Top 10 Cities With the Most Millionaires
Baku, May 9 (AZERTAC). If you were looking for millionaires, you`d probably head to London or New York or Monaco. But you might be better off trying Tokyo.
A new study from London-based WealthInsight, the independent research firm, ranked Tokyo the number one city in the world when it comes to millionaire population. The group defines millionaires as those individuals with $1 million or more in assets, not including the value of their primary homes.
The study found that Tokyo has 461,000 millionaires. New York ranked second with 389,000, followed by London (281,000), Paris (219,000) and then Frankfurt (217,000).
The main reason for Tokoyo`s ranking is population density, said Andrew Amoils of WealthInsight. While the U.S. has far more millionaires (5 million to Japan`s 2 million), America`s rich are spread over multiple cities, while Japan`s population is more heavily concentrated in its top city.
More than one fifth of Japan`s millionaires are in Tokyo, while New York houses only about 7 percent of America`s millionaires.
"It has to do with the concentration," Amoils said.
Some of them live in Dallas — 11 to be exact, according to a recent ranking by London-based WealthInsight, a research firm that tracks high net worth individuals. Dallas tied with San Francisco and Dubai as the No. 17 global city where the most billionaires lived last year.
These billionaires include well-known names such as oilmen Ray Hunt and T. Boone Pickens, entrepreneur Mark Cuban and H. Ross Perot Sr. Forbes magazine`s list of the world`s richest people includes 16 who live in Dallas (another seven live in Fort Worth).
Dallas did not make the list of the top 20 global cities for millionaires (individuals with net assets of at least $1 million, excluding their primary residence). Tokyo was home to the most millionaires (461) last year, followed by New York (389). Overall, only four U.S. cities made the top 20 list, including Houston, which was No. 18 with 103 millionaires.
WealthInsight also looked into the future to see which countries would have the most millionaires. While Japan currently ranks second behind the U.S., it could lose its number two spot to China by 2020.
According to WealthInsight, China could have 3.3 million millionaires by 2020 compared to Japan`s relatively flat number of 2.2 million. The U.S. would still tower above both with 7.7 million millionaires.
Maybe Beijing is the next Tokyo.
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