The two-comma club is growing

The number of people worth $100 million or more has doubled over the past twenty years, according to a new report from Henley & Partners.

• There are now 28,420 so-called centi-millionaires worldwide, up 12% over last year and more than twice the number that existed in 2003.
• Most of today’s centi-millionaires made their fortunes by starting their own companies or helping fund startups, CNBC reports. Which helps explain why the US, a dominant force in entrepreneurship and venture capital, has ~5x the number of centi-millionaires as China, the country with the second-highest concentration of those worth $100 million or more (10,660 vs. 2,358).

👀 Looking ahead… The number of centi-millionaires is similar to a male body entering college – expected to keep growing, but more slowly than the last twenty years. According to the Henley & Partners’ report, the centi-millionaire population will increase 38% over the next decade – from 28,420 people to ~39,000 – in large part due to the era of low interest rates being more in the past than a toxic ex.

💰 While we’re on the topic of wealth: Recent data from the Federal Reserve shows the top 1% of households by income held roughly 26.5% of household net worth at the end of June, up from about 25% in 2019.