But that’s no longer the reality. When it comes to shop-till-you-drop, globe-trotting multi-millionaires, Europe is far—really far—behind its counterparts in Asia and America, Henley & Partners’s latest Centi-Millionaire Report reveals.

The report examines the growth of ultra-rich individuals whose wealth tops $100 million between 2013 and 2023. This group has exploded by over 50% in these 10 years, with nearly 30,000 individuals joining the high-flying rich club. 

The stunning growth in wealth hasn’t been equal, though—if anything, Europe is slipping behind by a long margin. The number of centimillionaires has only grown by 26%, or half of the world’s growth rate.      

“It’s clear that the story of centi-millionaires is one of dynamism and change. From the tech-driven booms in China and the USA to the emergence of new wealth hubs around the world, the geography of extreme affluence is shifting away from Europe,” said Juerg Steffen, the CEO of Henley & Partners, which analyses private wealth and immigration trends. 

The trend won’t stop anytime soon. London will be the biggest loser in continental Europe, with the fewest centimillionaires set to be added to the ever-growing list between now and 2040. Moscow, Zurich, and Madrid will also follow suit.

Meanwhile, the likes of Dubai and Shenzhen will become the stomping ground for new centimillionaires, the report suggests.

However, the hidden gems of European wealth are in some of the region’s more understated parts. Think Monaco, Malta, and Poland, where the number of multimillionaires can expect to surge by 75% or more. 

The trend of the wealthy fleeing from Europe has been driven by a confluence of things, including greater political uncertainty, shifting tax policies in Italy and the U.K., and years of lackluster trading compared to its competition on both sides of the globe. And sure, Europe has Bernard Arnault and Mark Mateschitz, who are high-profile billionaires who have seen their business empires grow immensely. But the U.S. has benefited more from the migration of wealth, greater stock market liquidity, and overall wealth creation.

Yesteryear Europe 

If only Europe could bring back its glory days. 

In the not-so-distant past,  Britain and France were some of the continent’s and world’s wealthiest countries. The European region and all its economies boomed after the Industrial Revolution, too.

Ironically, the trend of wealth transfer has reversed in some ways. Now, more people are fleeing from countries like the U.K., compounded by Brexit. 

Britain alone could lose 500,000 millionaires within the next five years, according to a UBS Wealth report from July. Belgium, Germany, and Spain will be among the destinations for Britain’s wealthy who are looking for a better place to park their money.

For now, there are still some pockets where wealth can be made, including in Paris, the highest-ranking European city by the increase in centimillionaires.   

The question remains: What will become of Europe and its people if it inhibits future wealth creation compared to the rest of the world?  

A version of this story originally published on Fortune.com on September 18, 2024.