We can think of a few status symbols for the mega rich (like owning a tequila brand or having a private jet at your disposal), but it looks like there’s another way for the ultra-wealthy to rank: centi-millionaire status. And, according to a new report by London-based firm Henley & Partners, Canada has quite a few of them — in fact, Canada is ranked eighth in the world when it comes to our number of centi-millionaires.
What is a ‘centi-millionaire’?
But just how rich do you have to be in order to be considered a centi-millionaire? The report looked at the world’s 25,490 centi-millionaires, which it defines as “ultra-high-net-worth individuals” who have $100 million USD or more in investable assets.
The study “pulls back the curtain on a growing and powerful class of super-rich tech titans, financiers, multinational CEOs and heirs whose ranks have swelled amid a period of relative global prosperity and market gains — more than doubling in number over the past 20 years — and whose capital accumulation has been dramatically accelerated by the economically and socially disruptive effects of technology and the recent Covid pandemic,” according to a press release.
You might also like: The richest YouTubers of 2022 — based on net worth.
How many centi-millionaires are in Canada?
While the United States topped the list with 9,730 centi-millionaires (which works out to a whopping 38 per cent of all of the centi-millionaires in the world), Canada still made the top 10. With 514 centi-millionaires, Canada took eighth place overall.
How do you become a centi-millionaire?
As outlined in the press release, there’s not one way to become a centi-millionaire, but there are some generational differences of note. Specifically, despite many younger entrepreneurs acquiring a lot of wealth (by starting successful tech companies, for example), the release notes that the baby boomer still tends “to dominate the centi-millionaire circle despite many now cashing in their stock options and selling their businesses.”