Many centuries ago, those that were among the many richest people in Europe lived in crucial trading metropolises and worked in lucrative industries.
But that is not the fact. When it involves multimillionaires who shop until they drop and travel the world, Europe is much – really far – behind its counterparts in Asia and the Americas, as the newest Centi-Millionaire Report from Henley & Partners shows.
The report examines the expansion within the variety of super-rich people whose wealth exceeds $100 million between 2013 and 2023. This group has grown by over 50% in those ten years, with nearly 30,000 people joining the super-rich club.
However, the breathtaking increase in wealth has not been uniform. In fact, Europe is lagging far behind. The variety of centimillionaires has only increased by 26 percent, which is barely half as fast as the worldwide economy.
“It is clear that the story of centennials is a story of dynamism and change. From the technology-driven booms in China and the US to the emergence of new wealth centers around the world, the geography of extreme wealth is shifting away from Europe,” said Jürg Steffen, CEO of Henley & Partners, a non-public wealth and immigration trends analyst.
This trend won’t end anytime soon. London will likely be the most important loser in continental Europe, with the fewest hundred millionaires By 2040, more cities will likely be added to the ever-growing list. Moscow, Zurich and Madrid may even follow suit.
At the identical time, cities like Dubai and Shenzhen have gotten a playground for brand spanking new centimillionaires, the report says.
Europe’s hidden gems, nevertheless, lie in among the lesser-known parts of the region. Think Monaco, Malta and Poland, where the variety of multimillionaires is predicted to extend by 75 percent or more.
The trend of the wealthy fleeing Europe is resulting from a confluence of things, including greater political uncertainty, changing tax policies in Italy and the UK, and years of lackluster trade in comparison with competitors on each side of the world. And after all, Europe has Bernard Arnault and Mark Mateschitz, two high-profile billionaires whose business empires have grown enormously. But the US has benefited more through wealth migration, greater liquidity on the stock markets and general wealth creation.
Yesterday Europe
If only Europe could bring back its glory days.
In the not so distant past, Britain and France were among the many richest countries on the continent and on the planet. The European region and all its economies also experienced a boom after the Industrial Revolution.
Ironically, the wealth transfer trend has in some ways reversed, with more people now fleeing countries just like the UK, exacerbated by Brexit.
The UK alone could lose 500,000 millionaires in the subsequent five years, in response to a July UBS Wealth report. Belgium, Germany and Spain will likely be among the many goal countries for Britain’s wealthy on the lookout for higher ways to take a position their money.
There are currently still a couple of places where you’ll be able to make a fortune, including Paris, the European city with the best variety of centimillionaires.
The query stays: What will develop into of Europe and its people if it loses out on future prosperity in comparison with the remainder of the world?
