San Francisco is millionaire central according to Spear’s magazine, Europe’s leading wealth management authority, and WealthInsight, a company that provides invaluable data on the world’s High Net Worth Individuals.The two teamed up to create a city-by-city breakdown of the global top 20 cities for millionaires by population density. Only three cities in the US made the list and San Francisco is one of them.
“Favorable tax and outstanding location are important criteria for attracting clusters of millionaires, but so too is ready access to wealth managers and private banks,” says WealthInsight Analyst Oliver Williams. “Switzerland’s two financial hubs of Zurich and Geneva are traditional havens of private banking, but so too is London, the world’s third largest home of millionaires.”
This is not a list of cities with the absolute highest number of millionaires, but those with the highest population density of millionaires. San Francisco came in third in the United States at 2.07% millionaires and 19th on the global list. Experts say the proximity to Silicon Valley and tech millionaires made the difference.
WealthInsight proprietary database of more than 100,000 high net worth individuals with net assets of $1 million or more globally was used to create the list. In the U.S., New York City came in first place with 4.63% of its residents considered millionaires and Houston, Texas coming in second with 2.09% of the city’s population being millionaires.
The Wall Street Journal ran a report earlier this year using data from Phoenix Marketing International,a Marketing Consulting and Advanced Analytical Market Modeling firm specializing in assisting clients in the market management process, through a unique combination of industry expertise, methods and consulting services, combining primary and syndicated marketing research expertise with database analytics and modeling proficiency. That list showed a state-by-state ranking of millionaires. California came in 10th with 6.04% millionaires.
Since San Francisco is millionaire central, if this blog post interests or applies to you, I invite you to have a look at my website for property listings in its many affluent neighborhoods. On the other hand, if you want to sell your property in San Francisco, you might want to learn more about me before you choose a real estate agent. Please feel free to contact me via email at Daniel.DerVartanian@sothebyshomes.com or by direct line at 415.901.1727. Looking forward to helping you!