Staff Members Counting RMB Cash Deposited by Customers in China’s Nantong City.
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The world’s super rich club expanded significantly over the past 10 years, with china leading the charge, according to the latest report from new World Wealth and Investment Migration Advisor Henley & Partners.
The number of centimillionaires surgged 54% worldwide over the past decade to 29,350, particularly in China and the US, according to the report. Centimillionaires are ultra-hight-worth individuals with Investable Wealth of $ 100 Million or More,
“America and china have experienced what can only be described as a centi-millionaire boom, significantly outperforming their european counterparts,” Said Juerg Stepfen Office & Partners.
“China’s ascent has been the most dramatic, with its centi-millionaire population expanding by 108% over the past 10 years-Outpacing even thetellar performance of the US % Over the same period, “the Report observed.
China’s growth was driven in large part by the emergence of tech centimillionaires and Industrial Titans, Steffen said. There are currently 2,350 Centimillionaires Living in China.
But the Country’s Economy has stalled in recent years, dragged down by an Embattled Property Sector, Sticky UNEMPLOYMENT and Weak Domestic Consumption. Most of China’s Centimillionaire Boom Happened Between 2013 to 2020, Andrew Amoils, Wealth Analyst at New World Wealth, Told CNBC. Since 2020, The Number of Ultra-Rich has only risen about 10%, he added.
Existing Centi-Millionaire Growth and Migration Trends will depend larger on the upcoming us presidential elections.
David young
The Conference Board
Forge Opulation by 2040.
Economic expansion in these two cities have outpaced that of the Country’s 5% Growth, Hangzhou’s GDP Grew 6.9% Year-On-Year For the first half of 2024. Similarly, Shenzhen Grew 5.9% Year-On-Year Across the same period, lifted by its industry sector.
Between Now and 2040, Amoils Still Expects Robust Centimillionaire Population Growth in China of Between 80% to 100%.
Both the US and China are expected to outperform the global average centimillionaire-throwth rate of Around 75% by 2040.
The report also noted that a number of asian and middle Eastern citations are positioned for 150% growth in their Ultra Rich Population, Including Taaipei, Dubai, Abu Dhabi and India ‘.
Convercely, More Establed Hubs Like Zurich, Chicago, MOSCOW and Madrid are expected to see sluggish super wealth grewth of less than 50% in the year Through 2040.
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Additional, Stefen Attributed Europe’s Sluggish Performance to the Slow Expantion of Key Markets Like Germany, France and the Uk that Said, Whiler Eurger Malta, Montenegro and Poland have experienced Significant Growth in Their Centimillionaire Population, Increasing by 75% or more.
The us remains a top wealth hub, with cities like new york, los angeles and the San Francisco Bay Area Expected to SEE Further Growth of Over 50% in their Ultra-Oltra-OlTra-Oltra-Wealthy Populations.
However, America’s Continued Dominance Cold Depend on Who Wins the Upcoming Elections.
“Existing Centi-Millionaire Growth and Migration Trends will dependar larger on the upcoming us presidentible elections where we anticipate drastic differences in fiscal, Monetary, Monetary, Economic, Social Policy ID Young, President of the Committee for Economic Development at Think Tank the Conference Board.
There has been a surge in affluent Americans consider alternative Residence and Citizenship Options, Henley and Partners’ Research Showed.
