One-third of Monaco’s population are millionaires, which puts it at the top of the world’s richest countries. The top 5 include Zurich and London, with Dublin just squeezing into the top 10, likely attributed to Irish city’s tech boom.
Partnering with Spear’s Magazine, consultancy firm WealthInsight conducted the research and defined a ‘millionaire’ as one who possesses assets in excess of $1M USD when not including the value of one’s primary residence.
Controversy is still alive regarding Monaco’s relationship with the rich, including its reputation as a tax haven. Researcher Oliver Williams stated that Monaco’s increase in millionaire population density has increased 6% since 2014.
“Such is the escalating exclusivity of the principality that only the ultra-wealthy are able to lay hands on Monégasque [from Monaco] passports,” he said.
In 2015, Oxfam (an international association of charitable organizations on a mission to alleviate global poverty) warned that 1% of the population would own 99% of the world’s wealth by the close of 2015. Often turned into a slogan, Credit Suisse did confirm, in 2015, that approximately 50% of the world’s wealth does now belong to 1% of the population.
The Top 10 Cities in Europe (as ranked by density of millionaires):
1. Monaco 31.1%
2. Zurich 24.3%
3. Geneva 17.7%
4. London 3.4%
5. Oslo 2.9%
6. Frankfurt 2.7%
7. Amsterdam 2.7%
8. Florence 2.5%
9. Rome 2.4%
10. Dublin 2.3%
Source: CPP-Luxury