ON is home to more residents worth over $30m (£19.2m) than any other city in the world, but the richest cities in China are catching up fast, new figures reveal.
The UK’s capital is home to 4,224 people with net assets worth $30m or more, excluding the value of their main house.
And more than four in ten of the country’s millionaires are situated in London, compared to the seven per cent of American millionaires based in New York City. There are 281,000 millionaires in London in total, more than either Paris or Frankfurt.
But London is beaten by New York and Moscow when it comes to billionaire residents, and Chinese centres Beijing and Shanghai are climbing the tables, figures from WealthInsight show.
Between 2012 and 2020, the research group expects China as a whole to have almost trebled its number of millionaires to become the second-biggest nation of millionaires behind the United States, leap-frogging Japan and Germany.
In the space of just eight years, the UK is set to fall from fifth to sixth place in the rankings, overtaken by India despite gaining a net 245,000 new millionaires, the research suggests.
The explosion of wealth in China has already been displayed in Forbes’ latest rich list, which in March found 29 new billionaires in the country, the highest number of newly-minted super-rich residents of any nation in the last year.