The centi-millionaire, ultra-high-net-worth individuals who have $100 million (R1.69 billion) in investable assets, are the new class of the super-rich, according to the Centi-Millionaire Report.
The Centi-Millionaire Report by wealth intelligence firm New World Wealth shines a light on the lives of the super-rich, their livelihoods and their spending habits, as well as their wealth management strategies.
According to the report, the world’s billionaires such as Elon Musk and Jeff Bezos are becoming outnumbered nearly 10-to-1 by the fast-growing global group of centi-millionaires.
As of June, there were 25 490 centi-millionaires in the world, with the US topping the chart.
It is home to 9 730, or 38% of the world’s centi-millionaires, followed by China (2 021) and India (1 132). The UK and Germany are also in the top five with 968 and 966 centi-millionaires, respectively.
South Africa has the highest number of centi-millionaires on the African continent with 92. On the global stage, South Africa ranks in 27th position.
The report states that there is no clear path to attaining centi-millionaire status because a variety of people belong in this new class of the super wealthy. They range from super-rich financiers to heirs that have inherited their wealth, as well as multinational CEOs, Gen-Zs and tech-titan millennials.
With their super-rich status, centi-millionaires can afford to splurge money on expensive pursuits such as yachting or horse riding. Centi-millionaires also enjoy watch and art collecting as well as fishing, particularly fly-fishing, which has grown in popularity among the super wealthy.
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