Sunday 26 November 2017

London has 20,000 millionaires aged 35 and under.

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London has nearly 20,000 millionaires under the age of 35, more than three times as many as anywhere in the world outside the US.
From technology start-up bosses to footballers and pop singers as well as those who have inherited their wealth, such as Tamara Ecclestone, the capital houses a staggering 19,966 of the so-called 'Millennial Millionaires' new figures reveal.
Only Los Angeles with 25,249 and New York with 19,966 beat it while fourth place Shanghai can only muster 6,111 moneybag youngsters in the table compiled jointly by analysts Verdict and GlobalData Wealth Insight.

The figures reflect changing trends - Tokyo has more millionaires overall than anywhere else on earth but is not even in the top 20 for Millennial Millionaires because it does not attract younger entrepreneurs in the way others do.
Similarly Singapore and Seoul have a lot of older megabuck millionaires but not as many younger adults with cash in the bank.

But seven US cities, including San Jose at the centre of Silicon Valley, make the top 20 and three are in the top ten alone thanks to high net worth of those in technology companies in particular.
Only those with net assets over a million dollars - excluding their main home - are included in the table which claims to be the first time such a list has been compiled.
WealthInsight head of research, Oliver Williams, said: 'London is home to far more millennial millionaires than its European rivals Paris and Rome.
'This is as much down to its entrepreneurial economy as the City's financial clout. Its nearest rival, Shanghai, has less than a third of London's millennial millionaires, affirming position of these top three cities for years to come.
'Riyadh and Mumbai are financial capitals of countries with extremely young populations so we can expect to see them climb the ranks as more millennials earn their millions.
'For the same reason Tokyo, which has the largest total population of millionaires, does not feature on this list. Japan has the oldest population of any country.'

Cities with the most millionaires under 35-years-old

1. Los Angeles - 25,249
2. New York - 19,966
3. London - 19,750
4. Shanghai - 6.111
5. Paris - 5,920
6. Rome - 5,906
7. Mumbai - 5,889
8. Hong Kong - 5,573
9. San Jose - 5,001
10. Moscow - 3,743

Culled from the Daily Mail.

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