Wealth-X’s first annual ranking of the most popular UHNW European cities revealed that London is home to 5,955 individuals with a net worth of at least US$30 million each, accounting for more than half of the UK’s 10,450 ultra wealthy individuals.
Germany is home to the largest population of UHNWIs in Europe, with 15,925 UHNWIs, but its Ultra HNWI population is dispersed across various cities.
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Germany also has the largest number of UHNW cities, with four of it cities making the top ten list. German cities making the top 10 include fourth ranking Munich, with 1,450 UHNWIs, Dusseldorf in sixth with 1,355 Ultras, Hamburg in seventh with 1,310 Ultra HNWIs and Frankfurt in ninth with 1,100 UHNWIs.
"While Germany has the largest population of UHNWIs in Europe, 50% more than in the UK, London hosts more UHNW individuals than Munich, Dusseldorf, Hamburg and Frankfurt combined, thanks to a favourable environment for the ultra affluent, including those who are non-domiciled," said Mykolas Rambus, CEO of Wealth-X.
The aim of this survey, says Rambus, is to enable private wealth managers, not-for-profits and luxury brands to better devise strategies to efficiently and effectively deploy sales and marketing resources to reach this much-sought-after community.
