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 Centuries back, amassing great wealth in Europe was closely tied to residing in its major trading hubs and engaging in profitable business sectors.


 However, this is no longer the truth. According to the newest Centi-Millionaire Report from Henley & Partners, when it pertains to extravagant shopping sprees and worldwide travels among ultra-wealthy individuals with assets worth multiple millions, Europe significantly lags behind both Asia and America.


 The study looks into the expansion of ultra-wealthy people whose fortune exceeds $100 million from 2013 to 2023. Over this decade, their numbers have surged by more than 50%, adding approximately 30,000 new members to the elite circle of the extremely affluent.


 While remarkable wealth has surged, this increase hasn't been evenly distributed—indeed, Europe seems to be falling further behind over time. The rise in the number of centimillionaires here has only climbed by 26%, which is just half of the global growth rate.


 It's evident that the tale of centi-millionaires involves dynamic shifts and transformations," stated Juerg Steffen, CEO of Henley & Partners, an organization focused on analyzing private wealth and migration patterns. "From technology-fueled growth spurts in countries like China and the U.S., to the rise of emerging financial centers globally, we're witnessing a significant relocation of immense riches away from Europe.

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 This trend isn't likely to cease soon. In continental Europe, London will face the most significant losses.
 fewest centimillionaires
 Added to the continuously expanding list between now and 2040, we can expect Moscow, Zurich, and Madrid to join as well.
 
 
 In the meantime, according to the report, places like Dubai and Shenzhen will serve as breeding grounds for new centimillionaires.
 
 
 Nevertheless, the lesser-known treasures of European prosperity lie within some of the continent’s less flashy areas. Consider places like Monaco, Malta, and Poland, which are anticipated to see an increase of at least 75 percent in their population of millionaires.
 
 
 The phenomenon of affluent individuals leaving Europe can be attributed to multiple factors, such as increased political instability and changes.
 tax policies
 In Italy and the U.K., along with decades of underwhelming trade performance relative to competitors across the world. Certainly, Europe boasts influential tycoons like Bernard Arnault and Mark Mateschitz, whose substantial wealth has significantly expanded over time. However, the U.S. stands distinctively different.
 has benefited
 more from the migration of wealth, greater stock market liquidity, and overall wealth creation.
 
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 Yesteryear
 
 Europe
 
 </h2>
 
 If only Europe could restore its golden era.
 
 
 Not long ago, Britain and France stood among the richest nations in Europe as well as globally. Following the Industrial Revolution, this boom extended across various European economies.
 
 
 Paradoxically, the pattern of wealth migration has shifted somewhat. Currently, an increasing number of individuals are departing from nations such as the U.K., with Brexit exacerbating this situation.
 
 
 The UK might see as many as 500,000 millionaires disappear over the next half-decade, suggests research.
 UBS Wealth report
 Starting from July, Belgium, Germany, and Spain will be some of the locations where Britain’s affluent individuals consider investing their wealth to find more suitable investment opportunities.
 
 
 Currently, there are still some areas where significant fortunes can be accumulated, such as in Paris, which ranks top among European cities for the rise in centimillionaires.
 
 
 The question still stands: What will happen to Europe and its inhabitants if it hinders future wealth generation relative to the rest of the globe?
 
 
 
 A variant of this tale was initially released on
 
 
 
 
 on September 18, 2024.
 
 
 
 The tale was initially showcased on
 
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Europe's Wealth Gap Widens: A Few Places Bucking the Trend

Unknown economic inequality, europe, investing economy, investors, wealth

Centuries back, amassing great wealth in Europe was closely tied to residing in its major trading hubs and engaging in profitable business sectors. However, this is no longer the truth. According t…