Since 2003, the proportion of people with at least $100 million has doubled

A recent study found that as asset prices surged globally over the previous 20 years, the population of the very affluent, or individuals worth $100 million or more, doubled.

According to a recent research by wealth and migration advisory firm Henley & Partners, which used data from New World Wealth, there are currently 28,420 so-called centi-millionaires globally, an increase of 12% over the previous year and more than twice as many as there were in 2003.

The quick rise in centimillionaires is a reflection of the low interest rate environment’s impact on asset values, which increased the value of everything from real estate and land to stocks, small businesses, and fine art. The growth of the ultra wealthy has also been aided by the rise of digital wealth, particularly in the United States. According to Forbes and other wealth-tracking companies, there are now more than 2,600 billionaires in the world, up from less than 500 in 2003.

According to Amoils, the majority of today’s millionaires got their wealth by founding their own businesses or providing funding to new ventures. According to the report, the U.S. continues to be the leading hub for entrepreneurship and billionaires, with 38% of the world’s population having a net worth of at least $100 million.

In the late 1990s, $30 million was seen by the majority of banks as the fortune required to achieve this position, he added. But since then, asset prices have increased dramatically, making $100 million the new standard.

While there are not many billionaires in many smaller, less developed nations, there may be dozens or even hundreds of centi-millionaires there. According to Amoils, there is frequently little discernible difference between a person earning $100 million and a billionaire in terms of lifestyle.