ISTANBUL

The number of centi-millionaires -- individuals with a fortune of $100 million or more -- has skyrocketed by 54% over the last decade, reaching over 29,300 people worldwide, according to a report from investment consultancy firm Henley & Partners as the US and China have seen the most significant increases in this category of the super-rich.

China recorded an astonishing 108% increase in centi-millionaires in the last 10 years, while the US experienced an 81% rise. In contrast, Europe saw a modest 26% increase over the same period.

Henley & Partners' “Top 50 Cities for Centi-Millionaires” list highlights where the global elite are concentrated and where they are moving

The US leads the pack with 744 centi-millionaires in New York, 675 in San Francisco and Silicon Valley, and 496 in Los Angeles.

The report notes that the US holds more than 30% of the world's liquid investable wealth, with total assets amounting to $67 trillion.

However, this figure may shift depending on the outcome of the upcoming US presidential election.

Proposed tax increases for centi-millionaires, supported by Vice President Kamala Harris, could spur the wealthy to seek residence elsewhere.

The rapid increase in Asia's wealthy is notable, particularly in cities like Beijing, which now hosts 347 centi-millionaires, followed by Singapore with 336, Shanghai with 322, and Hong Kong with 320.

In Europe, once the global financial center, London remains a hub with 370 centi-millionaires, ranking fourth globally, though the region has seen slower growth compared to its counterparts in Asia and the US.

The report forecasts cities like Hangzhou, Shenzhen, and Taipei in Asia, and Dubai and Abu Dhabi in the UAE, will witness explosive growth in their centi-millionaire populations over the next 16 years.

Meanwhile, cities like Chicago, Moscow, Zurich, and Madrid are expected to experience more moderate growth, with an estimated increase of less than 50% in the next decade.