London cements position as global home for multi-millionaires, extending lead over nearest rivals Tokyo, Singapore and New York

 
William Turvill
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London was home to 4,549 residents with net assets worth $30m (£23m) or more at the end of 2016 (Source: Getty)

London has cemented its position as the global home for multi-millionaires, new research out today shows.

The number of residents in the city with net assets worth $30m (£23m) or more grew last year to 4,549, up 3.4 per cent from 4,400 in 2015.

In the year the UK voted for Brexit, London even extended its multi-millionaire lead over its closest rivals, according to Verdict.co.uk and Wealth Insight.

Tokyo now has 3,611 multi-millionaires (up 2.2 per cent), Singapore 3,213 (up 3.1 per cent), New York 3,093 (up 2.1 per cent) and Hong Kong 2,722 (down 2.4 per cent).

Read more: How millionaires feel about Brexit summed up in three charts

European cities Frankfurt and Paris came in fifth and sixth places, with multi-millionaire populations of 1,953 (up 2.8 per cent) and 1,540 (up 1.6 per cent) respectively. In 46th place, Dublin was found to be the fastest-growing city, with 8.8 per cent growth to 406.

“In the fourth year of this study we see London’s appeal undiminished to multi-millionaires both at home and abroad,” said Oliver Williams, head of Wealth Insight.

“Growth in the City’s economy has defied Brexit in creating new wealth and London draws ever more affluent individuals from overseas attracted by its friendly business laws, quality of life and all the services a multimillionaire could ever need.”

Elsewhere, a report commissioned by wealth manager Kleinwort Hambros published today found that overall wealth in Great Britain has grown by 4.5 per cent year since the 2008 financial crisis, from £8.5 trillion to £11.5 trillion.

The report also found that the richest householders in Greater London have the most wealth in the country, with an average of £1.4m, up 65 per cent since 2008.

“London is a world-leading financial centre and home to many financial services providers, including the stock market, banks, asset managers and investment managers,” said Paul Kearney, head of private banking at Kleinwort Hambros.

“With many of its inhabitants working in a successful and global financial services industry, it is clear to see why there has been strong house price inflation over the last few years and why property contributes significantly to the overall wealth of households in the area.”

Read more: British millionaires bullish on Brexit

Rank City Country Number of multi-millionaires Change, 2015-2016
1 London UK 4549 3.4%
2 Tokyo Japan 3611 2.2%
3 Singapore Singapore 3213 3.1%
4 New York USA 3093 2.1%
5 Hong Kong Hong Kong 2722 -2.4%
6 Frankfurt Germany 1953 2.8%
7 Paris France 1540 1.6%
8 Osaka Japan 1485 2.2%
9 Beijing China 1472 1.6%
10 Seoul South Korea 1420 4.0%
11 Zurich Switzerland 1376 1.9%
12 Taipei Taiwan 1374 3.3%
13 Sao Paulo Brazil 1279 -8.6%
14 Geneva Switzerland 1224 2.2%
15 Toronto Canada 1218 1.2%
16 Istanbul Turkey 1204 3.0%
17 Munich Germany 1179 3.0%
18 Mexico City Mexico 1143 2.9%
19 Shanghai China 1123 1.7%
20 Los Angeles USA 992 2.4%
21 Rome Italy 957 1.9%
22 Hamburg Germany 886 2.7%
23 Houston USA 851 3.3%
24 Chicago USA 849 1.9%
25 Moscow Russia 801 3.9%
26 Sydney Australia 785 3.2%
27 Mumbai India 685 5.5%
28 Hangzhou China 642 1.9%
29 Dallas USA 605 2.9%
30 Auckland New Zealand 602 6.5%
31 Riyadh Saudi Arabia 593 1.9%
32 Madrid Spain 560 2.6%
33 Rio De Janeiro Brazil 546 0.7%
34 San Francisco USA 545 2.6%
35 Dusseldorf Germany 542 2.7%
36 Montreal Canada 535 1.5%
37 Tel Aviv Israel 533 0.2%
38 Oslo Norway 508 2.8%
39 Stockholm Sweden 505 3.5%
40 Bangkok Thailand 489 3.4%
41 Berlin Germany 486 3.0%
42 Melbourne Australia 465 2.4%
43 Amsterdam Netherlands 457 2.7%
44 Shenzhen China 454 6.8%
45 Barcelona Spain 452 2.5%
46 Dublin Ireland 406 8.8%
47 Vienna Austria 404 2.0%
48 Boston USA 402 2.3%
49 Dubai UAE 402 5.0%
50 Copenhagen Denmark 366 2.5%
51 Jakarta Indonesia 365 1.7%
52 Brussels Belgium 359 2.9%
53 Guangzhou China 354 5.0%
54 Washington USA 353 2.3%
55 Yokohama Japan 351 2.0%
56 Doha Qatar 344 3.0%
57 Kuala Lumpur Malaysia 333 5.4%
58 Santiago Chile 322 2.9%
59 San Diego USA 309 1.0%
60 Johannesburg South Africa 304 3.1%
61 Calgary Canada 303 7.4%
62 Perth Australia 288 6.3%
63 Athens Greece 282 7.2%
64 Nagoya Japan 278 2.6%
65 Vancouver Canada 268 1.9%
66 Buenos Aires Argentina 258 -1.9%
67 Phoenix USA 254 0.8%
68 Lisbon Portugal 240 0.0%
69 Milan Italy 238 2.1%
70 Miami USA 237 2.6%
71 Kyoto Japan 236 2.6%
72 San Jose USA 220 0.9%
73 Nanjing China 218 1.4%
74 Stuttgart Germany 217 4.8%
75 Monaco Monaco 209 2.5%
76 Gothernburg Sweden 206 4.6%
77 Tianjin China 179 1.1%
78 Delhi India 177 7.3%
79 Abu Dhabi UAE 176 5.4%
80 Bogota Colombia 175 1.7%
81 Lima Peru 175 2.3%
82 Cologne Germany 169 1.2%
83 Cairo Egypt 162 6.6%
84 Kobe Japan 148 2.1%
85 Warsaw Poland 146 3.5%
86 Manila Philippines 145 2.8%
88 Jeddah Saudi Arabia 143 1.4%
87 Birmingham UK 143 3.6%
89 Chengdu China 142 6.0%
90 Changsha China 142 6.8%
91 Ankara Turkey 141 4.4%
92 Hanover Germany 140 2.2%
93 Florence Italy 137 1.5%
94 Rotterdam Netherlands 136 0.7%
96 Nice France 135 1.5%
95 Saitama Japan 135 3.1%
97 Lagos Nigeria 134 1.5%
98 Turin Italy 133 -1.5%
99 Mississauga Canada 132 6.5%
100 Ottawa Canada 132 6.5%

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