New data published by WealthInsight, shows that Monaco has the highest percentage of millionaires in the world per capita, at almost one in three inhabitants.
However, more multi-millionaires live in London than any other city in the world according to Spear’s magazine, who worked in association with wealth consultancy WealthInsight to provide the data.
The research shows that despite annual falls in the number of multi-millionaires living in London’s closest rivals Tokyo (2nd) and Singapore (3rd), London’s multi-millionaire population continued to grow by 0.8% from 2014 to 2015.
The city’s multi-millionaire population now stands at 25% more than second placed Tokyo with 4,400 millionaires residing in the United Kingdom capital.
London has also moved from sixth place when it comes to cities with the highest number of wealthy people per capita, with 3.4% of the population now millionaires.
Millionaires, or high net worth individuals (HNWIs), are those individuals who, excluding the value of their main house, have net assets worth $1 million or more.
In South Africa, Johannesburg ranks 55th, globally, with 295 multi-milllion dollar HNWIs.
By contrast, research conducted by another wealth advisory company, New World Wealth, showed that Johannesburg is home to the largest portion of South Africa’s millionaires at 44%.
There are also sizable populations living in Cape Town (18%), Pretoria (7%) and Durban (7%).
Distribution by city
|City||Millionaires||% of country|
|Paarl, Franschoek & Stellenbosch||2,200||6%|
According to NWW however, the number of dollar millionaires in South Africa has declined significantly over the past several years.
City performance 2007-2015
|Durban (inc Umhlanga)||2,300||2,600||13%|
|Paarl, Franschoek & Stellenbosch||1,600||2,200||38%|
|Total SA||42 800||38,500||-10%|
Source: Business Tech