However, smaller markets like Monaco, Malta, Montenegro, and Poland saw significant increases in centi-millionaire populations, indicating a geographical shift in extreme affluence.
One-third of the world’s centi-millionaires live in 50 key cities, with the US leading the list. New York City holds the top spot with 744 resident centi-millionaires, followed by the Bay Area with 675, and Los Angeles with 496.
However, David Young from The Conference Board notes that growth and migration trends in the US could be influenced by the upcoming presidential elections and related fiscal and social policies. These policies may cause centi-millionaires to seek countries offering more economic and political security.
Henley & Partners observed a significant increase in investment migration inquiries from affluent Americans, with the US accounting for over 30 percent of global liquid investable wealth, a total of US$67tn.
Democratic presidential nominee Kamala Harris recently supported President Biden’s proposal to impose a minimum tax on unrealized capital gains for individuals with over US$100m.