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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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Which cities do the world’s millonaires and billionaires live in?

Category : Business

Twenty cities have more than 100,000 millionaires – but which has most? And where do the world’s billionaires live?
Millionaires | Multi-millionaires | Billionaires | Country
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Where do the world’s wealthiest individuals live? Well, it depends if you’re talking millionaires, multi-millionaires or billionaires, according to a new list of the global rich.

Tokyo may contain the most millionaires (US$), however London is the city with the highest number of multi-millionaires – defined as individuals with over $30m each. For the fattest of the fat cats, though, look to New York where 70 billionaires have made their home – or maybe one of their many global homes.

The ranking of top global cities for millionaires, multi-millionaires and billionaires has been compiled by London based wealth consultancy WealthInsight using five years of data analysed by their team. So what insights can we glean from this latest rich list?

Millionaires

Tokyo tops the list with 461,000 millionaires at the end of 2012, followed by New York City with 389,000. London and Paris take third and fourth place respectively with Frankfurt, Beijing, Osaka, Hong Kong and Shanghai making up the the remainder of the top ten. Interestingly the second highest city for billionaires, Moscow, comes in 20th for its number of millionaires.

The report also looks at the proportion of each country’s millionaires in each city. Tokyo accounts for 21% of Japan’s millionaires whereas New York City accounts for only 7% of US millionaires. Cities with much higher proportions include Seoul (83%), Rome (49%) and London (42%).

Multi-millionaires

Now for the big players, those individuals with over $30m each. London is top of the list as the city with the most multi-millionaires (4,224) but Tokyo and Singapore follow in second and third place respectively.

New York makes an appearance at fourth place on the rankings – but if you’re surprised by the Big Apple’s slip down the rich list, WealthInsight do point out that ‘many wealthy New Yorkers live off the Island in cities such as Greenwich which has over 350 multi-millionaires on its own’.

Billionaires

New York (Manhattan) contains the most billionaires according to the release with 70 in the city. Moscow has 64 billionaires and London boasts 54.

Moscow, Mumbai and Istanbul are significantly higher on the billionaire list than they are on the millionaire rankings. Moscow which is ranked 20th for millionaires and is absent from the top 20 cities for multi-millionaires, comes in at third place on the billionaires list.

Hong Kong, Beijing, Mumbai, Istanbul, Shanghai, Paris and Los Angeles all make it into the top ten.

Country

Despite Tokyo topping the list as the city with the highest total of millionaires, when it comes to country level the US boasts the most with 5,231 in 2012 – a figure WealthInsight expects to jump to 7,318 by 2020.

But the country to watch according to the wealth consultancy is China. They predict that it will overtake Japan and Germany to become the second largest wealth market in the world by 2020. India is also expected to rise up the rankings, from 11th place in 2012 to 5th place in 2020.

The tables below show the top ten cities for millionaires, multi-millionaires and billionaires. The downloadable spreadsheet contains data at country level and the proportion of country’s millionaires in each city. What can you do with this?

Data summary

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DATA: download the full spreadsheet

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US billionaire wins fake wine case

Category : World News

US billionaire William Koch wins damages in a legal case he brought against a businessman who sold him two dozen bottles of fake wine.

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Warren Buffett in $28bn Heinz deal

Category : Business, World News

US billionaire Warren Buffett’s investment firm Berkshire Hathaway is to buy food giant Heinz in a $28bn (£18bn) deal, the biggest to date in the food industry.

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Liberty Global to buy Virgin Media

Category : World News

US billionaire John Malone’s cable group, Liberty Global, agrees to buy the UK’s Virgin Media in a cash and stock deal worth $23.3bn (£15bn).

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Buffett: Cliff talks may drag on

Category : Business

Billionaire investor Warren Buffett believes the US fiscal cliff may not be solved until January, missing the December deadline, as markets remain jittery.

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Heineken ends Tiger beer standoff

Category : World News

Dutch brewer Heineken ends the stand-off over control of the maker of Tiger beer, by garnering the support of a Thai billionaire.

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Buffett: My cancer treatment is done

Category : Business, Stocks

Billionaire investor Warren Buffett says he’s had his final treatment for prostate cancer

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Soros buys stake in Man United

Category : Business

The billionaire investor George Soros buys a stake in Manchester United football club, according to a US regulatory filing.

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Warrant issued for Quinn nephew

Category : Business

An arrest warrant has been issued for Peter Darragh Quinn, a nephew of the bankrupt former billionaire Sean Quinn.

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Harbinger Capital’s Falcone charged with fraud

Category : Business, Stocks

U.S. securities regulators on Wednesday charged billionaire hedge fund manager Philip Falcone and his Harbinger Capital with fraud.

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