Monaco remains the top spot worldwide for the density of millionaires, but there has been a small slippage in recent years, according to the latest figures from Verdict, a business news and analytical organisation.
While it has been known for some time that just under a third of people – 30.6 percent – living in Monaco have a net worth of more than $1 million excluding the value of their principle residence. This year records a fall of 0.5 percentage points compared to 12 months earlier.
European cities dominate the global millionaire density rankings, with Geneva, Zurich and Zug in second, third and fourth position, followed by London, where one person in 29 is a millionaire. Two former British colonial city-state outposts with liberal economies represent Asia – Hong Kong, in sixth place, and Singapore in seventh. Frankfurt is ranked eighth and New York ninth, ahead of Paris in tenth position.
Tellingly, the gap between Monaco and the three Swiss cities remains very wide, with Geneva having a millionaire density of six percent. The French capital, at the bottom end of the top ten, records just two percent.
Verdict’s editor commented: “It is heartening to see London’s density of millionaires all but unaffected by last year’s Brexit vote suggesting people are waiting to see how negotiations between the UK and the European Union play out over the next couple of years.”
Article first published May 28, 2017.