More multi-millionaires live in London than any other city in the world according to Spear’s magazine, in association with wealth consultancy company WealthInsight. The research shows that despite annual falls in the number of multi-millionaires living in London’s closest rivals Tokyo (2nd) and Singapore (3rd), London’s multi-millionaire population continued to grow by 0.8% from 2014 to 2015. The city’s multi-millionaire population now stands at 25% more than second placed Tokyo with 4,400 millionaires now residing in the city.
New York is America’s highest ranking city (4th) followed by Los Angeles (20th), and Houston (24th).
The eighteen cities that saw the biggest increases in multi-millionaire population year on year were all in Asia with the Chinese city of Dalian toping the overall rankings with a yearly increase of 5.4% multi-millionaires. On the opposite side, Kiev (-10.2%), St Petersburg (-7.9%) and Moscow (-6.8%) saw the biggest decreases followed by Sao Paulo (-5.7%), Abuja (-4.3%) and Rio de Janerio (-3.7%).
Commenting on the findings, Oliver Williams, Head of WealthInsight said: “For the three years that we have run this survey, London has maintained the lead with the largest population of multimillionaires. Though the growth in London’s wealthy residents has slowed from 3.3% last year to 0.8% this year, the capital looks set to maintain its edge over rivals such as Tokyo and Paris, whose economies have made them less attractive to multimillionaires. For the next two to three years at least we should expect London to retain its lead as the global capital of multimillionaires.”
On the larger ranking, Williams comments: “The biggest changes in this year’s ranking have been caused by political and economic turmoil. Ukraine and Russia have witnessed contractions as their wealthy residents flock overseas. The real success story of this year’s list has been the rise in multi-millionaires residing in Chinese and Indian cities.“
