These cities have the most centi-millionaires in the world – and Australia features twice

Are you interested to know where Australia’s richest people live?

And I’m not talking millionaires, but centi-millionaires, in other words, individuals with liquid investable wealth of +US$100 million (around A$144 million).

According to a new report by Henley & Partners, using data from global wealth intelligence firm New World Wealth, there are currently 29,350 centi-millionaires worldwide, having grown globally by 54% over the last decade.

The report reveals that one-third of the world’s centi-millionaires reside in 50 key cities across the world.

The US continues to dominate the centi-city landscape, claiming 1st, 2nd, and 3rd places in the Top 50 Cities for Centi-Millionaires, and boasting a total of 15 metropolises on the elite list.

However, there are 2 Australian cities in the top 50 list and 2 more Australian cities likely to make this list in the future.

Here’s the full list:

Top 50 Cities for Centi-Millionaires

Source: Henley & Partners

Here’s how Australia ranks

Australia ranks twice on the top 50 list, with Sydney in 17th place and Melbourne in 30th place worldwide.

Sydney is currently home to 205 centi-millionaires while Melbourne has 112.

Sydney has risen 1 place from last year’s ranking of 18th place and 198 centi-millionaires.

Melbourne has also risen 1 place since 2023’s ranking of 29th place, despite having a higher number of centi-millionaires last year (118).

Asian countries enjoy a centi-millionaire boom

America and China have experienced what can only be described as a centi-millionaire boom, significantly outperforming their European counterparts.

China’s growth has been the most dramatic, with its centi-millionaire population expanding by 108% over the past 10 years — outpacing the US, whose portion of super-wealthy individuals grew by 81% over the same period.

Asian cities are rapidly ascending the super-wealthy ranks, with four cities and territories now among the world’s Top 10 centi-millionaire hotspots.

Beijing sits in 5th position worldwide with 347 centi-millionaires, while Singapore, a city-state punching well above its weight, follows closely in 6th place with 336.

Shanghai comes in 7th place with 322 centi-millionaires and Hong Kong (SAR China) ranks 8th, boasting 320 ultra-wealthy residents.

Both Singapore and Hong Kong (SAR China) are forecast to enjoy exceptionally high centi-millionaire growth rates of over 100% in the next decade and a half (to 2040).

The US continues to dominate

For the US, New York City comes in first place with 744 resident centi-millionaires, followed closely by the Bay Area (which includes San Francisco and Silicon Valley) with 675, and Los Angeles with 496 super-rich residents.

These cities have not only maintained their leading positions globally over the past decade but are expected to see significant growth of over 50% in their ultra-wealthy populations over the next 10 years.

Although the report notes that going forward, the trend will depend on the upcoming US presidential election - the results may cause a shift in the US being so attractive to the globe's wealthiest.

Europe falls behind

But Europe’s representation in the centi-millionaire landscape tells a story of changing dynamics and mixed fortunes.

London, which was once considered the financial capital of the world and a global epicentre of wealth, now ranks just 4th with 370 super-rich residents and a lacklustre forecast of less than 50% when it comes to centi growth over the next 16 years (to 2040).

London is also the only UK city that makes it into the Top 50.

Paris claims the 10th spot on the latest centi-rich city index with 286 ultra-wealthy residents and Nice is the only other French city in the Top 50 with 95 centi-millionaires calling it home.

Centi-millionaire hotspots to keep an eye on

The report also provides an outlook, looking forward to 2040.

In Australia, the report highlights Perth and Brisbane are flagged as cities to watch.

Perth currently has 64 centi-millionaires, but the city is expected to experience very high wealth growth of over 150% between now and 2040.

Meanwhile, Brisbane is currently home to 40 centi-millionaires but is expected to see its wealth grow by 100-150% over the next 16 years.

It expects that several Asian and Middle Eastern cities are poised for explosive growth, with Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi projected to see increases of over 150% in their centi-millionaire communities.

Emerging markets are also set to make their mark - for example, Riyadh in Saudi Arabia and Bengaluru in India are both forecast to enjoy growth of over 150% in their centi-populations over the next 16 years.

In contrast, some of the world’s more established capitals — Chicago, Moscow, Zurich, and Madrid — are projected to experience sluggish superwealth growth of less than 50% between now and 2040.

Interestingly, nearly two-thirds of the top 50 cities for Centi-Millionaires are located in countries offering investment migration programs, which is expected to supercharge growth for some areas.

About Brett Warren Brett Warren is National Director of Metropole Properties and uses his two decades of property investment experience to advise clients how to grow, protect and pass on their wealth through strategic property advice.