The Principality of Monaco has the highest density of millionaires in the world, according to a research report.

About one in three in the city-state of Monaco is a millionaire, according to a study done by Wealth Insight and wealth management magazine SPEAR’s. The study ranked ranks cities by percentage of millionaires in its total population. Wealth Insight is a London-based wealth consultancy.

The study classified 29.21 per cent of Monaco’s population as millionaires. Individuals with net assets of $1 million or more excluding their primary residences were considered as millionaires for this study.

Monaco, a tax haven on the French Riviera, is followed by Swiss cities of Zurich (27.34 per cent) and Geneva (17.92 per cent) in the second and third spot by percentage of millionaires, says the study.

WealthInsight analyst Oliver Williams says: “Favourable tax and outstanding location are important criteria for attracting clusters of millionaires, but so too is ready access to wealth managers and private banks. Switzerland’s two financial hubs of Zurich and Geneva are traditional havens of private banking.”

The study places global financial centres New York (4.63 per cent) and Frankfurt (3.88 per cent) at the fourth and fifth spot in terms of millionaire density. London (3.39 per cent), another major global centre, was ranked sixth by the study.

“What millionaires particularly love about London is its political stability and heritage. Owning a piece of history in a city such as London is an aspiration for many, particularly wealthy individuals from overseas,” adds the WealthInsight analyst.

Top 20 global cities by millionaire density, according to the study:

1. Monaco (29.21%)

2. Zurich (27.34%)

3. Geneva (17.92%)

4. New York (4.63%)

5. Frankfurt (3.88%)

6. London (3.39%)

7. Oslo (2.90%)

8. Singapore (2.80%)

9. Amsterdam (2.63%)

10. Florence (2.59%)

11. Hong Kong (2.58%)

12. Rome (2.54%)

13. Dublin (2.40%)

14. Doha (2.31%)

15. Toronto (2.29%)

16. Venice (2.25%)

17. Brussels (2.11%)

18. Houston (2.09%)

19. San Francisco (2.07%)

20. Paris (2.04%)

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