Top 20 cities for millionaires
New research reveals that Monaco has highest percentage of millionaires, with three in 10 people.
Research conducted by Spear’s Magazine, in conjunction with wealth consultancy company WealthInsight, found that Swiss banking capitals Zurich and Geneva, also had a high percentage of millionaires.
Key financial centres New York and Frankfurt placed fourth and fifth.
London, in sixth place, has 281,000 millionaires, or 3.39% of its population, Spear’s Magazine said.
WealthInsight defines ‘millionaires’ as individuals with net assets of US$1 million or more, excluding their primary residences.
WealthInsight Analyst Oliver Williams said: “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 so too is London, the world’s third largest home of millionaires.”
Top 20 cities for millionaires:
| # | City | Millionaires (% of population) |
| 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 |
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