Number of Billionaires In the World’s Richest Cities – London is Europe’s Millionaire Capital, But Faces Decline

London holds the top spot in Europe for millionaires, with an impressive 258,000 residents boasting six-figure wealth. The city is also home to 36 billionaires, the highest number on the continent. According to new data from Henley & Partners’ 2023 “World’s Wealthiest Cities Report,” London ranks as the fourth city globally with the most millionaires.

New York leads the world, with a staggering 340,000 millionaires, while San Francisco and the Bay Area take the top spot for billionaires, housing 63 of the world’s wealthiest individuals, largely due to the tech explosion in Silicon Valley.

Within Europe, after London, the next city with the highest number of millionaires is Frankfurt, Germany, with just over 100,000, followed by Zurich, Paris, and Geneva. London remains the only UK city in the top 20, while Manchester comes in second within the UK, with just over 24,000 millionaires—just below cities like Abu Dhabi, Auckland, and Madrid. Edinburgh is the third and final UK city listed in the report, which surveyed 97 cities globally.

Although London continues to lead Europe, its population of high-net-worth individuals (those with liquid assets of over $1 million) has been shrinking. Since 2012, the capital has lost 15% of its millionaire population, with Edinburgh seeing a similar reduction of 12%. UBS’ Global Wealth Report predicts that Britain will see a further decline in millionaires by 17% by 2028.

Theories for this downturn include the UK’s removal of “non-dom” status, which previously benefited foreign millionaires, as well as the effects of sanctions against Russia and the growing attraction of other cities like Dubai and Singapore as new havens for the wealthy. Despite this decline, London’s status as a hub of wealth and influence remains, even as other global cities continue to rise in prominence.

Have you read?
Richest Countries In Europe In 2024.
Most Attractive Countries To Private Equity, Venture Capital, and Hedge Fund Investors.
Revealed: Highest-paid news media executive in the United Kingdom.
Countries Leading the Way on Climate Change.
World’s Best Countries For Adventure Tourism.