Where in The World Has The Highest Concentration of Millionaires?

Which City Has The Most Millionaires Per Population

When it comes to the wealthiest cities in the world - defined by the highest concentration of high-net-worth individuals (HNWIs) - the USA and China dominate, with New York taking the top spot with an estimated 340,000 millionaires living in the city, and a staggering 58 billionaires.

However, looking at the number of millionaires is one thing - but how about in comparison to the relative size of the city itself? The team at Moneyzine.com looked at the top 60 wealthiest cities in the world and analysed the population of each one, to find which city has the highest concentration of millionaires, centi-millionaires (worth $100m+), and billionaires respectively.

Interestingly, the top 10 looked very different as a result…

“It is one thing to look at the cities where the highest number of millionaires can be found worldwide, but another matter entirely to look at where these ultra-wealthy individuals dominate in comparison to the rest of the population living there.

Perhaps unsurprisingly, a common theme unveiled in our data analysis is that cities known to be tax-beneficial for wealthy individuals and corporations are amongst the most concentrated locations for such people.”

Jonathan Merry, personal finance expert at Moneyzine.com

Jonathan Merry

Top 10 Most Millionaire-Concentrated Cities

First, we looked at the cities with the highest concentration of any individual worth $1million or more. The top 10 came out as follows:

1. Monaco, Monaco - 9,413 millionaires per 10,000 people

2. Geneva, Switzerland - 1,568 millionaires per 10,000 people

3. Frankfurt, Germany - 1,472 millionaires per 10,000 people

4. Zurich, Switzerland - 745 millionaires per 10,000 people

5. Scottsdale, USA - 580 millionaires per 10,000 people

6. Los Angeles, USA - 576 millionaires per 10,000 people

7. Chicago, USA - 499 millionaires per 10,000 people

8. Houston, USA- 454 millionaires per 10,000 people

9. New York City, USA - 450 millionaires per 10,000 people

10. Singapore, Singapore - 411 millionaires per 10,000 people

Almost 1 Millionaire Per Every ‘Ordinary’ Inhabitant in Monaco

To put those figures into perspective, the top ranking city, Monaco, has 0.94 millionaires per every ordinary citizen living in the city. In other words, there is almost an equal ratio of millionaires living in Monaco as there are non-millionaire citizens.

The second ranking city, Geneva, in Switzerland, has a considerably lower concentration of millionaires. The ratio comes in at 1,568 millionaires per 10,000 people, which can be broken down to roughly 0.16 millionaires per individual living in the city.

These results are perhaps not too surprising considering Monaco’s reputation as a playground for the super rich and a tax haven, with a GDP per capita far exceeding that of other nations.

Cities with highest-concentration of centi-millionaires

The top two cities with the highest concentration of millionaires are the same for centi-millionaires (individuals worth $100m or more).

Scottsdale, Arizona, however, jumps up the ranking to third place, while Zurich slides down to fourth place. These figures demonstrate that per every 10,000 people living in each city, there are the following number of centi-millionaires:

1. Monaco: 88

2. Geneva, Switzerland: 6

3. Scottsdale, USA: 3

4. Frankfurt, Germany: 2

5. Zurich, Switzerland: 2

6. Los Angeles: 1

Full Ranking

Methodology

We sourced the 60 wealthiest cities from the world from the Henley & Partners Global ranking, and then sourced 2023 population data from World Population Review.

The estimated number of HNWIs was subtracted from the population total, before calculating the number of millionaires and centi-millionaires per every 10,000 people living in each city.