London is home to more millionaires than anywhere else in Europe with 258,000 people who can boast 6 figures to their name.
The ample number of millionaires living in the capital sit alongside 36 billionaires, which is, again, the most on the continent.
New research from Henley & Partners reports on figures from 2023 as they compile their ‘World’s wealthiest Cities Report.’
New York comes in at Number 1 with the most millionaires at an eye watering 340,000.
However they are pipped to the post by San Francisco and the wider Bay area when it comes to billionaires with a staggering 63 living in the area dubbed ‘silicon valley,’ the most in the world.
London leads the way for millionaires in Europe
London, the only UK entrant in the top 20, has the fourth most millionaires of any city in the world.
The next most in Europe are in Frankfurt in Germany with just over 100,000 millionaires and 16 billionaires.
Other European entrants in the top 20 are Zurich in Switzerland, the French capital Paris and Geneva, also in Switzerland.
Manchester is home to the second most millionaires in the UK with just over 24,000 millionaires, which is just below Abu Dubai, Auckland and Madrid.
Edinburgh is the only other UK city in the 97 cities studied by the report.
New York home to the wealthiest people on earth
New York is currently the wealthiest metropolitan area in the world, with the number of millionaires increasing by 40 percent during 2021 and 2022.
This is despite the pandemic leading to a number of the city’s wealthiest people leaving to more rural locations.
The Bay area in California boasts the fastest growing millionaire population on the list, a result of the huge tech boom over the last decade. The number of millionaires grew by 68 percent since 2012.
Companies such as Apple, Cisco, Dropbox and Adobe all call Silicon Valley home, with many of their founders and top executives residing in the area.
Growth Rate slow compared with other cities
However London has seen the number of high net worth individuals, defined as a person who has ‘liquid’ assets of over $1 million, decline significantly from 2012.
There are now 15 percent less millionaires in London than 12 years ago, with Edinburgh seeing comparable levels of reduction losing 12 percent of its millionaires.
UBS’ Global Wealth Report has said that they expect the number of millionaires in Britain to fall by 17 percent by 2028.
Explanations and theories for this range from Britain scrapping ‘non-dom,’ status for many millionaires based in the UK, alongside sanctions against Russia and the greater pull factors from cities like Dubai and Singapore.