Edinburgh named in the top 20 cities for millionaires

Edinburgh has been named in the top 20 cities to home millionaires, with the city having the second highest density of millionaires in the UK.

Princes Street, Edinburgh.Picture; Jon Savage

Placed 16th in Europe, and second in the UK behind London, the study from WealthInsight and Spears magazine suggesed that one in 67 in Edinburgh were millionaires placing it ahead of many other European capitals such as Berlin and Vienna.

Perhaps unsurprisingly, Monaco had the highest percentage of high net worth individuals, with almost one in three inhabitants classed as a millionaire. Monaco and Swiss banking centres Zurich and Geneva were in second and third place, while London was fifth with one in 20 deemed to be a millionaire.

Edinburgh was one of the only new cities on the list and featured for the first time. Surprinsgly, the Capital beat out other leading European capitals including Paris, Madrid and Moscow.

On the findings Oliver Williams commented: “Monaco continues to add more millionaires per head of its population than anywhere else: It has seen its density go up by 6% since the last ranking two years ago. Such is the escalating exclusivity of the Principality that only the ultra-wealthy are able to lay hands on Monegasque passports.

“London’s financial strength has also seen it rise through the rankings; it now boasts more millionaires per head than Frankfurt despite being the second most populous city on the list after New York.

“Edinburgh has the UK’s second highest density of millionaires. Mirroring London in its combination of politics and finance, it also maintains a small overall population relative to other Scottish and English cities.”