Tuesday 14 June 2016 4:03 am

London now has one millionaire for every 29 inhabitants as Monaco tops millionaire chart

London now has one millionaire for every 29 inhabitants, or 3.4 per cent of the population, new research has revealed.

The UK capital has climbed from sixth to fifth place in a ranking of the world's top cities per capita for people with net assets worth $1m (£0.7m) or more, excluding the value of their main house.

London rival New York – recently revealed by City A.M. to be lagging behind London in a ranking of the world’s top financial centres – is named as the top North American city and fourth globally, with almost one in 21 of the city's residents millionaires, figures from data provider Wealth Insight show. The findings will be published today by Spear’s, the luxury magazine.

Read more: London is home to more multi-millionaires than any other city

"London’s financial strength has seen it rise through the rankings; it now boasts more millionaires per head than Frankfurt despite being the second most populous city on the list after New York”, said Oliver Williams of WealthInsight.

The glamorous sovereign city-state of Monaco topped the list and is home to more millionaires per capita than any other city in the world.

Monaco – known for its expensive yachts, lavish casinos, and low tax rates – boasts almost one millionaire for every three inhabitants (31.1 per cent).

Read more: Fintech helps London to keep global finance title

In second and third place are Swiss banking centres Zurich and Geneva with millionaires making up 24.3 per cent and 17.7 per cent of the respective populations.

"Although seven European cities make up the top 10, less than half of them are in the European Union," Williams added. "Zurich and Geneva, however, have both seen a fall in their millionaire densities as outside pressures exert themselves on the Swiss private banking industry.”

Oslo, Hong Kong, Frankfurt, Singapore, and Amsterdam complete the top 10.