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Over one in every 30 a millionaire in London28 Jul 2014
New research from WealthInsight, together with wealth management magazine SPEAR's, ranks cities by percentage of millionaires.
- London has the sixth highest percentage of millionaires of any global city with over one in every 30 a millionaire
- City-state Monaco comes out top in terms of millionaire density with almost a third of its tiny 37,000 population classed as millionaires
- Tax havens Zurich and Geneva are second and third by percentage of millionaires, followed by key financial markets New York and Frankfurt
London, 24 July 2014 - The new research from WealthInsight, together with wealth management magazine SPEAR's, shows that in Monaco you are only ever a stone's throw from a millionaire - with almost a third of the population classed in this financial bracket. Not too far behind are Swiss banking centres Zurich and Geneva in second and third place. Key financial centres New York and Frankfurt come in fourth and fifth.
London has the sixth highest percentage of millionaires of any city in the world, with 3.39 per cent of its population - or one in 30 - a millionaire or above. This means there is a total of 281,000 millionaires based in the capital.
WealthInsight Analyst, Oliver Williams says: "Favourable tax and outstanding location are important criteria for attracting clusters of millionaires, but so too is ready access to wealth managers and private banks. Switzerland's two financial hubs of Zurich and Geneva are traditional havens of private banking, but also London, the world's third largest home of millionaires." According to Williams, there is much more to London's high net worth appeal than easy access to finance: "What millionaires particularly love about London is its political stability and heritage. Owning a piece of history in a city such as London is an aspiration for many, particularly wealthy individuals from overseas." A ranking like this is important adds Williams "because wealthy individuals, more than any other group, will change their home and even their domicile based on these factors."
Josh Spero, Editor of SPEAR's, says: "It's no surprise that London has so many millionaires - it is a magnet for home-grown and foreign talent in every field and where the wealthy come to enjoy their money. But London's continued success is not guaranteed, and big issues like membership of the EU and how we tax our citizens and businesses will determine whether we have more millionaires or fewer in the future. We also always need to bear in mind that having millionaires isn't itself a good thing if it means inequality, which is damaging to everyone if it goes up."
In New York, over one in every 25 residents are classed as a millionaire or above (4.63% or 389,100 people in total). New York has also been revealed to have the highest percentage of millionaires of any city in the US. The other US inclusions are oil capital Houston, Texas at number 18 (2.09%) and the city of San Francisco (2.07%), whose millionaire population has risen rapidly in recent years thanks to the proximity of Silicon Valley.
Top 20 global cities by millionaire density:
1. Monaco (29.21%)
2. Zurich (27.34%)
3. Geneva (17.92%)
4. New York (4.63%)
5. Frankfurt (3.88%)
6. London (3.39%)
7. Oslo (2.90%)
8. Singapore (2.80%)
9. Amsterdam (2.63%)
10. Florence (2.59%)
11. Hong Kong (2.58%)
12. Rome (2.54%)
13. Dublin (2.40%)
14. Doha (2.31%)
15. Toronto (2.29%)
16. Venice (2.25%)
17. Brussels (2.11%)
18. Houston (2.09%)
19. San Francisco (2.07%)
20. Paris (2.04%)
Source: Company Press Release