European Cities With the Most Millionaires

The term millionaire is generally used to refer to individuals with a net worth of more than a million currency units. An individual may also attain the title through possessing a million currency units within a bank account. Due to the differences in the strength of currencies internationally, an individual may be considered a millionaire in one nation and not in others. Due to their vast wealth, millionaires are accorded a certain level of respect and prestige within the society. Below is a list of European countries with the highest density of millionaires within their populations. 

European Cities With The Highest Density Of Millionaires

1. Monaco

The principality of Monaco spans an area of about 0.78 square miles in the western region of Europe with France as the only nation that borders the state. Due to its small size, it has one of the highest population densities in the world with about 48,466.4 people living in each square mile. According to research done by GlobalData WealthInsight Monaco has the highest density of millionaires with approximately 31.1% of the Monaco’s residents being millionaires. The study indicated that the number of millionaires in Monaco increased significantly as more high net worth individuals move to the city. A large number of millionaires in the city is attributed to the fact that the principality of Monaco is a Tax haven.

2. Zurich

The city of Zurich spans an area of about 34 square miles with an estimated population of about 402,762 individuals. Millionaires make up approximately 24.3% of the population according to data from GlobalData WealthInsight. Millionaires are attracted to the city due to some factors mainly the banking services in the town. Banks in Switzerland are generally considered the best in the world due to the secrecy they afford to their clients. Zurich also attracts millionaires who are interested in art and culture as they can visit cultural centers such as museums situated in the city. Several studies have indicated that Zurich is Europe's wealthiest city when considering GDP per capita. Studies have also shown that the quality of life within the city of Zurich is among the best globally.

3. Geneva

The city of Geneva covers an area of approximately 6.15 square miles with a population of close to 200,000. Millionaires in Geneva make up about 17.7% of the population. The large percentage of millionaires in the city ranks Geneva third in the world. Like most Swiss cities, Geneva attracts large numbers of millionaires due to the efficient baking system in the city. Apart from the banking industry, another factor that attracts millionaires to the city is a large number of international organizations with headquarters in the city. Organizations such as the Red Cross and several agencies of the United Nations have their headquarters in Geneva. The exceptional quality of life may also attract millionaires in Geneva in the city as Geneva was ranked third by Mercer for the quality of life in 2009.The peace and security in the city also attract vast numbers of high net worth individuals.

4. London

The city of London in the United Kingdom has a population of approximately 8.136 million people. About 3.4% of the city's population is considered millionaires with some of the world's wealthiest people calling the city home. Young millionaires make up a significant portion of the millionaires in the city as according to the Evening Standard, approximately 20,000 millionaires within London were under the age of 35 in 2017. Most of the young millionaires within the city owe their wealth to either business or inheriting from wealthy relatives. Several wealthy celebrities also live in London. Millionaires are generally attracted to the city due to the vast number of business opportunities available as well as the cultural diversity.

5. Oslo

The city of Oslo is one of the oldest in Europe as it was established in 1040 AD. Oslo covers an area of about 186 square miles with approximately 673,469 people living within the city in 2018. Data indicates that millionaires make up nearly 2.9% of the city's population and Oslo ranks fifth in the European continent in the percentage of millionaires. Various factors contribute to the high number of millionaires in Oslo such as the security within the city as well as the business and educational opportunities available. Oslo has the distinction of being one of the European cities with the highest quality of life which is one of the factors that attracts millionaires to the city. A large number of millionaires in Oslo contributes to making the city one of the most expensive to live according to research by some organizations.

6. Frankfurt

The city of Frankfurt is one of Germany's largest cities as it had a population of about 732,688 living within its boundaries in 2015. Frankfurt ranks sixth among European cities in the percentage of millionaires as approximately 2.7% of the population were millionaires. Frankfurt attracts vast numbers of millionaires primarily due to the high-quality educational institutions such as the Frankfurt School of Finance & Management which attracts individuals in the business sector. Frankfurt also has a large number of historical and cultural centers such as the Goethe House which attracts millionaires to the city who are interested in culture.

Economic Inequality Around The World

Despite the significant number of millionaires in some of the world's cities, a more substantial portion of the world's population lives below the poverty line. The large gap in wealth between the rich and poor has been cited as a primary cause of crime in the majority of the world's cities. The gap also contributes substantially to the death rate in different countries as the most impoverished people are unable to access proper healthcare.