Henley CEO identifies Malta as few European nations seeing centi-millionaire population surge

Juerg Steffen, CEO of citizenship by investment firm Henley and Partners has named Malta as one of the few European countries seeing a surge in centi-millionaires.

The report describes centi-millionaires as individuals with liquid investable assets of $100 million or more. According to the Centi-Millionaire Report 2024 released by the firm, there are 29,350 individuals across the globe who fall within this category.

The number of centi-millionaires has grown by 54 per cent globally over the past decade, with the majority of this increase concentrated in the United States and China, significantly outpacing growth in European countries

Dr Steffen remarked that the “lethargic performance” in Europe can be attributed to the slow growth of major markets like the United Kingdom, Germany and France.

However, he highlights that pockets of dynamism exist with smaller European markets such as Malta, Monaco, Montenegro, and Poland. Overall, he noted that their centi-millionaire populations “have surged by 75 per cent or more”.

“The geography of extreme affluence is shifting. As this elite group continues to grow and migrate, its influence on global economics, politics, and society is likely to be profound and far-reaching,” he added.

Europe’s presence in the centi-millionaire landscape reflects shifting dynamics and varied fortunes. London, once recognised as the world’s financial capital and a global wealth hub, now ranks fourth in the top 50 cities for centi-millionares, with 370 wealthy residents and a modest growth forecast of under 50 per cent for the next 16 years. Notably, London is the only UK city featured in the top 50.

Predictably, no Maltese town is featured in the top 50 cities for centi-millionaires.

Furthermore, Paris has claimed the 10th spot on the latest centi-millionaire city index, with 286 ultra-wealthy residents. Nice joins France’s capital city in the top 50, with 95 centi-millionaires.

New World Wealth’s Head of Research, Andrew Amoils, commented that over 60 per cent of centi-millionaires are entrepreneurs and company founders. Additionally, he remarks that the majority of companies on the Fortune 500, the S&P 500, the CAC 40, the FTSE 100 and the Nikkei 225 were started by individuals who have eventually become centi-millionaires.

“The businesses started by centi-millionaires have a significant positive spillover effect on the middle class, as they create large numbers of well-paying jobs in their base country,” he said.

American and Chinese dominance

The firm’s report notes that the United States holds the first, second, and third places in the top 50 cities and has 15 metropolises on the list.

New York City boasts 744 residents, followed by the Bay Area (including Silicon Valley) at 675 centi-millionaires and Los Angeles with 496.

For the past decade these three cities not only retained their positions at the top but also marked a significant growth of over 50 per cent in their millionare populations.

Nonetheless, things might be changing soon ahead of the US Presidency.

President of the Committee for Economic Development at The Conference Board, David Young in the report said that the US is anticipating drastic effects in fiscal, monetary, economic and social policies and so centi-millionaires might turn to other countries that provide better economic and political security.

Here, Dr Steffen commented that wealthy Americans have become the Henley and Partners’ largest client cohort “with a five-fold increase in investment migration enquiries this year.”

Meanwhile, Asian cities are climbing up the super-wealth ranks with some areas finding themselves in the world’s top 10 centi-millionaire hotspots.

In fact, Beijing occupies the fifth spot world wide with 347 centi-millionaires closely followed by Singapore with 336 and the sixth place. Shanghai is in the seventh place with 322 centi-millionaires and Hong Kong ranks in the eighth place with 320 rich residents.

Despite already ranking high globally, Singapore and Hong Kong are expected to have exceptionally high growth rates of over 100 per cent within the next decade and a half, until 2040.

Other Asian and Middle Eastern cities like Hangzhou, Shenzhen, Taipei, Dubai and Abu Dhabi are projected to see over 150 per cent increases in their centi-millionaire populations.

Riyadh in Saudi Arabia and Bengaluru in India might also emerge in the market within the next 16 years.

On the other hand, major players like Chicago, Moscow, Zurich and Madrid are forecasted to experience slower growth of less than 50 per cent from now until 2040.