The place where nearly one in three are millionaires... Here are the world's top 10 richest cities

A study confirmed that harbour city-state Monaco is the richest city with nearly one in three of its residents classed as millionaires.

15:50 30 July 2014

Monaco, the harbour city-state famed for its street race track and idyllic weather, has topped the global list of richest cities with the highest percentage of millionaires within its population/ This was confirmed by a research study conducted by Spear’s Magazine and consulting firm WealthInsight.

WealthInsight analyst Oliver Williams said: “The principalities' low tax and Mediterranean waterfront is the ideal habitat for wealthy individuals.”

29.21% of people living in Monaco are millionaires, which WealthInsight defines as someone with net assets of US$1 million or more, excluding their primary residence.

Williams added: "Favourable tax and outstanding location are important criteria for attracting clusters of millionaires, but so too is ready access to wealth managers and private banks.”

Editor of Spear’s Magazine Josh Spero questioned if cities densely packed with millionaires may have social ramifications.

“We also always need to bear in mind that having millionaires isn't itself a good thing if it means inequality - which is damaging to everyone - goes up too."

Top 10 global cities by millionaire density

1. Monaco (29.21%)
2. Zurich (27.34%)
3. Geneva (17.92%)
4. New York (4.63%)
5. Frankfurt (3.88%)
6. London (3.39%)
7. Oslo (2.90%)
8. Singapore (2.80%)
9. Amsterdam (2.63%)
10. Florence (2.59%)