The number of ultra-rich individuals in China has experienced a "remarkable" increase over the past decade, surpassing the growth rate in the United States, according to a recent study.

• Over the past decade, the world's wealthiest individuals have experienced substantial growth, with China driving this expansion, according to a recent study.
• The number of centimillionaires worldwide increased by 54% over the past decade, reaching a total of 29,350, with significant growth occurring in China and the U.S., according to a report from New World Wealth and Henley & Partners.
• Over the past 10 years, China's centi-millionaire population has grown by 108%, making its ascent the most dramatic among all countries.

According to a report from New World Wealth and Henley & Partners, the world's super rich club has grown significantly over the past decade, with China being the driving force behind this expansion.

The number of centimillionaires worldwide increased by 54% over the past decade, reaching 29,350, with significant growth in China and the U.S., according to a report. These ultra-high-net-worth individuals have investable wealth of $100 million or more.

According to Juerg Steffen, CEO of Henley & Partners, America and China have experienced a centi-millionaire boom, surpassing the performance of their European counterparts.

The report noted that China's growth in centi-millionaires has been the most dramatic, with a 108% increase over the past 10 years, surpassing even the impressive 81% growth in the U.S. super-wealthy population over the same period.

The emergence of tech centimillionaires and industrial titans propelled China's growth, according to Steffen. Currently, there are 2,350 centimillionaires residing in China.

Despite the recent economic downturn, China's economy has experienced a significant increase in centimillionaires between 2013 and 2020, according to Andrew Amoils, wealth analyst at New World Wealth. However, the growth in the number of ultra-rich has slowed down since 2020, with only a 10% increase.

According to Henley & Partners, cities such as Hangzhou and Shenzhen still have potential as emerging tech hubs and are projected to experience exceptional growth of over 150% in their centimillionaire populations by 2040.

The economic growth in Hangzhou and Shenzhen has surpassed the national average of 5% for the first half of 2024. Hangzhou's GDP grew by 6.9% year-on-year, while Shenzhen's GDP grew by 5.9%, driven by its industrial sector.

Amoils anticipates a significant increase in centimillionaire population in China between now and 2040, with a growth rate of 80% to 100%.

By 2040, both the U.S. and China are predicted to surpass the global average centimillionaire-growth rate of approximately 75%.

The report stated that several Asian and Middle Eastern cities are expected to experience a 150% increase in their ultra-rich populations, including Taipei, Dubai, Abu Dhabi, and India's Bengaluru.

Super wealth growth in Zurich, Chicago, Moscow, and Madrid is predicted to be less than 50% in the years leading up to 2040.

A staggering Europe

While larger European markets are experiencing sluggish performance, smaller ones such as Monaco, Malta, Montenegro, and Poland have seen significant growth in their centimillionaire populations, increasing by 75% or more.

The ultra-wealthy populations in cities like New York, Los Angeles, and the San Francisco Bay Area are predicted to increase by more than 50% in the U.S., making it a top wealth hub.

The outcome of the upcoming elections could determine America's continued dominance.

The upcoming U.S. presidential elections will have a significant impact on the growth and migration trends of centi-millionaires, as predicted by David Young, president of the Committee for Economic Development at think tank The Conference Board.

According to Henley and Partners' research, there has been an increase in affluent Americans considering alternative residence and citizenship options.