London is home to more multimillionaires than any other city in the world, with 25 per cent more “super-rich” than its closest rival Tokyo.
According to data compiled by GlobalData WealthInsight, a company that focuses on analytics of high net worth individuals, the number of multimillionaires living in the capital has grown by 3.4 per cent to 4,549 in the past year, followed by Tokyo (3,611) and Singapore (3,213) in second and third place respectively.
Two other UK cities made the top 100 with Birmingham ranking in 65th place with 138 multi-millionaires living in the city and Edinburgh at 74th with 112 multi-millionaires.
Commenting on the findings, Oliver Williams, Head of WealthInsight says: “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.”
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Our specialist team at Beavis Morgan offers over 40 years’ experience in helping high net worth individuals maintain their capital value and manage their income levels, to assist in continuing to meet their lifestyle goals.
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