According to a recent global study, the city of Dublin has the thirteenth highest percentage of millionaires in the world – statistically speaking, one in every 40 Dubliners is a millionaire.
With New York at number four (one in every 25 New Yorkers is a millionaire) and London at number six, Dublin can attribute some of its density of millionaires to its small size.
With 26,600 Dublin millionaires, Ireland’s capital stands ahead of affluent cities like Paris, Toronto and San Francisco.
One technical aspect of this study, however, is that it calculates net-worth in dollars – a million dollars is equivalent to 750,000 euros, so an Irish person of this net-worth may not consider her/himself to be a millionaire.
Analyst for WealthInsight Oliver Williams reports, “Small cities with a strong financial focus are very attractive surroundings for wealthy individuals.”
The study was published in business and finance publication Spears Magazine. Editor Richard Cree said that some of the biggest names in global finance have flocked to Dublin despite all the controversy surrounding its International Financial Services Centre.
“A thriving financial services sector, low tax rates and a pleasant lifestyle are all factors likely to attract millionaires to a city and Dublin can offer all of these,” he said.
The tiny city-state of Monaco ranks at the top of the list – a third of the small city consists of millionaires. The low tax rates and Mediterranean waterfront make it an ideal location for the wealthy.
Williams said that for Dublin, an abundance of millionaires could serve to help the city gain back its financial strength from 2008’s still evident recession.