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Hangzhou, the capital of China’s Zhejiang province, is a new addition to the Top 20 list - rising 14 places to 20th from last year’s ranking with 1 in 65 (c.1.5%) people rated millionaires.

An emerging technology hub and home to the e-commerce giant Alibaba, Hangzhou, is classified as a sub-provincial city and forms the core of the Hangzhou metropolitan area, the fourth-largest in China.

Millionaire Density In Monaco Firms To '1 In 3' Topping Global Rankings, Hangzhou In Top 20

With millionaire density in Monaco hitting a third of the population for the first time, mere mortals watching the Formula One (F1) Monaco Grand Prix this weekend in the Mediterranean city-state were more likely to be hobnobbing and rubbing shoulders with the rich and fabulous than ever before.

According to data published by business news website Verdict and compiled by GlobalData WealthInsight on millionaire density around the globe, Europe continues to dominate the Top 20 rankings while the rise of the U.S. and Asia falters, with exceptions. Eleven capital cities in Europe were ranked in the Top 20 and seven within the Top 10.

Monaco, which has firmed up its hold at the top these annual rankings, sees 32.1% of the population classified as millionaires with the largest percentage point increase (excluding Geneva, which was boosted by a population data recalculation).

Millionaire density is measured as the percentage of the resident population with assets - not including the value of their first home - of over $1 million.

London, the British capital, manages just to hold on to its place in the top five and ahead of Singapore (which moves up one spot) but behind Zug in Switzerland on unchanged ranking in overall 4th.

Among other key highlights from these latest rankings, it was revealed that:

Hangzhou

Hangzhou, the capital of China’s Zhejiang province, is a new addition to the Top 20 list - rising 14 places to 20th from last year’s ranking with 1 in 65 (c.1.5%) people rated millionaires.

An emerging technology hub and home to the e-commerce giant Alibaba, Hangzhou, is classified as a sub-provincial city and forms the core of the Hangzhou metropolitan area, the fourth-largest in China.

Brussels

the capital of Belgium, is also new in the Top 20 having zoomed eleven places up the table to stand in 15th spot (26th in 2017) with 1/61 millionaires - or 1.6% - having seen a +0.2 per centage points gain since last year.

Dublin & Paris

Of the significant fallers this year, Dublin in the Republic of Ireland is down four places to 19th with 1/63 (c.1.6%) millionaires, while Paris, the French capital, is down two places to 12th with 1/53 millionaires (c.1.9%).

Both Dublin and Paris are thought likely to be net beneficiaries as a result of Britain’s exit from the European Union (EU) in a little under a year’s time. That said, the “effect is yet to materialize” in terms of millionaire density, the authors of this survey posited.

Having witnessed some marked declines in 2017, many of the cities in the survey’s Top 20 have returned to millionaire density growth. And, leading that growth is Monaco, scene of today’s Formula One grand prix, which recorded the biggest percentage point increase of 1.5.

Geneva’s 12.6 percentage point growth, which gives it a density of 18.6%, was being excluded as it was a result of a population data recalculation.

Elsewhere, Oslo in Norway, added a 0.8 percentage point increase, giving it a millionaire density of 2.5%, and taking it into the top ten for the first time to land in 8th position (up from 12th) over last year’s results. Around one in 40 (2/81) people - or 2.5% - in the Norwegian capital are now millionaires.

Oliver Williams, head of WealthInsight, commenting in the wake of this year’s rankings said: “Monaco’s millionaires have continued to grow at a faster rate than its overall population. During times of global instability, the rich are often the first to seek security in foreign jurisdictions. Both Monaco and Switzerland have continued to draw in the global elite.” Zurich, which holds on to its third ranking ahead of Zug, sees a density of 5/92 (5.4%) in the current study.

North American Cities

The latest findings for the U.S. reveals New York in 10th place having lost one spot over 2017, with a 1/47 (2.1%) density of millionaires, although it did witness a +0.1 percentage points change over this period.

The ‘Big Apple’ came between Frankfurt on 9th with 1/43 density (down one spot) and Toronto (unchanged on a 1/50 density). Elsewhere in the U.S., both Houston (1/58, 1.7% density) and San Francisco (1/62, 1.6% density) move up one place to 13th and 17th, this, respectively.

Brexit Impact?

The British capital London, also appears to have managed to shrug off Brexit fears for another year, holding onto its place in the top five, seeing a 0.8 percentage point increase in millionaire density to 3.6% - ahead of Singapore, which moved up one spot to sixth this time around. And, it was found that one in every 28 people in London are now millionaires.

Williams at WealthInsight added in relation to the UK: “London’s retention of fifth place against some of its European rivals shows the capital continues to increase its millionaire population in spite of Brexit uncertainties. A total of 312,000 millionaires live in London, the vast majority of them self-made.”

Source: Forbes

https://www.forbes.com/sites/rogeraitken/2018/05/27/millionaire-density-in-monaco-firms-to-1-in-3-topping-global-rankings-hangzhou-in-top-20/#7ea9709b1817

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