Why do some places seem to attract the world's richest people? Here we take a look at the European cities with the most millionaires per capita to see what they might have in common, and explore the real estate that millionaires in those cities invest in when they decide to buy property.
Monaco recently hit the magic milestone of one millionaire for every three residents. This relatively tiny city doesn’t mint its millionaires so much as drawing them in from over 100 nations worldwide.
But why? Well, in a word, tax. Or a lack of it, to be more precise. Income tax simply doesn’t exist in Monaco. Add to this the balmy weather, seafront setting, high-profile events such as the Grand Prix and easy access to Nice, and you’ve got a recipe fit for royalty.
In Monaco, property is double the price of similar spaces in New York, averaging $9,000 per square foot. It’s also hard to come by, thanks to the minute size of the city. This is partly why you might spot quite a few local millionaires living on their moored-up luxury yacht.
Almost 18% of Geneva's 200,000 population are millionaires, and all this wealth is squeezed into a city that measures just 6.15 square miles. Part of the reason Geneva rates so highly in lists of cities with the most millionaires is because it's the headquarters of a number of global organisations, including the United Nations and the World Health Organization.
It's also a banking capital, and where the finance industry sets up its home, so too do individuals with healthy capital themselves. In Geneva, these millionaires can buy properties on the shores of Lake Geneva, or luxury apartments nestled in the picturesque Old Town.
Always popular with real estate investors, London is more urban than Monaco or Geneva, being a powerhouse of banking, media and culture. The exhilarating pace of life in London means it attracts younger millionaires, being a place to 'work hard and play hard'.
These wealthy individuals, largely under the age of 35, may have made their money doing business in London, or simply inherited it and chosen to live here for the exciting lifestyle it offers. Millionaires' property in London can vary in heritage and style, from traditional townhouses to new-build apartments with panoramic city views.
Almost a quarter of Zurich's residents are millionaires, but all residents can expect to enjoy a higher standard of living than in many other cities. In a 2017 quality of life index, the city picked up the silver medal, thanks to its environment, education, infrastructure, healthcare and stability.
Another banking titan of a city, millionaires who live here can also take in the famous history and culture. Popular properties include grand townhouses and chalets.
The European city any millionaire might decide to settle down in depends largely on the lifestyle they want, and even non-millionaires can enjoy many of those same facets of life in each of these different locations.
If you're looking for the ideal place to buy your own property, you can refer to our property insights and our investigations into market trends to make sure you get the right location at the right price for you (even if money is almost no object).
