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Nearly 1 in 40 Dubliners a millionaire

Thursday, July 24 10:48:15

Dublin has the ninth highest percentage of millionaires per population of any European city with nearly one in 40 Dubliners a millionaire, according to a survey.

Dublin (it doesn't define the area covered) is shown to have the thirteenth highest percentage of millionaire residents in the world at 2.4pc in a first-of-kind survey ranking cities by percentage of millionaires by a high net worth database research company, Wealthinsight Ltd.

It says: "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."

It said that Monaco comes out top for millionaire density, with almost a third of its 37,000 population classed as millionaires. Zurich and Geneva are second and third by percentage of millionaires, followed by New York and Frankfurt.

SPEAR's magazine, a HNW research magazine, in conjunction with London headquartered HNW wealth consultancy company WealthInsight says: "the cities with the highest percentage of millionaires have been revealed for the first time ever".

"In Dublin, over one in every fifty residents are millionaires or richer (2.4pc or 26,600 individuals), putting the fair capital ahead of affluent global cities such as Paris, Venice, Toronto, Houston and San Francisco in terms of millionaire density. Dublin is thirteenth on the overall global list, with the ninth highest percentage of millionaires of any European city", it says.

"The research also shows that in Monaco you are only ever a stone's throw from a millionaire - with almost a third of the population classed in this financial bracket. Not too far behind are Swiss banking centres Zurich and Geneva in second and third place. Key financial centres New York and Frankfurt come in forth and fifth."

Richard Cree, Editor-in-Chief of leading business and finance publication economia, said: "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."

"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. The city has suffered a dip along with the rest of the country since 2008 and it has to be hoped that some of this wealth can filter through to help grow and build a stronger, more resilient economy," he adds.

WealthInsight Analyst, Oliver Williams, said: "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 is the ideal habitat for wealthy individuals."

"Dublin, though about thirty 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."

For more visit www.businessworld.ie