China’s ultra-rich population growing faster than US: report

The world’s ultra-rich club has expanded significantly over the past decade, with China leading the way, according to a new report from New World Wealth and investment migration advisor Henley & Partners.

The report found that over the past decade the number of centimillionaires worldwide has increased by 54 percent to 29,350, with the biggest increases occurring in China and the United States. Centimillionaires are ultra-wealthy individuals with over $100 million in investable assets.

“The United States and China have experienced what can only be described as a ‘ten millionaire boom’, far surpassing European countries,” said Jürg Steffen, CEO of Henley + Partners.

“China’s growth has been the most dramatic, with its population of over 10 million HNWIs growing by 108 percent over the past decade, outpacing the impressive performance of the United States, where the number of ultra-wealthy individuals has grown by 81 percent over the same period,” the report said.

Steffen said China’s growth has been driven primarily by the emergence of tech billionaires and industrial titans. China is now home to 2,350 billionaires.

But China’s economy has stagnated in recent years due to a struggling real estate industry, rising unemployment and sluggish domestic consumption. Andrew Amoyles, a wealth analyst at New World Wealth, told CNBC that most of China’s billionaire boom took place between 2013 and 2020. Since 2020, the number of ultra-rich has only increased by around 10%, he added.

However, Henley & Partners argued that cities such as Hangzhou and Shenzhen are still fulfilling their potential as emerging tech hubs, and are listed as cities “expected to experience a staggering growth of over 150%” with a wealthy population of more than 10 million by 2040.

The economic growth of these two cities is outpacing the national growth of 5%. Hangzhou’s GDP grew 6.9% year-on-year in the first half of 2024. Similarly, Shenzhen grew 5.9% year-on-year in the same period, driven by the industrial sector.

Amoyles predicts that between now and 2040, China’s population of more than 10 million HNWIs will grow strongly by between 80% and 100%.

Both the United States and China are expected to outpace the global average growth rate of their billionaire populations by about 75% by 2040.

The report also noted that many cities in Asia and the Middle East, including Taipei, Dubai, Abu Dhabi and Bengaluru in India, are expected to see a 150% increase in their ultra-high net worth populations.

In contrast, more established hubs such as Zurich, Chicago, Moscow and Madrid are expected to see ultra-wealthy growth of less than 50% in the years to 2040.

Steffen further attributes Europe’s decline to slow growth in major markets such as Germany, France and the UK. However, while major European markets are lagging, smaller markets such as Monaco, Malta, Montenegro and Poland have seen their HNWI populations grow significantly by over 75% – each with more than 10 million people.

The United States remains the center of wealth, with cities such as New York, Los Angeles and the San Francisco Bay Area expected to see their ultra-wealthy populations grow by another 50% or more.

But America’s continued dominance may depend on who wins the upcoming elections.

“The current growth in the $10 million-plus class and migration trends will depend in large part on the upcoming US presidential election, which is expected to bring dramatic changes in fiscal, monetary, economic and social policy,” said David Young, chairman of the Economic Development Committee at the Conference Board, a think tank.

A survey by Henley & Partners found a surge in affluent Americans exploring alternative residency and citizenship options.