Spear’s magazine and leading wealth consultancy company WealthInsight have revealed the cities with the highest percentage of millionaires per head of the population in Asia and the Middle East.
Singapore and Hong Kong boast the highest percentage of millionaires per head of the population, according to a survey commissioned by Spear’s and WealthInsight in conjunction with Elite Traveler.
Both famous for their iconic skylines and legendary cuisine, 2.7 per cent of each population have been identified as millionaires.
‘For years, Singapore and Hong Kong have coaxed Asia’s millionaires to their city-states. Today they are very much rivals, with both promising the same financial might and quality of life,’ said Oliver Williams of WealthInsight.
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‘While many millionaires throughout Asia are attracted to these global cities, many more remain in their local regions: Cities such as Hangzhou and Kyoto have a higher density of millionaires then their respective capitals.’
Coming in third and the highest in the Middle East is Doha with 2.2 per cent, followed by Tel Aviv with 2.1 per cent.
Oil-rich states Abu Dhabi and Dubai also made the top 20, while Hangzhou and Kyoto are the only two brand-new entries, boasting 2.0 per cent and 1.4 per cent respectively.
Williams added: ‘Doha has the highest density of millionaires in the Middle East, largely driven by oil and gas revenues. However, as wealth in the Gulf dries up alongside oil prices, entrepreneurial cities such as Tel Aviv will take their places.’
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| Ranked by HNWIs | HNWI Density (Urban) | Per cent Change | |
| 1 | Hong Kong | 2.7% | 5.7% |
| 2 | Singapore | 2.7% | -5.2% |
| 3 | Doha | 2.2% | -4.1% |
| 4 | Tel Aviv | 2.1% | 3.6% |
| 5 | Kyoto | 2.0% | NEW |
| 6 | Osaka | 1.7% | 0.2% |
| 7 | Hangzhou | 1.4% | NEW |
| 8 | Taipei | 1.4% | -1.5% |
| 9 | Seoul | 1.4% | 2.2% |
| 10 | Tokyo | 1.3% | -1.4% |
| 11 | Dubai | 1.2% | -9.1% |
| 12 | Beijing | 1.1% | -2.5% |
| 13 | Abu Dhabi | 1.1% | -13.3% |
| 14 | Shanghai | 0.7% | -2.2% |
| 15 | Shenzhen | 0.6% | NEW |
| 16 | Bangkok | 0.6% | NEW |
| 17 | Mumbai | 0.5% | NEW |
| 18 | Guangzhou | 0.5% | NEW |
| 19 | Nanjing | 0.4% | NEW |
| 20 | Riyadh | 0.4% | NEW |
