Spear’s magazine and leading wealth consultancy company WealthInsight have revealed the cities with the highest percentage of millionaires per head of the population in Europe.
Famous for its glamour and the heady excitement of its annual Gran Prix, Monaco now also boasts the most millionaires in Europe per capita.
One third of the microstate’s opulent yet comparatively diminutive population is classed as a millionaire.
‘Monaco continues to add more millionaires per head of its population than anywhere else: It has seen its density go up by 6% since the last ranking two years ago. Such is the escalating exclusivity of the Principality that only the ultra-wealthy are able to lay hands on Monegasque passports,’ elaborates Oliver Williams from WealthInsight.
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However, research conducted by the luxury media group Elite Traveler exposed other European cities that rank as home to the most millionaires.
Listing second and third respectively are banking giants Zurich and Geneva, who can boast their own share of affluent citizens. London gained steady ground by moving up to fourth place on a list of twenty, with one in twenty-nine individuals placing the Big Smoke behind Oslo.
The results not only elucidate the net worth of a city’s inhabitants, but also highlight that not all of Europe’s leading metropolises can generate this particular specimen of wealthy individual. Proving this point is Dublin in tenth position with one in forty millionaires, and Edinburgh, debuting at sixteenth place with one in sixty-seven. Both cities far out-rank other famous capitals such as Paris, Madrid, and Moscow.
Regarding the overall data, Oliver Williams enthusiastically explicates:
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‘London’s financial strength has also 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.
‘Edinburgh has the UK’s second highest density of millionaires. Mirroring London in its combination of politics and finance, it also maintains a small overall population relative to other Scottish and English cities.
‘Dublin has a higher density of millionaires than many other European capitals. Most of these have earned their wealth from Dublin’s burgeoning tech scene, which has attracted talent from both Europe and the US.’
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Ranked by HNWIs |
HNWI Density (Urban) | % Change | |
| 1 | Monaco | 31.1% | 6.1% |
| 2 | Zurich | 24.3% | -12.3% |
| 3 | Geneva | 17.7% | -1.1% |
| 4 | London | 3.4% | 0.2% |
| 5 | Oslo | 2.9% | 1.0% |
| 6 | Frankfurt | 2.7% | -42.8% |
| 7 | Amsterdam | 2.7% | 0.7% |
| 8 | Florence | 2.5% | -4.0% |
| 9 | Rome | 2.4% | -6.7% |
| 10 | Dublin | 2.3% | -3.2% |
| 11 | Venice | 2.3% | 2.0% |
| 12 | Paris | 2.0% | 0.1% |
| 13 | Brussels | 1.9% | -12.9% |
| 14 | Hamburg | 1.8% | -8.8% |
| 15 | Stockholm | 1.8% | -3.6% |
| 16 | Edinburgh | 1.5% | NEW |
| 17 | Vienna | 1.5% | 2.7% |
| 18 | Berlin | 1.2% | -31.4% |
| 19 | Moscow | 0.8% | -7.8% |
| 20 | Barcelona | 0.6% | 0.0% |
