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Wednesday 17 September 2014

One in 40 people living in Dublin is a millionaire, rich report finds

Sarah Stack

Published 24/07/2014 | 02:30

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The top 10 global cities by millionaire density
The top 10 global cities by millionaire density

ONE in every 40 people living in Dublin is classed as a millionaire.

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The capital has the 13th highest percentage of millionaire residents in the world at 2.4pc, highlighting the growing gap between our poor and the 26,600 who made it onto the rich list.

City-state Monaco tops the poll in the global study, with almost a third of its tiny 37,000 population classed as millionaires.

Elsewhere, tax havens and banking centres Zurich and Geneva are second and third, followed by New York and Frankfurt.

The study, the first of its kind to work out the percentage of millionaires in cities globally, was published by Spear's magazine and wealth consultancy company WealthInsight.

But the threshold may be a little too kind to our high net-worth residents, as it refers to individual with net assets of $1m or more, excluding their primary residences or family homes.

One million dollars translates as about €750,000 – so they are not millionaires in euro terms.

"It's unsurprising to see that Monaco is the most likely place where you will bump into a millionaire; the principalities' low tax and Mediterranean waterfront make it the ideal habitat for wealthy individuals," said Oliver Williams, an analyst for WealthInsight.

"Dublin, though about 30 times the size of Monaco, is a relatively small capital city, giving it a high density of millionaires.

"Small cities with a strong financial focus are very attractive surroundings for wealthy individuals.

"For Dublin itself, an abundance of millionaires could help the city claw back its financial prowess from 2008's collapse."

The capital's 26,600 "millionaires" puts the capital ahead of affluent global cities such as Paris, Venice, Toronto, Houston and San Francisco in terms of millionaire density. We are ranked ninth in Europe.

Richard Cree, editor-in-chief at business and finance publication Spears's, said Dublin has a lot to offer millionaires.

"It's clear from this list that for all the controversy surrounding Dublin's International Financial Services Centre, it has attracted some of the biggest names in global finance to the city and this perhaps explains why Dublin ranks where it does on the index of millionaire cities," he said.

"A thriving financial services sector, low tax rates and a pleasant lifestyle are all factors likely to attract millionaires to a city and Dublin can offer all of these."

Elsewhere, London has the sixth-highest percentage of millionaires of any city, with 3.39pc. That's one in 30 people, or 281,000 residents.

"What millionaires particularly love about London is its political stability and heritage," Mr Williams added.

"Owning a piece of history in a city such as London is an aspiration for many, particularly wealthy individuals from overseas."

Irish Independent

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