NEWS — 30 July 2014
Dublin retail queen and former model Hilary Weston, 68, is worth some €3.67bn

Dublin retail queen and former model Hilary Weston, 68, is worth some €3.67bn

By Shelley Marsden

NEXT TIME you’re in the Fair City and spot someone being flash with the cash, it could be one of Dublin’s 1 in 40 millionaires.

According to the research by Spear’s magazine, one in every forty people living in the Irish capital is a millionaire, with 2.4% of the city’s residents classified as ‘dollar millionaires’.

That puts Dublin at 13th in the list of the top 20 so-called millionaire-rich cities. Going by the estimate of its 2011 census population of 1.2 million people, there are some 27,000-30,000 millionaires in the capital, which is the exact capacity of the Cusack Stand in Croke Park.

“In Dublin, over one in every fifty residents are millionaires or richer (2.4% or 26,600 individuals), putting the fair capital ahead of affluent global cities such as Paris, Venice, Toronto, Houston and San Francisco in terms of millionaire density. Dublin is thirteenth on the overall global list, with the ninth highest percentage of millionaires of any European city”, the study said.

Less surprising is that the tax-haven of Monaco tops the list, with 29.2% of its residents being classified as millionaires. Zurich and Geneva make up the top three, before a big dip to New York in fourth, Frankfurt in fifth, then London in sixth.

Carried out with the help of consultancy company WealthInsight the magazine’s study defined a millionaire as someone with net assets of at least $1 million, not including their primary home.

For Dublin, that means some of its millionaires haven’t exactly reached one million in euros, and their wealth could be at around €740,000. For London, it could mean citizens with net assets of £587,000.

WealthInsight’s Oliver Williams explained: “Favourable tax and outstanding location are important criteria for attracting clusters of millionaires. So too is ready access to wealth managers and private banks. Switzerland’s two financial hubs of Zurich and Geneva are traditional havens of private banking, but so too is London.”

He added: “Dublin, though about thirty times the size of Monaco, is a relatively small capital city, giving it a high density of millionaires. Small cities with a strong financial focus are very attractive surroundings for wealthy individuals. For Dublin itself, an abundance of millionaires could help the city claw back its financial prowess from 2008’s collapse.”

Top 20 global cities by millionaire density

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%)

11. Hong Kong (2.58%)

12. Rome (2.54%)

13. Dublin (2.40%)

14. Doha (2.31%)

15. Toronto (2.29%)

16. Venice (2.25%)

17. Brussels (2.11%)

18. Houston (2.09%)

19. San Francisco (2.07%)

20. Paris (2.04%)

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