The Centi-Millionaire Report 2023

Henley & Partners has collaborated with wealth intelligence firm New World Wealth to produce the 2023 edition of The Centi-Millionaire Report.

New World Wealth is currently the only known independent wealth research firm systematically tracking global wealth migration trends between countries and cities. The firm was established in 2013 and has been tracking the movements and spending habits of the world’s wealthiest people for a decade.

New World Wealth has an impressive track record in providing robust, reliable wealth data and insights for key publications, such as Knight Frank’s Wealth Report, AfrAsia Bank’s Global Wealth Migration Review, and Henley & Partners’ Africa Wealth Report, USA Wealth Report, and the Crypto Wealth Report, as well as the Henley Private Wealth Migration Dashboard.. The firm’s reports and findings have been referenced by the Australian and UK governments, as well as by global news outlets such as the BBC, Bloomberg, CNN, the Financial Times, Forbes, the New York Times, Robb Report, and The Telegraph.

New World Wealth tracks the movements of over 150,000 high-net-worth individuals in its in-house database, with a special focus on individuals with over USD 100 million in listed company holdings. The database is mainly focused on company founders and affluent individuals from high value companies with the following work titles: chairperson, CEO, president, director, and managing partner.

New World Wealth relies primarily on this database when assessing the city wealth breakdowns featured in this report. The firm uses various public sources to check city locations, including LinkedIn and other business portals. The data also takes into account prime property statistics. Specifically, it considers the number of highly priced homes in each city/area.

Note: It should be noted that New World Wealth never gives out the names of the individuals in its database, which it uses purely for in-house statistical studies.

Notes and definitions

• The term ‘centi-millionaires’ refers to individuals with investable wealth of USD 100 million or more.
• For our purposes ‘investable wealth’ refers to an individual’s net investable assets. It includes all their liquid investable assets (listed company holdings, cash and residential property) less any related liabilities.

City definitions

We take into account the normal city limits of all the cities mentioned in this report, with the exception of the cities/areas listed below.

Wealth versus GDP

We consider wealth to be a far better measure of the financial health of an economy than GDP. The reasons for this include:

• In many developing countries, a large portion of GDP flows to the government and therefore has little impact on private wealth creation.
• GDP counts items multiple times. For instance, if someone is paid USD 100 for a product/service and they then pay someone else that same USD 100 for another product/service, then that adds USD 200 to a country’s GDP, despite the fact that only USD 100 was produced at the start.
• GDP ignores the efficiency of a country’s local banking sector and the local stock market in retaining wealth in a country.
• GDP largely ignores the impact of property and stock market moves, yet these two factors clearly have a significant impact on wealth.
• GDP is a relatively static measure that tends to move only slightly year on year. It also has a time lag.

Wealth figures, on the other hand, have none of these limitations, making them a far more accurate gauge of the financial health of an economy than its GDP figures.

For more information on New World Wealth, please visit newworldwealth.com