Almost every 3rd Monacan is a Millionaire

According to research from WealthInsight almost 1 in 3 Monacans is a millionaire. Being a tax haven with no income tax and low business taxes it is not surprising that rich people are attracted to "live" in Monaco, which is also true for Zurich and Geneva. Still the density of millionaires in these cities, Monaco and Zurich in particular, is mind-boggling.

There is a huge gap between the next in line, New York, the world financial capital with a "mere" 4.63%. The whole top 20 are shown in the chart below.

Top 20 Cities with the Highest Millionaire Density

(cc by-sa) 2015 Ramiro Gómez - ramiro.org • Data source: WealthInsight - wealthinsight.com

It's worth pointing out that while 13 of the 20 most millionaire dense cities are in Europe, most of the people topping the super rich list reside in the US.

I'm a bit skeptical about the accuracy of these numbers, since WealthInsight doesn't provide details about their methodology. Moreover, it is not clear, whether the millionaire counts are estimated based on a single or the enclosing country's currency. Obviously, the latter would make a comparison quite useless.

Nonetheless, the thought that there is such a high concentration of rich people in some places, especially in Europe, while a lot of people lose their lives on their way there fleeing from poverty-stricken and conflict-affected places is a crying shame.




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