The person who wrote this thought they'd be clever by using the SI prefix "centi", not realizing that it means one one-hundredth (as in "centimeter"). They should have used the prefix "hecto", which means one hundred.
Update: looked into this more and the "centi" part of the SI system comes from the Latin word "centum" which means 100, not 1/100. Definitely seems either usage is acceptable.
(They did the same for 1000 and 1/1000, deriving milli from Latin millum and kilo from Greek χίλιοι, but used Latin for both deca- and deci-, and used Greek for both giga- and micro. So far for consistency)
I don’t see how it follows that either usage is acceptable.
I always admired how simple, yet clever the SI prefix scheme is: use Roman numerals for sub-units (centi-, mili-), and Greek numerals for multiplies (deka-, hecto-, kilo-). Although I guess a century ago average well educated person was much more familiar with Latin and Greek languages.
I get the impression centimillionaire was a term invented so that journalists could make up headlines and stories that might seem relevant or interesting.
>The person who wrote this thought they'd be clever by using the SI prefix "centi", not realizing that it means one one-hundredth (as in "centimeter").
>In one year, Mr. Lay has been transformed from a centimillionaire with huge stock holdings to a multimillionaire whose wealth is mostly tied up in hard-to-sell assets.
It is because you are confusing an etymology (in 'centenary', 'centennial', 'centigrade'...) with a prefixing (in 'centimeter', 'centigram', 'centiliter'...).