More multi-millionaires live in London than any other city in the world according to research carried out by Spear’s magazine and wealth consultancy company WealthInsight.
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 per cent from 2014 to 2015.
The city’s multi-millionaire population now stands at 25 per cent more than second placed Tokyo with 4,400 millionaires now residing in the city. Two other UK cities made the top 100 with Birmingham ranking in 65th place with 138 multi-millionaires living in the city and Edinburgh at 74th with 112 multi-millionaires.
The eighteen cities that saw the biggest increases in multi-millionaire population year on year were all in Asia, with the Chinese city of Dalian toping the overall rankings with a yearly increase of 5.4 per cent multi-millionaires.
Kiev (-10.2 per cent), St Petersburg (-7.9 per cent) and Moscow (-6.8 per cent) saw the biggest decreases followed by Sao Paulo (-5.7 per cent), Abuja (-4.3 per cent) and Rio de Janerio (-3.7 per cent).
Oliver Williams, Head of WealthInsight, says: “For the three years that we have run this survey, London has maintained the lead with the largest population of multi-millionaires. Though the growth in London’s wealthy residents has slowed from 3.3 per cent last year to 0.8 per cent this year, the capital looks set to maintain its edge over rivals such as Tokyo and Paris, whose economies have made them less attractive to multi-millionaires. For the next two to three years at least we should expect London to retain its lead as the global capital of multi-millionaires.
“The biggest changes in this year’s ranking have been caused by political and economic turmoil. Ukraine and Russia have witnessed contractions as their wealthy residents flock overseas. The real success story of this year’s list has been the rise in multi-millionaires residing in Chinese and Indian cities.”
