There are currently 29,350 individuals worldwide with liquid investable assets of $100 million or more, says the Centi-Millionaire 2024 Report 2024.
These individuals, referred to as centi-millionaires, have grown by 54% over the last decade.
“The geographic distribution of this wealth is revealing. One-third of the world’s centi-millionaires reside in 50 key cities across the globe, with nearly two-thirds of these wealth hubs located in countries offering investment migration programs.
“This concentration speaks volumes about the interconnectedness of global wealth and the allure of strategic residence and citizenship planning,” says the report.
While African cities are not currently among the top centi-millionaire cities in the globe, the report reveals that several areas are on the ‘watch list’ and poised for future growth among super-wealthy individuals.
Below is a list of the top cities with centi-millionaires in Africa:
Looking ahead to 2040, the projected growth of centi-millionaire populations offers an interesting view of wealth accumulation and migration patterns.
In South Africa:
- Cape Town shows the greatest potential for growth, exceeding 150%, followed by
- Greater Durban, with a growth range of 100% to 150%
- Johannesburg, while having the lowest growth potential among the listed South African cities (50% to 100%), is still on a positive trajectory,
along with all other cities mentioned.
“These wealth hubs are worth keeping an eye on for companies operating in the luxury goods, wealth management, and hi-tech spaces,” says the report.
Several cities in Asia and the Middle East, including:
- Hangzhou
- Shenzhen
- Taipei
- Dubai, and
- Abu Dhabi
are set for explosive growth according to the report, with their centi-millionaire populations expected to increase by more than 150%.
Emerging markets are also poised for significant gains, with:
- Riyadh in Saudi Arabia, and
- Bengaluru in India
projected to see centi-millionaire growth exceeding 150% over the next 16 years.
In Africa, top 5 cities to watch out for include:
- Cairo, Egypt
- Cape Town, South Africa
- Johannesburg, South Africa
- Marrakech, Morocco
- Nairobi, Kenya
In contrast, some of the world’s more established capitals, such as:
- Chicago
- Moscow
- Zurich, and
- Madrid
are expected to experience slower growth, with increases of less than 50% by 2040.
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