According to various ratings, Europe has many of the richest cities in the world. Some of them are the residences of tens and even hundreds of thousands of dollars millionaires. This article will tell you where rich people live in Europe.
The place of residence of millionaires is usually characterized by such factors:
- economic opportunities
- political stability
- cultural amenities
- high quality of life.
So, are you ready to find out which city in Europe has most millionaires?
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London, UK
London is one of Europe’s most famous financial and cultural centers, attracting millionaires from all over the world. According to a study by Wealth-X, London is home to the most ultra-high net worth (UHNW) people in Europe, with 4,796 people owning over USD 30 million. The city’s strong economy, thriving financial services sector, and renowned educational institutions attract millionaires, including executives from finance, technology, and other high-margin industries.
London is known as a city with a high concentration of millionaires and billionaires. According to real estate consultant Frank Knight, around 875,000 Londoners are dollar millionaires. This city is also known as the residence of many foreign billionaires who prefer to live in Europe.
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Paris, France
Paris is the capital of France and one of the most popular tourist cities in the world, known for its culture, history, and art. According to Wealth-X, the French capital has a high concentration of millionaires, with more than 2,400 UHNW people. Paris has become home to many luxury boutiques, gourmet restaurants, and cultural institutions, including the famous Louvre, which attracts wealthy tourists and locals.
Paris has long been popular with members of wealthy families and even royal dynasties. Many wealthy foreigners lived here, attracted by the luxury of this city. Their capital in terms of current money amounted to hundreds of millions of dollars.
Monaco
Monaco is a tiny city and state on the French Riviera known for its luxury and glamour. With a population of just 39,000 people, the city has the world’s highest per capita concentration of millionaires – about 70% of the total population, according to a report by real estate consultant Knight Frank. At least 199 of them own assets worth $30 million.
Monaco has no income tax, attracting millionaires and billionaires across Europe looking for a tax haven. The city is also known for its luxury real estate, some of the most expensive in the world.
Monaco is a principality in Western Europe, with an area of only 202 hectares, the only neighbor of which is France. According to a study by GlobalData WealthInsight, the city attracts close attention from millionaires. They can obtain residency for a deposit in a local bank of over EUR 1 million.
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Geneva, Switzerland
Geneva is a city located in the heart of Europe, known for its luxury shopping, fine dining, and high-quality healthcare. Geneva also has a solid financial services sector. It is home to many private banks, hedge funds, and other financial institutions whose clients have become millionaires from all over Europe. According to the same Wealth-X study, more than 1,200 ultra-heavy millionaires are living in Geneva (with a capital of over USD 30 million). Many of them operate in finance or other highly profitable industries.
Switzerland is a country that attracts millionaires, and Geneva is a city where the probability of meeting super-rich people on the street is very high. A study by Henley & Partners found that 18% of Geneva residents are classified as HNWIs, i.e., millionaires, second only to Monaco, where 67% of residents have a high net worth. This city is home to 90,300 millionaires, 345 centi-millionaires, and 16 billionaires.
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Zurich, Switzerland
Zurich is another city in Europe known for its wealth and prosperity. According to Wealth-X, Zurich has a relatively high concentration of millionaires: more than 1,100 people with super-large capital. Many international companies and banks have settled here, including UBS and Credit Suisse. The city is also known for its high quality of life, excellent healthcare, and unique education system. It is unsurprising that millionaires from all over Europe aspire to this place.
According to Henley & Partners, Zurich is in the top 20 wealthiest cities in the world. It is the world center of finance and banking.
The city of Zurich covers an area of about 88 square kilometers. According to GlobalData WealthInsight, millionaires make up roughly 24.3% of the city’s total population. They are attracted to this city for many reasons, but mainly due to the most reliable banking services in the world. Banks in Switzerland are generally considered the most prestigious due to the high confidentiality of customers.
Zurich also attracts millionaires interested in art and culture, as it is home to many prestigious art centers and galleries. Several studies have shown that the nominal GDP per capita of the city is one of the highest in the world, and the quality of life in Zurich is suitable for any millionaire. It won’t be easy to find a better place for millionaire to live in Europe.
The canton of Zurich is home to 105,100 millionaires, including 258 centi-millionaires and 12 billionaires. The head offices of private banks Credit Suisse, Julius Baer, and UBS are located in this city.
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Madrid, Spain
Madrid is the capital of Spain and one of the largest cities in Europe. According to the Wealth-X study, the city has become home to many millionaires, especially since the capital’s wealth tax has been abolished. More than 1100 people with super-large capital live here. Madrid’s strong economy, diverse cultural life, and high quality of life have contributed to its popularity among millionaires.
The median wealth of millionaires in Madrid, as of 2021, was EUR 10.1 million. This is a significant increase from 9.4 million in 2018. No other region in Spain comes close to this figure.
Milan, Italy
Milan is a city in northern Italy famous for its high-end stores and fashion boutiques. The city also has a strong economy, with many multinational companies and financial institutions headquartered here.
According to the annual report of the Italian social security agency INPS, every second millionaire in Italy lives in Milan. Rome ranks second, but the INPS report notes that it falls short of even a third of Milan’s millionaire population.
According to a study by Wealth-X, there are more than 900 ultra-wealthy people (over USD 30 million) living in Milan, many of whom work in fashion, design, or finance.
Porta Nuova and Porta Garibaldi are one of the richest areas of Milan, where millionaires from all over Europe prefer to buy property.
Frankfurt, Germany
Frankfurt is located in central Germany and is known for its financial and business sector. The city is home to the European Central Bank, which attracts many millionaires engaged in finance and banking. Frankfurt is also known for its rich cultural life, with numerous museums and theatres famous worldwide. This city has over 800 centi-millionaires and 117,400 millionaires, according to a study by Wealth-X.
Oslo, Norway
There are 236,023 millionaires in Norway, according to Credit Suisse. 5.6% of the total population of this Nordic country is considered fairly wealthy. Oslo is the capital of Norway and the center of Norwegian trade, banking, industry, and shipping.
According to the latest Wealth-X report, the city is home to over 3,500 millionaires, as well as over 50 super-rich people (with a net worth of $30 million or more). It may not have as many millionaires as some other cities in Europe, but Oslo is still an attractive destination for wealthy people from all over Europe, thanks to its high quality of life, strong economy, and stable political climate.
Over the past year, more than 30 Norwegian millionaires and billionaires have fled to Switzerland and other countries of Europe to protest wealth taxes imposed by the government.
Public documents from Norway’s population register show that in 2022, at least 30 billionaires and millionaires moved from a prosperous Scandinavian country to an Alpine jurisdiction with lower taxes. Among them is tycoon Kjell Inge Røkke, who was once the wealthiest man in Norway. Other millionaires have moved to countries such as Cyprus, Italy, and Canada.
Conclusion
There are a lot of cities in Europe where millionaires and billionaires live. And many of them are in Western Europe. These cities offer a high quality of life, luxury shopping, and fine dining. They also provide economic opportunities and political stability that attract millionaires from all over the world.
While the places where millionaires live vary, it is clear that many of them prefer to live in cities that offer a combination of economic prosperity, cultural opportunities, and a high quality of life. Do you want to follow them? Take advantage of our experts’ advice on obtaining a “golden visa” or a residence permit in different countries of Europe.
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