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Monaco, prime destination for millionaires

October 20, 2014 • Business

Until now, at least one amongst three Monegasques can boast about being a millionaire. This fact, revealed by the research department WealthInsight, shows that the region with the most millionaires per capita is the famous Monegasque principality.

 

One in three Monegasque is a millionaire

According to WealthInsight’s study, Monaco has the greatest percentage of millionaires residing on its territory. A millionaire is defined as a person with net assets of at least one million US dollars, excluding their primary residence.

Today, 29,21% of the principality’s residents fall into this category. The principality is at the top of the classification established by WealthInsight.

WealthInsight Analyst Oliver Williams explains, “It’s unsurprising to see that Monaco is the most likely place where you will bump into a millionaire; the principalities’ low tax and Mediterranean waterfront is the ideal habitat for wealthy individuals.

 

millionaires-monaco

 

Millionaires’ favourite cities

Whilst Monaco is the number one destination for millionaires, the principality is closely followed in the classification by Zurich and Geneva. The former counts 27,34% of millionaire residents and the latter 17,92%.

Still in the top 5, New York comes in third with 4,63% of millionaires, its large population working in its favour. European cities also appear in the classification. Amongst them, Frankfurt (3,88%), London (3,39%) and Oslo (2,9%) rank from 5th to 7th. Other destinations such as Amsterdam (2,63%), Florence (2,59%), Hong Kong (2,58%) and Rome (2,54%) also have satisfying results.

 

WealthInsight’s study of the cities where the most millionaires reside, reveals results coherent with the recent study listing the cities with the most expensive realty in Europe.

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