Milan has secured a prominent position among the world’s cities favored by millionaires, according to the annual report by Henley & Partners. The study reveals that in the Lombard capital, there is one millionaire for every 12 registered residents, a figure that includes the entire population, from newborns to the elderly.
Defining a Millionaire: Liquid Assets Over All Possessions
The report’s definition of a ‘millionaire’ is precise and focuses on liquid assets rather than total wealth, such as property. A millionaire, in this context, is an individual with at least six zeros in their liquid portfolio, excluding real estate.
Milan Outperforms Major Financial Hubs
This ratio becomes even more striking when compared to other major financial capitals. In New York City, the ratio is one millionaire for every 22 residents, while in London, it drops to one for every 41. Rome trails significantly with one millionaire for every 54 residents. Even Paris, when considering only its urban area (approximately 2.14 million inhabitants), stands at one millionaire for every 14 residents.
Centimillionaires: Milan’s Elite Wealth
The report also highlights the concentration of centimillionaires in Milan-individuals holding at least 100 million U.S. dollars in liquid assets. Milan boasts 182 centimillionaires, translating to one for every 7,692 residents. This figure is comparable to Los Angeles (one for every 7,558) and intra-muros Paris (one for every 7,743).
Milan’s concentration of centimillionaires significantly surpasses that of New York (one for every 10,757) and, notably, London (one for every 25,244), further solidifying its status as a magnet for the ultra-wealthy.
Milan’s Economic Landscape and Appeal
The findings underscore Milan’s robust economic environment and its appeal as a global financial and business hub. The city’s strong performance in attracting and retaining high-net-worth individuals reflects its dynamic market, investment opportunities, and quality of life.
This impressive concentration of wealth contributes significantly to Milan’s economic vitality, influencing various sectors from luxury goods and services to real estate and financial markets. The city’s ability to draw and sustain such a high number of millionaires and centimillionaires positions it as a key player in the global economy.
The report by Henley & Partners provides a detailed snapshot of wealth distribution across major cities, offering valuable insights into global economic trends and the factors that make certain urban centers particularly attractive to the affluent.
Source: ilgazzettinometropolitano.it
