You can find millionaires everywhere, but many of them choose to live in cities where they can enjoy their wealth and find services that meet their particular needs.
Spear’s magazine, in what it said was the first survey of its kind, recently ranked the top 20 cities with the highest percentage of millionaire residents.
For purposes of the survey, WealthInsight, a wealth consultancy firm with which Spear’s collaborated, defined a “millionaire” as an individual with net assets of $1 million or more, excluding primary residences.
The survey — not surprisingly — found that tax havens attract lots of well-off people. So do banking and financial centers.
Other cities have long been bastions of wealth, for both millionaires and billionaires, because of their unique allure as cultural and financial meccas.
Still others beckon with their burgeoning energy and technology sectors.
“Favorable tax and outstanding location are important criteria for attracting clusters of millionaires, but so too is ready access to wealth managers and private banks,” WealthInsight analyst Oliver Williams said in a statement.
Williams said the new ranking was important “because wealthy individuals, more than any other group, will change their home and even their domicile based on these factors.”
Following are Spear’s top 20 cities with the highest concentration of millionaires.
20. Paris (2.04%)
19. San Francisco (2.07%)
18. Houston (2.09%)
17. Brussels (2.11%)
16. Venice, Italy (2.25%)
15. Toronto (2.29%)
14. Doha, Qatar (2.31%)
13. Dublin (2.40%)
12. Rome (2.54%)
11. Hong Kong (2.58%)
10. Florence, Italy (2.59%)
9. Amsterdam (2.63%)
8. Singapore (2.80%)
7. Oslo, Norway (2.90%)
6. London (3.39%)
5. Frankfurt, Germany (3.88%)