Who wants to be a millionaire city?
The first utterance of ‘millionaire’ to describe a wealthy person was used for John Law (1671-1729). Over the last few centuries the millionaires have multiplied to an extent that there are over 17 million millionaires in America alone, accounting for 49% worldwide. But which cities host the most millionaires?
Not surprisingly, the first entry into the millionaire list is Miami, US. Given that the US have 49% of the world’s millionaires, you can expect its cities to come up a few times in this list. Miami has 880 millionaires per square mile, 21 of which are worth over 30 million.
#9: New York
A second American city, New York, boasts 1,113 millionaires per square mile. Being one of the most recognisable cities in the world, it’s no wonder that so many high-rollers flock to New York. The richest 1% have even took to leaving lavish apartments and penthouses behind, opting instead to build Frankenhouses (multiple townhouses).
Moving across the atlantic, the eighth most densely populated city for millionaires is Frankfurt, Germany. Banking business has brought a lot of money to Frankfurt. This coupled with the rising house prices (being in the top 10 for property inflation last year) paints a picture as to why millionaires have migrated here, reaching a population of 1,338 millionaires per square mile.
Osaka, Japan has more total millionaires than Germany and China combined, many of which are retired. With a total of over 117,000 (equating to 1,369 per square miles), Osaka attracts its wealthy residents with a variety of benefits such as cuisine, culture, urban regeneration and transport (taking only 3 hours to get to Beijing).
#6: Tel Aviv
Next in cities with the most millionaires per square mile is Tel Aviv, Israel. The main reason being that property prices are so high that only millionaires can comfortably afford to live there. There are currently over 1,700 millionaires per square mile, with a total number of 35,000.
As a city, Paris is designed with the rich in mind. The layout means that routes into the centre and most-pricey part of the city can be quickly blocked off in case of riots, which the city has suffered many of. However, being one of the most romanticised and iconic cities in the world, over 110,000 millionaires currently live in Paris (2,725 per square mile).
It should be no surprise, what with the favourable terms of Swiss banking laws, that millionaires like living in Zurich. There are currently over 3,200 millionaires per square mile and a total of 109,200.
#3: San Francisco Bay Area
The final American inclusion into this list comes from San Francisco, bay area. Its favourable weather and social hotspots have attracted tourists and now millionaires with over 3,600 per square mile living in the city.
The city-state of Monaco is the most densely populated city in this list with 30% of residents being millionaires. As a result of its size the total number is the same as millionaires per square mile, dwarfs the previous entry with 13,400, over a thousand of which are worth over 30 million.
Lastly, and once again Swiss, is Geneva. Nearly 1 in 20 in Switzerland are millionaires so much so that it is actually running out of space for the properties millionaires wish to own. Geneva has just under 17,000 millionaires per square mile with over 100,000 total.