China has emerged as the new leader in the ultra-wealthy club. The world witnessed a 54% increase in centimillionaires over the past decade, with China leading the charge.
This remarkable growth has reshaped the global distribution of extreme wealth. China’s centimillionaire population has more than doubled, growing by 108% in the last ten years.
This explosive growth outpaced even the United States, which saw an 81% increase. The Asian giant now boasts 2,350 individuals with a net worth of at least $100 million.
Technology played a crucial role in China‘s wealth boom. The development of the tech sector and the emergence of industrial titans fueled the creation of new super-rich individuals.
However, this growth has slowed in recent years, with only a 10% increase since 2020. Despite the slowdown, Chinese cities like Hangzhou and Shenzhen show potential for future growth.
These emerging tech hubs have outpaced the national GDP growth of 5%. Hangzhou’s GDP rose by 6.9% in the first half of 2024, while Shenzhen’s grew by 5.9%.
Analysts project 80% to 100% growth in Chinese centimillionaires by 2040, surpassing the global forecast of 75%. This growth potential positions China as a continued leader in wealth creation.
Global Centimillionaire Growth
While the U.S. lost its top spot, it remains a significant center of wealth. American cities like New York, Los Angeles, and the San Francisco Bay Area are expected to increase their centimillionaire populations by 50%.
In addition, the upcoming U.S. presidential elections in November may impact the country’s centimillionaire count.
Potential changes in fiscal, monetary, and economic policies could influence wealth distribution. Some wealthy Americans are already exploring alternative residency and citizenship options.
Cities in Asia and the Middle East are poised for significant growth in ultra-wealthy populations. Taipei, Dubai, Abu Dhabi, and Bengaluru are projected to see a 150% increase in centimillionaires by 2040.
In contrast, European markets have shown slower growth in recent years. Experts expect growth rates in established centers like Zurich, Chicago, Moscow, and Madrid to remain below 50%.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error