Did you know that there are 12 million millionaires in the world? That may seem shocking, but we’re undoubtedly living in an age that’s characterized by an ever-growing class of individuals with significant personal fortunes. According to the latest World Wealth Report by Capgemini, out of those same 12 million people, the North American and the Asia-Pacific regions are each home to 3.73 and 3.68 million millionaires, respectively.
Where do the Richest People Live?
While North America is the richest continent by total regional population of millionaires, it is Japan’s capital of Tokyo that more such individuals call home than any other city in the world, with an impressive 461,000 millionaires in residence. While this may seem suited for the Tokyo lifestyle, where business is flourishing and living costs extremely high, in our number two city on the list there is a bit of everything – from cheap doughnuts to overpriced French restaurants. This place is New York City, falling right in behind Tokyo with 389,000 people having seven figures or more to their name. In third place, according to the official data from 2013, sits London, England and its posh 281,000 millionaires. Paris is the final piece to round out the top four, with 219,000 millionaires inside “The City of Love”.
People from all over the world are swarming in these popular metropolitan areas in search of work and entrepreneurship opportunities, which is the main reason why these bustling urban centers are the ones featuring the biggest number of millionaires as the brightest and luckiest bubble to the top.
Cities that Surprised Us For Lack of Millionaire Presence
While they are still in the top 15 of cities that brag the biggest number of millionaires, some urban areas are surprisingly low on the list. One of them is Los Angeles, California, positioned next to last in the chart! One of the possible explanations is the large number of immigrants that the city has. Wealthier individuals usually prefer housing (and bank accounts) located out of the hectic urban jungle. Last on the chart is Toronto, which, with 118,000 millionaires, still has plenty of affluence for a city inhabited by slightly more than 2.5 million people.
Millionaires? How about Multi-Millionaires?
The United States tops another important list. The same 2015 report claims that the US is the home to 183,500 multi-millionaires, approximately seven times more than runner-up China.
Over the past decade, there has been a tendency for a noticeable increase in the number of super-wealthy individuals. In just a few years, the number of millionaire individuals has increased by an astonishing 58 percent. At the same time, the number of multi-millionaires has seen an even more spectacular increase of 71 percent.
Good News for the Rich and the Famous?
Being a millionaire may seem like a dream come true but, in reality, things aren’t that simple. Millionaires have to cope with a number of hardships that others don’t, some of which have a significant impact on their utilizable wealth. Inflation is the biggest issue that these rich individuals have to deal with. For instance, some analysts consider the Euro Zone being in danger of forced deflation because of the numerous factors affecting the common currency. Needless to say, such economic instability could have a massive impact on the super-rich, and their massive fortunes so vulnerable to devaluation.
Cities With The Most Millionaires
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