#075 – Centi-Millionaires & 365 Hours

Good morning everyone,

Hope you’re having a great week!

Let’s jump in.

read online on my website 

read time 3 minutes 

#075 at a Glance:

• Quote: The only work that really matters.

• Podcast: DOAC x Codie Sanchez II.

• Deep Dive: The Centi-Millionaire 2024 Report.

• Hack: 1-hour learning a language per week.

• Tweet: You can do incredible things in 365 hours.

Quote I’ve been thinking about:

Podcast I listened to:

The Diary Of A CEO with Steven Bartlett: Codie Sanchez

Codie Sanchez is the founder and CEO of ‘Contrarian Thinking’, a company and newsletter that provides financial education with over 2.5 million subscribers. She is also the author of the book, ‘Main Street Millionaire: How to Make Extraordinary Wealth Buying Ordinary Businesses’.

This was her second podcast with Steven Bartlett and in my opinion, her most valuable podcast appearance to date across all shows.

Here were just a couple of my favourite takeaways that I will be implementing moving forward:

• The only way to have freedom is through ownership.

• Your goal should be to have your boss as the first investor in your company.

• When you’re being interviewed for a role, you want to show the interviewer that you know almost everything you could possibly know about their company BUT with absolute humility and curiosity.

• Looking for a job should be approached like a sniper, not a machine gun.

• The combination of your skillset, network, and what gets you excited is your ‘unfair advantage’.

• Analyse the skills you have with the size of the problems you could potentially solve alongside the value of providing those solutions. (Sometimes, the answer is simply to apply your existing skillset to a different market).

• Seller finance is how 60% of small businesses are acquired.

• Obsessed people always beat interested people.

• Most businesses don’t have a marketing problem; they have a product problem.

• Be enterprising in everything you do and skew your decision-making positively towards ownership.

• Learning how to structure and execute deals is probably the highest leverage skill you can apply yourself to as a young person.

Listen on Spotify, Apple Podcasts, or YouTube.

[Podcast Length: 2 hours 3 minutes]

Deep Dive:

The Centi-Millionaire 2024 Report 

The Centi-Millionaire Report 2024 is published by Henley & Partners, the global leader in residence and citizenship by investment, in partnership with global wealth intelligence firm New World Wealth, which is currently the only known independent wealth research firm systematically tracking global wealth migration trends between countries and cities.

‘Centi-millionaires’ are defined as individuals with liquid investable wealth of USD $100 million or more.

I found it super fascinating to dig into this report because it shed light on a lot of the financial and geographical trends of the super-wealthy which will ultimately have a ripple effect on global markets, politics, economies, and asset classes over the coming years.

Here were some of the most fascinating insights that I extracted:

• The number of centi-millionaires has grown by more than 50% over the last decade, and there are currently 29,350 (known) individuals worldwide with liquid investable assets of USD $100 million or more.

• The MSCI World Index, a key barometer of global stock market performance, rose by 93% over the past decade, driven largely by the stellar performance of US and Asian tech stocks. Given that centi-millionaires typically allocate over 40% of their liquid investable wealth to listed equities, these market movements have had a profound impact on ultra-high-net-worth portfolios.

• Alternative assets have also played a role in wealth preservation and growth. Gold, often seen as a safe haven in times of economic uncertainty, saw its price increase by 72% over the decade. This appreciation has likely benefited many centi-millionaires who maintain gold holdings as a hedge against market volatility.

• Political uncertainty is a – if not, the – key driver behind the rising trend of millionaire and centi-millionaire migration.

• The Top 10 Cities for Centi-Millionaires (no. of Centi-Millionaires):

  • New York City, USA (744)

  • The Bay Area, USA (675)

  • Los Angeles, USA (496)

  • London, UK (370)

  • Beijing, China (347)

  • Singapore, Singapore (336)

  • Shanghai, China (322)

  • Hong Kong, Hong Kong (SAR China) (320)

  • Chicago, USA (290)

  • Paris, France (286).

• Looking ahead to 2040, the growth trajectory of centi-millionaire populations paints an intriguing picture of wealth accumulation and migration. Several Asian and Middle Eastern cities are poised for explosive growth, with Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi projected to see increases of over 150% in their centi-millionaire communities.

• Emerging markets are also set to make their mark. Riyadh in Saudi Arabia and Bengaluru in India are both forecast to enjoy growth of over 150% in their centi-millionaire populations over the next 16 years.

• In contrast, some of the world’s more established capitals – Chicago, Moscow, Zurich, and Madrid – are projected to experience sluggish growth of less than 50% between now and 2040.

• Roughly 65% of centi-millionaires own second homes outside their base country, and if one includes second homes within their base country, then this percentage rises to over 90%. In Europe, the top spots which have attracted real-estate purchases from centi-millionaires are:

  • Liguria, Italy.

  • Nice, France.

  • The Algarve, Portugal.

  • Cannes, France.

  • Mykonos, Greece.

• The Top 10 Most Expensive Cities for Centi-Millionaires (average price in USD per m² of a prime 200-400m² apartment in the city/town):

  • Monaco, Monaco (36,200)

  • New York City, USA (28,000)

  • Hong Kong, Hong Kong (SAR China) (27,500)

  • Saint-Jean-Cap-Ferrat, France (24,800)

  • Sydney, Australia (22,400)

  • London, UK (20,300)

  • Paris, France (18,500)

  • Los Angeles, USA (18,000)

  • Palm Beach, USA (17,800)

  • Miami Beach, USA (17,600).

You can read The Centi-Millionaire 2024 Report here.

Hack I’ve been using:

Spend 1-Hour Per Week Learning A New Language

Since I got back from overseas, I have really been trying to lock in my French.

I’ve found that taking 2 × 30-minute slots out of my week to focus on learning a new language can really break up the routine and consistently give me something new to look forward to.

Duo Lingo, YouTube, Quizlet, Google Translate, you can use whatever works best for you.

Set a timer on your phone, mute all notifications, and just enjoy the process of engaging with a completely different way of thinking – it’s so refreshing.

Tweet I liked:

You Can Do Incredible Things in 365 Hours

Thanks for reading! Grateful for your support.

Stay hungry, stay humble, stay curious. ⚡

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