Indeed, it turns out that one in 29 Londoners holds the title of millionaire, according to research from Spear’s magazine and consultancy WealthInsight.
That figure puts the British capital in fifth place for a rundown of cities with highest percentage of millionaires per head of the population. The result means London has actually climbed from sixth place, as 3.4 per cent of the overall population are now millionaires.
The prestigious first place, however, goes to Monaco – there you’ll find that some 31.1 per cent of inhabitants are millionaires.
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.”
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The ten cities with the most millionaires are:
(1) Monaco – 31.1 per cent
(2) Zurich – 24.3 per cent
(3) Geneva – 17.7 per cent
(4) New York – 4.7 per cent
(5) London – 3.40 per cent
(6) Oslo – 2.9 per cent
(7) Hong Kong – 2.7 per cent
(8) Frankfurt – 2.7 per cent
(9) Singapore– 2.7 per cent
(10) Amsterdam – 2.7 per cent
“I think the reason we punch above our weight in attracting millionaires, highlights the fact that the rest of the world is more worried about the health of the EU than they are about the health of the UK and therefore consider London to be a safer haven for them,” added Robert Coe, founding partner of London-based chartered accountancy Wilder Coe.
“The fact that Frankfurt is still behind us, in spite of the doom mongers telling us that if we didn’t join the Euro London would fall behind Frankfurt and Paris as financial centres, says something about these forecasts.
“The currency speculators are depressing the value of the pound at present whilst uncertainty exists over the Referendum result and will recover even if the vote is to leave.”
As revealed on the Forbes billionaires list 2016, these are Britain’s ten wealthiest business moguls.
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