Canada was ranked one of the top 10 countries for ‘centi-millionaires’

You’ve heard of millionaires and billionaires, but a new class of ultra-rich is emerging. According to a new report by Henley & Partners, centi-millionaires are on the rise and many of them are located here in Canada.

In the report, journalist Misha Glenny defines centi-millionaires as “ultra-high net-worth individuals whose wallets bulge with over USD 100 million in investable assets.”

The report claims that the number of centi-millionaires around the world has doubled in the last 20 years.

Generally, there are four different ways that these individuals have amassed their wealth: a generous inheritance, stock market success, selling a business and cashing out, or being the CEO of highly successful (tech and multinational) companies.

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There’s also an emerging number of tech-savvy millennial and Gen Z centi-millionaires who are relying on algorithms to help them invest and make boatloads of cash.

And of course, there’s also the kids with ultra-rich parents, who not only used their parents’ success to leverage their own but also benefitted from the “extraordinary injection of public money” caused by the pandemic.

This particular class is drawn to all things luxury — most of them own private jets and super yachts which they use to travel between their multiple mansions and splashy vacations.

According to Henley & Partners, there are only 25,490 centi-millionaires in the world as of June 2022, making them part of a “highly elite” category.

Out of the top 10 countries in the world with the highest number of centi-millionaire residents, Canada has landed in 7th place with 514 of them.

That’s even more than Russia, which only has 435.

The U.S. has the most of them, 9,730 to be exact, followed by China with 2,021 and India with 1,132.

As for the rest of us without rich parents or a successful business to sell, it looks like we’ll have to keep playing the lottery and hoping for the best.