When it comes to the wealth stakes, South Africa has five billionaires and 92 centi-millionaires — those who own $100m (R1.82bn) or more in investable assets.
This is according to the latest “Centi-Millionaire Report” released by Henley & Partners — a residence and citizenship by investment advisory firm — and which features data and insights from Sandton-based global wealth intelligence firm New World Wealth.
It’s the first global study of the world’s centi-millionaires and “pulls back the curtain on a growing and powerful class of super-rich tech titans, financiers, multinational CEOs and heirs whose ranks have swollen amid a period of relative global prosperity and market gains — more than doubling in number over the past 20 years — and whose capital accumulation has been dramatically accelerated by the economically and socially disruptive effects of technology and the recent Covid-19 pandemic.”
The report shows there are only 25,490 centi-millionaires in the world (as at June 2022), making a “very elite club”.
“Most of them have their own private jets and superyachts. Their assets and finances are normally managed by private family offices, and they traditionally have three or more homes that they move between over the year,” said Andrew Amoils of New World Wealth.
The US is dominant in this wealth band. It accounts for an incredible 38% of the world’s centi-millionaires, despite only constituting 4% of the planet’s human population.
The big emerging markets of China and India follow in second and third place, with populations of 2,021 and 1,132 centi-millionaires respectively.
They rank significantly higher than the main European markets by this measure, with the UK in fourth place (with 968 centi-millionaires), followed by Germany in fifth place (with 966). Switzerland ranks sixth on the list, with 808 inhabitants worth more than $100m despite its small size and population.
Japan (765), Canada (541), Australia (463), and finally Russia (435) make up the rest of the top 10 countries for centi-millionaires.
South Africa is the top-ranked African country, with 92 resident centi-millionaires, holding 27th position globally.
Amoils says the centi-millionaires are arguably the most important and relevant top-end global wealth band. “In many emerging markets and smaller countries, there are relatively few billionaires, which makes the billionaire wealth band largely irrelevant. However, many of these same countries have large numbers of centi-millionaires.” For instance:
- Kenya has no billionaire but has 14 centi-millionaires;
- Malta has two billionaires and 26 centi-millionaires; and
- South Africa has five billionaires and 92 centi-millionaires.
“The centi-millionaire wealth band is therefore a far more accurate reflection of the ‘super-wealthy’ community in these countries,” said Amoils.
Dr Juerg Steffen, CEO of Henley & Partners, said the $100m-plus band represents the best definition in today’s world of what it means to be “super-wealthy”.
“The centi-millionaire is someone so affluent that they don’t need to think about how much they spend. In fact, the level of wealth they have achieved means they are unlikely to ever worry about money again.”
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