Spear’s magazine and leading wealth consultancy company WealthInsight have revealed on June 14th, 2016, the cities with the Highest Percentage of Millionaires per Capita (per head of the population) in an article written by Codelia Mantsebo . We reproduce this article as a good and educational read of the weekend.
Cities with the most millionaires per capita . . .
Our research shows that sovereign city-state Monaco still has the highest percentage of millionaires with almost one in three inhabitants classed as a millionaire.
Tax havens Zurich and Geneva follow in second and third place. New York is named as the top North American city and fourth overall with almost one in twenty one people named as millionaires.
London moved up one in the ranking to fifth overall with one in twenty nine inhabitants being named as millionaires.
Commenting on the findings, Oliver Williams of WealthInsight said “Monaco continues to add more millionaires per head of its population than anywhere else: it has seen its density go up by 6% since the last ranking two years ago. Such is the escalating exclusivity of the Principality that only the ultra-wealthy are able to lay hands on Monegasque passports.
“London’s financial strength has also seen it rise through the rankings; it now boasts more millionaires per head than Frankfurt despite being the second most populous city on the list after New York”.
“It’s interesting to note that, although seven European cities make up the top 10, less than half of them are in the European Union. Zurich and Geneva, however, have both seen a fall in their millionaire densities as outside pressures exert themselves on the Swiss private banking industry.”
Read more at Spear’s Magazine
In Asia, the article survey commissioned by the Elite Traveler luxury media group has found that both Hong Kong and Singapore have the highest percentage of high net worth individuals in Asia, with almost three in every one hundred inhabitants classed as a millionaire.
The research by Spear’s Magazine and leading wealth consultancy company WealthInsight revealed that just over two in every 100 people classed as millionaires in Doha.
Its millionaire density of 2.2% put it well ahead of Dubai (1.2%), which ranked 11th, and Abu Dhabi (1.1%), which was ranked 13th in the list.
The only other Gulf city to make the top 20 in Asia and the Middle East was Riyadh, with a millionaire density of 0.4%, the report showed.
“Doha has the highest density of millionaires in the Middle East, largely driven by oil and gas revenues. However, as wealth in the Gulf dries up alongside oil prices, entrepreneurial cities such as Tel Aviv will take their places.”