The USA ranks at the top for the wealthiest cities in the world, also claiming all three top positions in the latest rankings of centi millionaire hotspots. According to a new report on the top wealthiest cities in the US by a famous immigration law firm, the country is home to more than 6 million high net worth individuals (HNWIs), including around 36% of centimillionaires. The statistics show that the number of wealthy individuals has particularly risen in at least 10 cities in the US over the last ten decades.
Who is a Centimillionaire?
Centimillionaire, consisting of a combination of two words, centi and millionaire, means individuals who have a net worth of $100 million or more. The word centi differs the group of wealthy individuals from the millionaires and billionaires because it represents USD 100 million liquid investable assets. According to the Henley and Partners Report, there are around 30,450 centimillionaires in the world, which is a very large number and has increased significantly by 50% over the last decade. The high class holds a prestigious position in terms of contribution to the economy of a country.
Impact of Centi Millionaire on the Global Economy
The centimillionaires are considered the most influential wealth group globally because they have a high impact on global wealth creation. These wealthy individuals are reshaping the economy and investment migration patterns of the cities in the 21st century, especially in the ones where they stay. Research claims that even the well known and profitable companies like Fortune 500, S&P 500, FTSE 100, and Nikkei 225 were established by these wealthy individuals. Thus, they not only increase the capital but also transform economies and drive innovation in the cities they call home.
How is the US Producing More Centimillionaires than Most Countries?
The USA is dominating the world in the global centi millionaire landscape because it comprises more of these rich individuals than many other countries. The country’s position is unrivalled as it holds all three top positions in the top cities for these well off individuals. The USA has always been an attractive destination for wealthy individuals and entrepreneurs because it offers them a better environment and rich infrastructure, where they can efficiently set up and expand their businesses globally.
The recent high growth of rich individuals in the country over the past few years is the result of the remarkable performance of the US financial markets. The Standard and Poor’s 500, or simply S&P 500, is a stock market index that keeps track of the stock exchange of 500 leading companies in the US. The reports of S&P statistics claim that the stock exchange of companies has increased by 183% between 2014 and 2024. This extraordinary growth of profitable companies in the US is convincing enough for the wealthy and rich people to reside in the US. Moreover, the top innovation and tech hubs in the USA, including San Francisco, Silicon Valley, Washington DC, New York, Austin, and others, are attracting a wide range of tech leaders who want to live and work in the highly innovative tech cities of America.
Where Do Centi Millionaires Live in the USA?
Apart from the coastal powerhouses, the main cities of the USA, like New York City, the Bay Area, Los Angeles, and others, are highly attracting a large number of high net worth investors in the country. The reports claim that New York is leading with over 818 residents who are centimillionaires, followed by the Bay Area, a region of California, surrounding San Francisco Bay, with over 756 of these high net worth residents. Lastly, Los Angeles holds third position in the rankings with around 516 of them. The reason behind this excessive number is the business opportunities and low taxes these cities offer to their residents.
According to a study revealed by America’s Geography of High Net Worth Individuals, Chicago holds the strongest position as the next largest ultra wealth center for rich residents, with around 295 centimillionaires residing in the city. Houston ranks even higher than other traditional financial centers like Boston, with over 210 of them. However, Miami comprises 180 and demonstrates a 100% growth in the coming year.
Top 10 US Cities Which Centi Millionaires Call Home
According to the data compiled by New World Wealth, the following are the top ten cities of the USA that are home to these high net worth people.
US Cities | Number of Centi Millionaires |
New York City | 818 |
The Bay Area | 756 |
Los Angeles | 516 |
Chicago | 295 |
Houston | 210 |
Miami | 180 |
Dallas | 135 |
Seattle | 127 |
Boston | 112 |
Greenwich and Darien | 110 |
Among the above cities, Miami, Dallas, and Austin are the ones with high wealth growth potential of around 100%+ in the next decade. According to the Reports of 2024, New York City consisted of 2.73% centimillionaires, followed by 2.43% in the Bay Area and 1.77% in Los Angeles.
Importance of Global Mobility For Centi Millionaires
Centi millionaires live a luxurious life and want to enhance their lifestyle day by day. The majority of wealthy individuals seek citizenship and residency by investment opportunities to further improve their lifestyle and live in countries that offer them and their families more and better chances to grow. A high net worth individual would always prefer to explore markets of various successful countries to grow and expand the business there. Thus, the residency by investment in major cities like those in the US provides them a sense of global mobility, which is very beneficial for their successful future.
Conclusion
Today, a large number of people are residing in the US by investing in the Immigrant Investor US visas because they need access to legal systems, better educational and healthcare systems. Centi millionaires play a vital role in the economy of a country, and most of them are residents of the US, which makes the USA a leading hub for affluent people and a global center of opportunities. Statistics claim that due to the acceleration in wealth creation, the number of centi millionaires will further increase in the coming years.