, CEOs of multinationals and heirs has emerged with a mammoth wealth of over $100 million (approximately Rs 830 crore). They are known as centi-millionaires.

According to the world¡¯s first-ever global study of centi-millionaires, India currently has 1,132 centi-millionaires (individuals with investable assets of more than $100 million), the third-highest number in the world, beating the UK, Switzerland and Russia.

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The highest number, 9,730 (38% of centi-millionaires worldwide), live in the US, whilst China boasts the second-highest number of 2,021 centi-millionaires. There are 25,490 centi-millionaires worldwide, and their number has more than doubled over the past 20 years, with many of them seeing their wealth significantly increase during the Covid pandemic, the report states.

Mumbai is the 15th most popular city for centi-millionaires to live in whilst New York is the most favoured city, followed by San Francisco Bay Area. Dubai is not in the top 15.

The 'Centi-Millionaire Report', released by international residence and citizenship by investment advisory firm Henley & Partners, in partnership with wealth research firm New Wealth, says many of them own private jets and super-yachts and have three or more homes throughout the world in places such as the Swiss Alps and French Riviera. They tend to be CEOs of multinationals, entrepreneurs of successful tech companies, stock market players, those with inherited wealth or baby boomers selling their SMEs.

Besides the USA, China and India, the top 10 centi-millionaires' list includes the UK in 4th place (with 968 centi-millionaires) followed very closely by Germany in 5th place (with 966). 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 in top 10, 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.

Also Read: Dubai & Mumbai To Be Amongst The Wealthiest Cities By 2030

India Expected To Reach The Second Spot By 2032

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India is forecasted to be the second-fastest-growing market for centi-millionaires over the next decade, with an anticipated 80% growth rate in individuals worth over $100 million by 2032 owing to large numbers of entrepreneurs and competitive wages. The report puts this down to a strong growth forecast in the local technology, financial services, BPO, real estate, healthcare, and media sectors in India.

Most centi-millionaires are white males aged over 55 from America (mostly the San Francisco Bay area and New England) and Europe. But the growth of centi-millionaires in Asia will be twice that of Europe and the USA over the next decade and will be concentrated in China and India, according to the report.

The fastest-growing market for centi-millionaires over the next decade is forecast to be Vietnam, with a 95% growth rate predicted for this emerging manufacturing hub. In third place is Mauritius, which has recently emerged as a hot spot for migrating centi-millionaires, with a growth of 75% predicted for this safe, business-friendly nation with low tax rates.

Also Read: How Much To Invest In Order To Become A Millionaire

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here.

22/11/2024 11:1:27
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