Research has revealed there are more than twice as many millennial millionaires in US cities than anywhere else in the world.
The findings, from economics and business website Verdict – and compiled by GlobalData Wealth Insight – has found that millionaires under the age of 30 are most likely to be found in major US cities.
In fact, US cities take seven of the top 20 positions, while London is the UK’s sole representative in the top 20 list (albeit in third place). Despite its growing wealth and prominence in the world, only two Chinese cities feature in the top 20 (Hong Kong and Shanghai), although both make the top 10.
Unsurprisingly, major cities such as Paris, Rome, Berlin, Moscow, Barcelona, Sydney and Toronto are also featured in the top 20, while the fast-growing cities of Mumbai, Riyadh and Singapore are also home to a burgeoning number of millennial millionaires.
The ranking is the first time millennial millionaires have been calculated and found that Los Angeles – known for its glamour, celebrities and luxurious lifestyles – was in top spot, with 25,249 millennial millionaires. New York finished in second place (19,966), just ahead of London (19,750).
After that, there’s a significant drop to Shanghai in fourth place (6,111) and Paris in fifth (5,920).
It’s a different story when it comes to the number of millionaires as a whole. Tokyo, for example, was in first place for overall millionaires but drops out of the top 20 entirely when it comes to millennial millionaires. A similar fate befalls Osaka, Seoul, Taipei and Hangzhou, confirming that Asian cities perform poorly on the millennial millionaires front but much better with regards to the number of overall millionaires.
Germany is also home to a greater number of older millionaires, with Munich, Frankfurt and Hamburg all slipping out of the top 20 when the number of millennial millionaires is analysed.
Interestingly, New York and London keep second and third spot even when the list focuses on all millionaires.
“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,” Oliver Williams, head of research at WealthInsight, said.
“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.”
He added: “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 the position of these top three cities for years to come.”
Williams said that, by contrast to established mega cities, Riyadh and Mumbai are financial capitals of countries with extremely young populations so they are expected to climb the ranks as more ‘millennials earn their millions’.
It’s the same reason why Tokyo, which has the largest total population of millionaires but also the oldest population of any country, does not feature on the above list.
Some of the best-known millennial millionaires include Taylor Swift, Eric Trump, Miley Cyrus and Tamara Ecclestone.