Which cities have the most millionaires? A new report by Wealth Insight reveals the answer, looking at the number of people with over a $1 million in assets, excluding their primary residence. So if you ever need to find a dollar, these ten cities might be a good place to start...


10. Singapore

Singapore

It is not really surprising that Singapore made it onto this list: it has long been associated with a sense of cosmopolitan living. And it might boast the highest concentration of millionaires in a single city: 17 percent or around one out of every six people in Singapore has over a million dollars. And one out every 10 Singaporean families are thought to have wealth exceeding $100 million.




09. Shanghai

Shanghai

The numbers vary from report to report, but a few estimate that Shanghai is home to around 23 billionaires. Still, to put that in perspective, it is China’s most populous city with over 23 million residents since 2012. Around one in every 175 people in the city is a millionaire, but they will need the cash: in 2011 property prices there rose by over 20 percent.




08. Hong Kong

Hong Kong

As a long time trading hub and the spark that lit China’s capitalist engine, Hong Kong is a natural source for the wealthy. The total wealth of people with more than $1 million here apparently exceeds $560 billion. Though the former British colony’s growth has slowed, it still attracts the super-wealthy with 40 billionaires setting up shack there.




07. Osaka

Osaka

Located across Japan from Tokyo, Osaka is the country’s third-largest city and, in terms of GDP, ranked seventh in the world. It is also Japan’s top commercial center, which makes the high number of wealthy people there no surprise. Yet it has quite a low count of billionaires - fewer than 20.




06. Beijing

Beijing

A new report suggests that Beijing has 8,800 people with more than 100 million Yuan (around 16 million), though what one quickly learns is that there is no real consensus on which place has the richest people. Still, it’s a given that China’s crown jewel has a lot of the super-rich, which have a role to play in the city’s highly-inflated property prices. Nonetheless, this suggests that a vast chunk of Beijing’s millionaires sit at the low end of the wealth scale.



05. Frankfurt

Frankfurt

You have a reasonable chance of running into a millionaire in this German city, where there are 75 for every 1,000 citizens. Curiously Frankfurt has only one billionaire, but it must be nice being the only filthy rich individual in town. Yet the proximity of wealth is not surprising: Frankfurt is the second-largest metropolitan in Germany and the largest financial center in continental Europe.




04. Paris

Paris

22 billionaires call Paris home, according to the Economist, and it is fair to assume substantially more own property in the city of love. How many will continue to stay, though, is up in the air thanks to new super taxes introduced by the government, with some heading to Belgium and other, like Gerard Depardieu, begging for a Russian passport. It has sparked a bit of a selling panic, with a reported 400 homes worth more than a million dollars put on the market in 2012.




03. London

London

London would love to be at the top of the list and, in terms of multi-millionaires - people with over $30 million - it wins by boasting over 4,200 such lucky individuals. Britain’s capital and arguably the financial hub of Western Europe also houses 54 billionaires. One out of every 38 people in London City is a millionaire.




02. New York City (Manhattan)

New York

The Big Apple may be number two in the number of people with a million dollars in their pockets, but it comfortably takes the lead with billionaires: 70. Curiously though it can boast around the same population of people as London - around 8.3 million - Manhattan has nearly half as many people with more than $30 million. But this is because most millionaires choose to stay outside of Manhattan, which is a pretty expensive place.




01. Tokyo

Tokyo

One out of every 28 people in Tokyo is a dollar millionaire, yet next to Osaka and Frankfurt it has the lowest number of billionaires on this list: a mere 12. The reason why Tokyo wins, though, is population density: over a 5th of Japan’s millionaires reside in Tokyo, which clears Manhattan by 71,000 millionaires. In comparison, Manhattan is home to only 7 percent of the U.S.’ millionaires. Tokyo is also the world’s largest metropolitan area by population, further stacking the rich list in its favour.
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