Thursday, 09 May 2013 10:58
London tops table for multi-millionaires
London has topped the tables as the city with the most multi-millionaires, according to research company WealthInsight.
The city beat off competition from cities such as New York City and Hong Kong to the top spot.
London has 4,224 multi-millionaires, individuals with more than $30m (£19m). In second place was Tokyo with 3,525 multi-millionaires followed by Singapore with 3,154.
The report was conducted by the research firm based on information from over 60,000 high net worth individuals around the world.
London dropped in the rankings however when it came to millionaires with more than $1m (£643,000) in net assets excluding primary residences falling to third place behind Tokyo and New York City.
The report cited London as having 281,000 millionaires behind Tokyo's 461,000 and New York City's 389,000.
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It was also in third place for the number of billionaires behind New York City and Moscow. London has 54 billionaires behind New York City's 70 and Moscow's 64.
When ranked by country rather than city, the UK was rated as the country with the fifth most millionaires with 675,000. The report highlighted that over 40 per cent of the UK's wealth was centred in London, a trend also noted in Rome in Italy, Mexico City in Mexico and Seoul in South Korea.
Looking ahead to 2020, the United States was expected to remain the country with the most millionaires, up from 5.2m in 2012 to 7.3m in 2020. The UK is set to drop from fifth place to sixth place despite a rise from 675,000 to 920,000 millionaires and be replaced by India, a new entry to the table.
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The city beat off competition from cities such as New York City and Hong Kong to the top spot.
London has 4,224 multi-millionaires, individuals with more than $30m (£19m). In second place was Tokyo with 3,525 multi-millionaires followed by Singapore with 3,154.
The report was conducted by the research firm based on information from over 60,000 high net worth individuals around the world.
London dropped in the rankings however when it came to millionaires with more than $1m (£643,000) in net assets excluding primary residences falling to third place behind Tokyo and New York City.
The report cited London as having 281,000 millionaires behind Tokyo's 461,000 and New York City's 389,000.
{desktop}{/desktop}{mobile}{/mobile}
It was also in third place for the number of billionaires behind New York City and Moscow. London has 54 billionaires behind New York City's 70 and Moscow's 64.
When ranked by country rather than city, the UK was rated as the country with the fifth most millionaires with 675,000. The report highlighted that over 40 per cent of the UK's wealth was centred in London, a trend also noted in Rome in Italy, Mexico City in Mexico and Seoul in South Korea.
Looking ahead to 2020, the United States was expected to remain the country with the most millionaires, up from 5.2m in 2012 to 7.3m in 2020. The UK is set to drop from fifth place to sixth place despite a rise from 675,000 to 920,000 millionaires and be replaced by India, a new entry to the table.
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
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