London has the highest concentration of the world’s wealthiest individuals, followed closely by Tokyo, Singapore, and New York, according to a new report from global real estate consultancy Knight Frank.
The annual Wealth Report documents the patterns of high-net-worth individuals — those worth over $30 million — to look at global wealth distribution and predict how it will evolve in the next decade.
The global population of ultra-high-net-worth individuals grew by almost 5,200 in 2014, the report found. Additionally, nearly 1,180 people became centa-millionaires — worth more than $100 million — and at least 53 people became billionaires.
Unsurprisingly, many of these multi-millionaires and billionaires live in the world’s financial capitals.
Overall, the highest number of high-net-worth individuals (60,565) live in Europe, followed by North America (44,922) and Asia (42,272). Asia surpassed North America as the region with the fastest-growing population of high-net-worth people.
The report found 4,364 people worth more than $30 million live in London, 3,575 live in Tokyo, and 3,008 live in New York City. Singapore and Hong Kong follow closely, with 2,690 and 3,227 multi-millionaires, respectively.
Just under 2,000 ultra-high-net-worth individuals live in Frankfurt, while another 1,408 live in Beijing.
The tiny principality of Monaco saw the biggest increase in the number of high-net-worth residents in 2014, and is expected to double its population of ultra-wealthy residents over the next 10 years. Taipei has also become an important city for the ultra-rich, with 1,317 multi-millionaires living there as of 2014.
Frankfurt, Germany, and Mexico City also boast a notable number of high-net-worth residents, with 1,909 and 1,116, respectively.
This feature is adopted from Business Insider