Musician Tommy Lee once said, "The best thing about being rich is the freedom; freedom to do whatever you want, whenever you want," and we consider that it includes buying a property in any corner of the world!
A new study by Spear's Magazine found cities with the highest percentage of millionaires and the results are not that surprising.
In collaboration with WealthInsight, a wealth consultancy firm, the magazine arrived at a list of the top 20 cities with the highest number of millionaires. Any individual with net assets of $1 million and above, excluding their primary residence, was considered a millionaire.
The study found that Monaco, the Mediterranean city-state, topped the list with one third or 29.21 percent of the area's population coming under the "millionaire" bracket. Zurich and Geneva came in second and thrid respectively with 27.34 percent and 17.92 percent millionaire population density.
The experts at WealthInsight say that favorable tax incentives and available investment and banking opportunities are what attract millionaires to a city.
Indeed, Monaco offers everything a millionaire would want. It is a tax haven for the rich because residents of Monaco are not liable to pay taxes on foreign income. Monaco is also one of the world's best places to buy luxury property in. Crime rates are also low in the area. All these factors make Monaco the most favorable city for millionaires.
Victoria Coren, a columnist for The Guardian, wrote in a feature about Monaco:
"It is a strange, lonely place. The streets are always deserted, the residents lurking inside their fortified castles, the beaches carved up for private use. The shops sell nothing but weird clothes embossed with rhinestone poodles' heads. You never see any poor people at all. I imagine that a giant truck pulls into town at 5am every day and releases an army of them to sweep, clean, paint, empty the bins and get out again before the billionaires wake up."
Check out the top 10 cities below with percentage of millionaires (Courtesy: Spear's Magazine):
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%)
