The number of multimillionaires – individuals with a fortune of $100 million or more – has risen sharply by 54 percent in the last decade.

In the world there are more than 29.300 people who belong to this group, according to the report of the investment consulting firm "Henley & Partners".

The US and China registered the most significant increases in this category of wealthy people.

China saw a staggering 108 percent increase in centi-millionaires over the past ten years, while the United States saw 81 percent growth.

In contrast, Europe saw a modest increase of 26 percent over the same period.

Henley & Partners' "Fifty Best Cities for Centi-Millionaires" list highlights where the global elite are concentrated and where they are moving.

The US leads with 744 centi-millionaires in New York, 675 in San Francisco and Silicon Valley, and 496 in Los Angeles.

The report notes that the United States owns more than 30 percent of the world's liquid investment wealth, with total assets amounting to $67 trillion.

However, this figure may change depending on the outcome of the US presidential election in November. A proposed tax hike on millionaires, backed by Vice President Kamala Harris, could encourage the wealthy to move elsewhere.

There has been a rapid rise in wealth in Asia, particularly in cities such as Beijing, which now has 347 centi-millionaires, followed by Singapore with 336, Shanghai with 322 and Hong Kong with 320.

In Europe, once a global financial center, London remains a hub with 370 centi-millionaires and ranks fourth globally, although the region has seen slower growth compared to its counterparts in Asia and the US.