Centuries ago, being one of the wealthiest people in Europe meant living in Europe’s most important trading centres and working in lucrative industries.
But that’s no longer the case: according to Henley & Partners’ latest Senti Millionaires Report, Europe is lagging far behind its Asian and American peers when it comes to globetrotting, shopping-spree billionaires.
The report examines the rise in ultra-wealthy individuals — those with assets exceeding $100 million — between 2013 and 2023. This group has surged by more than 50% in the past decade, with around 30,000 people joining the ultra-wealthy club.
But the astounding wealth growth has not been equal. In fact, Europe has lagged far behind. The number of people with wealth of more than $1 million has increased by just 26 percent, half the rate of growth worldwide.
“The story of the $10 million-plus demographic is clearly one of dynamism and change. From the tech boom in China and the US to the emergence of new wealth centres around the world, the geography of the ultra-wealthy is moving away from Europe,” said Jürg Steffen, CEO of Henley + Partners, which analyzes private wealth and migration trends.
This trend is unlikely to stop anytime soon, and London will be the biggest loser in continental Europe. Least Millionaires It will be added to the growing list between now and 2040, with Moscow, Zurich and Madrid following suit.
Meanwhile, cities like Dubai and Shenzhen will become new billionaire hubs, the report suggests.
But the hidden gems of European wealth lie in the region’s lesser known pockets: think Monaco, Malta and Poland, where the number of billionaires is expected to soar by more than 75%.
The trend of the wealthy fleeing Europe is driven by a confluence of factors, including growing political uncertainty, changes in tax policies in Italy and the UK, and trade that has been sluggish for years compared to rivals on both sides of the globe. And yes, Europe is home to some famous billionaires, such as Bernard Arnault and Marc Mateschitz, who have grown large business empires. But the US Benefiting from There will be more benefits from wealth transfer, increased liquidity in the stock market, and overall wealth creation.
long ago Europe
I wish Europe could return to its glory days.
In the not-too-distant past, Britain and France were among the wealthiest countries in continental Europe and the world. The European region and all its economies continued to thrive after the Industrial Revolution.
Ironically, the trend of wealth transfer is in some ways reversing, with more people now fleeing countries such as the UK, compounded by the effects of Brexit.
A July report by UBS Wealth said the UK alone could lose as many as 500,000 billionaires over the next five years, with wealthy British people looking for better places to park their money moving to countries like Belgium, Germany and Spain.
For now, there are still a few places to make money, including Paris, which leads all European cities in terms of the number of billionaires it produces.
The question remains: if Europe is hampered in future wealth creation relative to the rest of the world, what will become of Europe and its people?
