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Business & Finance

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Boy George makes world art debut in Monaco at G&M Design Gallery

Monaco tops list of millionaires

Monaco tops list of millionaires

By Staff Writer - July 27, 2016

Photo: FuFu Wolf
Photo: FuFu Wolf

Another study ranking the number of millionaires per national population has ranked Monaco first, with almost one in three inhabitants classed as a millionaire. Swiss banking centres Zurich and Geneva came second and third in the rankings.

The survey findings, revealed by Spear’s magazine and WealthInsight, show London has moved up to fifth overall, with one in 29 inhabitants named as millionaires. Edinburgh has the UK’s second-highest density of millionaires, with one in sixty-seven inhabitants deemed to have this net worth.

Meanwhile, Dublin has been ranked 10th on the list of European cities with most millionaires per capita, with one in 40 people living in the city a millionaire.

Head of WealthInsight, Oliver Williams, said Dublin has a higher density of millionaires than many other European capitals, including Paris, Madrid, Berlin and Moscow.

“London’s financial strength has also seen it rise through the rankings: it now boasts more millionaires per head than Frankfurt despite being the second most populous city on the list after New York,” he added.

Monaco’s millionaires continue to grow in number, up by six percent since the last ranking two years ago. SOURCES: Irish Times and local reports

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Monaco residents rank number one

Business & Finance Staff Writer -
[caption id="attachment_2870" align="alignleft" width="709"]Photo: Tobi 87 Photo: Tobi 87[/caption]

Major economies continue to dominate the global ranking of the richest countries, with one nation’s private fortunes jumping by $200 billion (€177 billion) in six months alone, according to a new report released on Tuesday.

New World Wealth ranked the different countries according to the total amount of wealth, including property, cash, equities and business interests, held by all individuals as of June 2016. At least three countries from Asia appeared on the list, while four from Europe made it to the rankings.

Accumulating $48.9 trillion (€43 trillion) in wealth, the United States topped the overall list, followed by China, Japan, the United Kingdom and Germany in the top five. Rounding up the top ten are France, India, Canada, Australia and Italy.

Analysts are impressed by Australia’s showing in the top ten, considering that the country only has a population of 22 million. Australia, as well as Canada, has also overtaken Italy over the past 12 months, while China posted the fastest wealth growth over the past 15 years.

In terms of wealth held per person, European countries dominated the global rankings, with Monaco taking the number one spot. As of June 2016, the average person in Monaco owns $1.6 million (€1.42 million) in wealth, the highest in the world, reports New World Wealth, which also said the high average of wealth of Monaco’s residents can be attributed to the country's tax-free regime. (Source: Gulf News)