Being a millionaire isn’t what it used to be. In their new 2012 Wealth Report, the property consultancy Knight Frank and Citi Private Bank take a look at the rise of the centa-millionaires of the world – those with at least $100m in liquid assets.
More centa-millionaires are popping up across the world thanks to what the report says is the central trend dominating the world’s prime property markets: “the relentless growth of ‘plutonomy’ economics, a phenomenon that sees the wealth of the richest 1 per cent growing far quicker than that of the general population.”
Globally, the number of centa-millionaires rose by 29 per cent from 2006-11, but in the Middle East they doubled in the same period, and are expected to rise by half again in the coming five years. There will be 1,000 new people with $100m or more in the Middle East by 2016.
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