London ranks first for multimillionaires; Singapore, Hong Kong charging fast: report
July 5, 2013, 11:20 AM
London is the home to more multimillionaires, 4,296, than anywhere else in the world, but is facing tough competition from Hong Kong, 2,560, and Singapore, 3,154, to keep that title, according to a new study.
The WealthInsight Intelligence Center Database, which tracks wealth and liquidity events, found Singapore and Hong Kong have the fastest growth rate for multimillionaires and could overtake London by 2020 if the trend continues.
The report defines a multimillionaire as someone with $30 million or more.
London also has the highest concentration of multimillionaires of any city in the U.K., with a total of 38%. Glasgow is next with 170, followed by Manchester with 153 and Leeds, with 144.
“Most multimillionaires in London are entrepreneurs, implying they have started a company of their own and have either sold it or retain a share ownership,” said Oliver Williams, analyst At WealthInsight. “This is why job titles like ‘Chairman’ and ‘Director’ are common among the multimillionaire community than ‘CEO’ or ‘Managing Director’.”
More multimillionaires now work in London’s W1 postcode, which includes Mayfair, Soho and Oxford Street, than in the City, London’s traditional financial center, according to the report.
The average wealth for a London-based multimillionaire is $160 million, according to the report.
A typical London millionaire is male, 57-years old and has a net worth of $186 million. He comes from the financial industry and lives in Belgravia, Victoria or Sloane Square, according to the report.
New York falls behind London for multimillionaires in fourth place, with 2,929, but beats out Paris, 1,500, and Beijing, 1,318, according to the study. The surprisingly low ranking for New York is explained by many wealthy New Yorkers living outside the city, particularly in places like Greenwich, Conn.
Tokyo is home to the most regular millionaires, defined as someone with $1 million or more not including their primary residents, with 461,000, followed by New York with 389,000. London, Paris and Frankfurt round out the top 5.
New York remains home to the highest concentration of billionaires, with 70 billionaires in the city, followed by Moscow, 64, and London, 54.
According to the study, the country with the most millionaires is the U.S. with more than 5 million, followed by Japan with just over 2 million. Germany, China and the U.K round out the top five.
– Sital S. Patel
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