Cities With The Most Millionaires

By Jessica Dillinger July 25 2019 in World Facts

Tokyo has the most millionaires but London has the most multi-millionaires and New York the most billionaires
Tokyo has the most millionaires but London has the most multi-millionaires and New York the most billionaires

Did you know that there are nearly 15 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. Canada and the United States alone are home to more than 5 million millionaires. RS Components keeps a database of the number of millionaires in every city.

Where do the Richest People Live?

While North America is the richest continent by total regional population of millionaires, it is actually London, England that is home to the world's largest population of millionaires. 357,200 millionaires live in London. New York is home to the second largest number of millionaires, at 339,200. In third place is Tokyo, Japan, with 279,800 millionaires. The millionaire lifestyle may seem especially suited for the Tokyo lifestyle, where business is flourishing and living costs extremely high.

Other cities approaching the top of the chart include Hong Kong, Singapore, San Francisco, and Los Angeles.

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.

Millionaires? How about Multi-Millionaires?

The cities with the world's most multi-millionaires shares some resemblance to the list of millionaires. New York is home to more multi-millionaires than anywhere else, with 15,180 individuals having a net worth of more than 10 million. Hong Kong is home to 10,180 multi-millionaires, San Francisco is home to 8,400 multi-millionaires, and Los Angeles is home to 7,740.

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.

Below is a list of the world's top 20 cities by number of millionaires. Data source: Knight Frank Wealth Report.

20 Cities With The Most Millionaires

RankCity CountryNumber of Millionaires
1LondonUnited Kingdom357,200
2New YorkUnited States339,200
4Hong KongHong Kong227,900
6San FranciscoUnited States180,300
7Los AngelesUnited States173,300
8ChicagoUnited States135,000
16SeoulSouth Korea108,100
19Mexico CityMexico86,700

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