They’re called centi-millionaires, the super, super rich who possess US$100 million or more in investable assets.
There are just 25,490 centi-millionaires across the globe, according to research by Henley&Partners, and their numbers have more than doubled over the past 20 years.
As a luxury travel agent, how do you cater for these ultra-high-net-worth individuals who think nothing of splashing out for a US$ 1 million Patek Philippe watch, fine art and classic cars such as a 1960s Ferrari 250 GTO, valued at US$40 million?
Luxury yachts, Greek villas and private planes no longer cut the mustard, it seems.
Instead, mountain bike adventures and fly fishing holidays attract the super-rich, Henley&Partners says.
The United States is home to 38% (9,730) of global centi-millionaires, despite constituting only 4% of the world’s total human population.
The big emerging markets of China (2,021) and India (1,132) rank significantly higher than the main European markets by the number of centi-millionaires living in the country, with the UK in 4th place, followed very closely by Germany in 5th place.
Henley&Partners says the concentration of wealth is likely to move East. At around 57%, the growth of centi-millionaires in Asia will be twice that of Europe and the US over the next 10-year period.
A little surprisingly, the fastest growing market for centi-millionaires over the next decade is forecast to be Vietnam, with an astonishing 95% growth rate predicted. India is next in line with an anticipated 80% growth rate in individuals worth over US$100 million by 2032.
“Centi-millionaires are the new global citizens — and multinational living is now key to their wealth management strategies,” Henley&Partners says.