There are more than twice as many millionaires under the age of 35 – so-called millennial millionaires — in US cities than in any other countries’ cities, research from economics and business website Verdict and compiled by GlobalData Wealth Insight has shown.
In total, US cities take seven of the top 20 spots while only two Chinese cities feature in the top 20, with Shanghai and Hong Kong both in the top 10.
The ranking – the first time millennial millionaires have been calculated – suggests which cities are attracting the most young millionaires and are likely to grow in importance in coming years.
The ranking also sheds light on which cities are made up of older millionaires, with Tokyo, Japan dropping from first place for overall millionaires out of the millennial millionaires top 20 entirely.
Asian cities generally perform badly for millennial millionaires, with Hong Kong, China; Osaka, Japan; Beijing, China, and Seoul, South Korea all dropping or disappearing from the millennial millionaire rankings compared to their total millionaire position.
WealthInsight’s head of research Oliver Williams said:
“The west coast of the US features highly on this list thanks to the tech start-up culture found around Los Angeles, San Jose, San Diego and San Francisco. These areas are also home to some of the world’s largest companies, offering big pay packages for skilled millennials. However, with recent accusations of ageism in Silicon Valley, some might question whether their position here is a good thing.
“London is home to far more millennial millionaires than its European rivals Paris and Rome. This is as much down to its entrepreneurial economy as the City’s financial clout. Its nearest rival, Shanghai, has less than a third of London’s millennial millionaires, affirming position of these top three cities for years to come.
“Riyadh and Mumbai are financial capitals of countries with extremely young populations so we can expect to see them climb the ranks as more millennials earn their millions. For the same reason Tokyo, which has the largest total population of millionaires, does not feature on this list. Japan has the oldest population of any country.”
New York, US
Hong Kong, China
Seoul, South Korea
Los Angeles, US
Some well-known millennial millionaires and where they live
- Hind Hariri, daughter of Lebanese businessman Rafic Hariri – Lebanon
- Miley Cyrus, singer – US
- Taylor Swift, singer – US
- Kunal Bahl, co-founder of Snapdeal – India
- Eric Trump, son of US president Donald Trump – US
- Daniel Ek, co-founder of Spotify – US
- Nathan Blecharczyk, co-founder of Airbnb – US
- Athina Onassis Rousse, heir to the Onassis fortune – Sao Paulo
- Chris Hughes, co-founder of Facebook – US
- Tom Persson, shareholder and heir to Hennes & Mauritz (H&M) – Sweden
- Bobby Murphy, co-founder of Snapchat – US
- Evan Spiegel, co-founder of Snapchat – US
- Jean, Frederic, and Alexandre Arnault, children of Bernard Arnault and shareholders of LVMH – France
- Arash Ferdowsi, co-founder of Dropbox – US
- Drew Houston, co-founder of Dropbox – US
- Tamara Ecclestone, daughter of Bernie Ecclestone – UK
Featured image via Pixabay