Reports

Tokyo Tops Millionaire List – WealthInsight

Natasha Taghavi Reporter London 8 May 2013

Tokyo Tops Millionaire List – WealthInsight

The number of high net worth individuals in Tokyo soared to 461,000 at the end of 2012, followed by 389,000 in New York, according to new research from WealthInsight.

Having examined a sample of 60,000 millionaires across 20 cities over 2012, the UK-based firm found that Tokyo, which topped the list for its number of HNW individuals, accounts for 21 per cent of Japan’s millionaires. New York accounts for only 7 per cent of US millionaires, while London, Rome, Mexico City and Seoul each account for a high proportion (more than 40 per cent) of their respective country’s millionaires.

Within the top five positions of cities ranked by number of HNW individuals, London took third place with 291,000, Paris, fourth place with 219,000 and Frankfurt, fifth place with 217,000, making up the final three spots behind the leaders, Tokyo and New York.

Meanwhile, WealthInsight also released a list of the top 20 cities for ultra high net worth individuals, which revealed that London, with 4,224 UHNW individuals, topped the list, followed by Tokyo (3,525) and then Singapore (3,154). New York was surprisingly low on the list with 2,929 UHNW individuals. This is partly due to the fact that many wealthy New Yorkers live off the Island in cities such as Greenwich, which has over 350 multi-millionaires on its own, the firm said.

In terms of HNW population by country, the US came out on top, with 5,231,000 HNW individuals, followed by Japan, with 2,105,000 HNW individuals, and then Germany with 1,326,000 HNW individuals.

Looking ahead, WealthInsight predicts that China is expected to overtake Japan and Germany to become the second largest wealth market in the world by 2020. It foresees that India will jump from eleventh place in 2012 to fifth place by 2020.

In other findings, on the WealthInsight billionaire list, New York took the top spot with 70 billionaires, followed by Moscow (64 billionaires) and London (54 billionaires). Hong Kong (40 billionaires) and Beijing (29 billionaires) took the remaining two spots in the top five of the billionaire list.

WealthInsight defines HNW individuals as those with net assets of at least $1 million, excluding their primary residence. UHNW individuals are defined as those with net assets of $30 million or more excluding their primary residences.

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