Millionaire density in the city-state of Monaco has hit one third for the first time, ahead of the super-rich descending on the city-state for the Formula One Monaco Grand Prix this weekend.
The data, published today, reveals Europe continues to dominate the ranking while the rise of the US and Asia falters.
Go deeper with GlobalData
You can see the full top 20 table below
People attending the Monaco Grand Prix this weekend and looking to rub shoulders with the rich and fabulous are more likely than ever to do so with a third of people (32.1%) living in the Mediterranean city-state boasting a net worth of over $1 million.
Millionaire density is measured as the percentage of the resident population with assets – not including the value of their first home – of over $1 million.
After some marked declines last year, many of the cities in the top 20 have returned to millionaire density growth.
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By GlobalDataLeading that growth is Monaco, which recorded the biggest percentage point increase of 1.5.
Geneva’s 12.6 percentage point growth (giving it a density of 18.6%) is being excluded as it was a result of a population data recalculation.
Elsewhere, Oslo, Norway, added a 0.8 percentage point increase, giving it a millionaire density of 2.5%, and taking it into the top ten for the first time.
Around one in 40 (2/81) people in Oslo are now millionaires.
The UK capital London also managed to shrug off Brexit fears for another year, holding onto its place in the top five. London saw a 0.8 percentage point increase in millionaire density to 3.6%.
One in every 28 people in London are now millionaires.
Other big winners this year include Brussels, Belgium, which rocketed 11 places up the table, and Hangzhou, China, which entered the top 20 for the first time — climbing 14 places.
The biggest losers this year were Dublin, Ireland, down four places, and Paris, France, which dropped two.
Both are thought likely to be net beneficiaries as a result of the UK’s exit from the European Union in a little under a year’s time, though that effect is yet to materialise in terms of millionaire density.
Head of WealthInsight Oliver Williams said:
Monaco’s millionaires have continued to grow at a faster rate than its overall population. During times of global instability, the rich are often the first to seek security in foreign jurisdictions. Both Monaco and Switzerland have continued to draw in the global elite.
London’s retention of fifth place against some of its European rivals shows the capital continues to increase its millionaire population in spite of Brexit uncertainties. A total of 312,000 millionaires live in London, the vast majority of them self-made.
| City | Ranking 2018 | Ranking 2017 | Change | Density
Ratio |
Density (%) | Change from last year (percentage points) |
| Monaco | 1 | 1 | 0 | 1/3 | 32.1% | 1.5 |
| Geneva | 2 | 2 | 0 | 1/5 | 18.6% | 12.6 |
| Zurich | 3 | 3 | 0 | 5/92 | 5.4% | 0.3 |
| Zug | 4 | 4 | 0 | 2/51 | 3.9% | 0.1 |
| London | 5 | 5 | 0 | 1/28 | 3.6% | 0.8 |
| Singapore | 6 | 7 | 1 | 1/34 | 2.9% | 0.7 |
| Hong Kong | 7 | 6 | -1 | 1/35 | 2.9% | 0.1 |
| Oslo | 8 | 12 | 4 | 2/81 | 2.5% | 0.8 |
| Frankfurt | 9 | 8 | -1 | 1/43 | 2.3% | 0.2 |
| New York | 10 | 9 | -1 | 1/47 | 2.1% | 0.1 |
| Toronto | 11 | 11 | 0 | 1/50 | 2.0% | 0.1 |
| Paris | 12 | 10 | -2 | 1/53 | 1.9% | 0 |
| Houston | 13 | 14 | 1 | 1/58 | 1.7% | 0.1 |
| Sydney | 14 | 13 | -1 | 1/59 | 1.7% | 0 |
| Brussels | 15 | 26 | 11 | 1/61 | 1.6% | 0.2 |
| Auckland | 16 | 16 | 0 | 1/62 | 1.6% | 0.1 |
| San Francisco | 17 | 18 | 1 | 1/62 | 1.6% | 0.1 |
| Rome | 18 | 17 | -1 | 1/63 | 1.6% | 0 |
| Dublin | 19 | 15 | -4 | 1/63 | 1.6% | 0 |
| Hangzhou | 20 | 34 | 14 | 1/65 | 1.5% | 0.4 |
