London Has the Most Millionaires, New Study Finds
Wednesday 6th August 2014
The New World Wealth consultancy has released new figures confirming London’s place as the millionaire capital of the world.
New numbers from a study published earlier this year have ranked London above financial giants New York and Hong Kong, with figures showing that 3% of London’s population own more than $1 million(£594,000) in assets.
Britain’s capital was measured alongside financial heavyweights with the numbers revealing that 1 in every 35 people living in the city had assets exceeding the dollar million mark. New York City came in second place, just 57,000 millionaires short of the top spot.
These findings highlight the concentration of wealthy people living in the capital city, in contrast with many other countries whose wealth is principally split across multiple cities.
The figures were calculated with net assets in mind, meaning that figures reflect property ownership—not actual liquid funds. These figures also highlight London’s concentration of high market value properties as well as EU free movement laws which allow wealthy EU residents to buy property in the capital.
Hong Kong ranks number one in greatest number of multi-millionaires (net assets exceeding $10 million) with 15,400 multi-millionaires living in the Chinese region. Hong Kong knocks New York City (14,300) and London (9,700) into second and third place, respective on the index of multi-millionaires.