Istanbul enters the 'Centi-Millionaire' city rankings

Stating that this number has more than doubled compared to 20 years ago, Henley & Partners CEO Dr. Juerg Steffen said, "Previously, 30 million dollars was sufficient for the definition of 'super-rich,' but this threshold is now 100 million dollars. It is significant that 4 countries from Asia are among the top 10 countries in the report. However, the top 3 cities are in the USA. While a decline in London is noteworthy, China, Saudi Arabia, and India are expected to lead the way in centi-millionaire growth over the next 10 years."

Centi-millionaires constitute the group whose wealth corresponds to hundreds of millions in currency, and Istanbul ranked 50th on the list this year. Henley & Partners Turkey Director Burak Demirel commented, "Istanbul is among the 'Top 50 Cities' in the world with 64 centi-millionaires, 10 of whom are billionaires. The growth forecast for Istanbul regarding centi-millionaires for 2023-2033 is at the same level as Frankfurt and Rome."

Henley & Partners, using New World Wealth data, published a new report on centi-millionaires whose wealth corresponds to hundreds of millions in currency. According to the "2023 Centi-Millionaire Report," the number of centi-millionaires worldwide reached 28,420, and it was noted that this number has more than doubled compared to 20 years ago. Stating that there has been a 12 percent increase compared to last year, Henley & Partners CEO Dr. Juerg Steffen said in his statement regarding the report, "We expect private wealth migration trends to return to pre-pandemic levels this year. Previously, 30 million dollars was sufficient for the definition of 'super-rich,' but this threshold is now 100 million dollars. It is significant that 4 countries from Asia are among the top 10 countries in the report. However, the top 3 cities are in the USA. While a decline in London is noteworthy, China, Saudi Arabia, and India are expected to lead the way in centi-millionaire growth over the next 10 years."

ASIAN AND MIDDLE EASTERN COUNTRIES STAND OUT

Dominic Volek, Group Head of Private Clients at Henley & Partners, who stated that they expect growth in centi-millionaires over the next 10 years, said: "Asia and the Middle East are among the regions where we expect centi-millionaires to stand out worldwide with a 38 percent increase. The wealth of this group comes from inheritance, the sale of small and medium-sized enterprises, stock market transactions, and leading multinational corporations and successful technology companies. According to the report, the highest number of centi-millionaires is in the USA with 38 percent. While the USA is followed by China and India, New York ranked first on a city basis with 775 centi-millionaires.

THERE ARE 64 CENTI-MILLIONAIRES IN ISTANBUL

Henley & Partners Turkey Director Burak Demirel stated that there are 64 centi-millionaires in Istanbul, which ranked 50th in the report, and provided the information: "The growth forecast for Istanbul regarding centi-millionaires for 2023-2033 is at the same level as Frankfurt and Rome. The seasonal change in Bodrum is also extremely remarkable. There are 8 centi-millionaires in Bodrum off-season, and over 100 during the peak season."

Stating that Henley & Partners, which provides consultancy services for citizenship and residence programs through investment to wealthy business people with more than 40 offices worldwide, has raised more than 12 billion dollars in foreign investment to date, Burak Demirel said, "The increasing interest in residence and citizenship by investment programs means that a much larger number of centi-millionaires are spreading across the world. Financial incentives and attractive investment opportunities alone are not enough to convince centi-millionaires. Governments need to handle these processes comprehensively. While the Caribbean, Austria, Greece, Spain, and Italy are currently among the most prominent programs in citizenship and residence programs, program requirements vary by country with investment amounts starting from 100 thousand dollars and going up to 8 million Euros. In Caribbean countries such as Grenada, St. Lucia, Antigua and Barbuda, and St. Kitts and Nevis, the minimum donation amount starts at 100 thousand dollars and the processes take 6-8 months. With citizenship obtained in the Caribbean, one can enter many countries including the UK, Hong Kong, Singapore, China, Russia, Israel, and the Schengen area without a visa."

ASIAN COUNTRIES RISING RAPIDLY ON THE LIST

There are 4 countries from Asia among the top 10 countries in the "2023 Centi-Millionaire Report." While Beijing with 365 and Shanghai with 332 centi-millionaires stand out in the top ranks in China, Singapore ranked 7th with 330 centi-millionaires, and Hong Kong ranked 8th with 305 centi-millionaires. While the USA left its mark on the report with New York with 692, The Bay Area with 692, and Los Angeles with 504 centi-millionaires taking the top 3 spots, London ranked 4th with 388 centi-millionaires. London, once considered a global wealth hub, had 406 centi-millionaires in previous years. In terms of growth, it was noted that China's e-commerce hub Hangzhou, which is among the top 50 cities, is expected to see a 95 percent increase in its centi-millionaire population over the next decade. Other countries where the fastest growth is expected were Saudi Arabia and India.

THERE ARE 182 CENTI-MILLIONAIRES WITH CRYPTO ASSETS

Dominic Volek said, "As our latest Crypto Wealth Report shows, the situation is also starting to change in the cryptocurrency sector. There are currently 182 crypto centi-millionaires with 100 million dollars or more in crypto assets," while New World Wealth Research Manager Andrew Amoils commented, "Many emerging market countries have very few billionaires, but these countries often have large centi-millionaire populations. For example, there are no billionaires in Kenya, but there are 15 centi-millionaires; in South Africa, there are only 5 billionaires compared to 102 centi-millionaires. Therefore, the hundred-million wealth band reflects the 'super-rich' community in these countries much more accurately."

News Source: 12punto