Europe is a continent steeped in history and culture and home to some of the world’s most economically successful cities. As globalization continues to shape the landscape of international finance, these cities stand as beacons of prosperity and wealth.
In this article, we delve into the richest cities in Europe (more specifically, where the richest people live in Europe), uncovering the economic dynamics, cultural richness, and metropolitan landscapes that contribute to their affluence.
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Richest European Cities By Number Of Millionaires [2023 Ranking]
The wealth of world cities is typically measured using economic output; however, in this article, we rank the European cities according to how many high-net-worth individuals they have using data provided by Henley & Partners, a reputable London-based investment migration consultancy firm.
The number of millionaires, centimillionaires, and billionaires living in each city is listed, as well as the metropolitan population for added perspective.
1. London
- Country: United Kingdom
- Population: Over 14 million
London is the undisputed titan of European finance, has the largest GDP of any metropolitan European city, and serves as a global economic powerhouse, securing the title of the wealthiest city in Europe.
London’s financial district, colloquially known as “The City,” stands as the beating heart of international finance. The London Stock Exchange is one of the largest and most influential in the world.
The city’s wealth is not confined to finance alone. London is a melting pot of diverse industries, including technology, fashion, and the arts. Iconic landmarks such as Buckingham Palace, the British Museum, and the West End contribute to the city’s allure, making it a magnet for tourists and investors alike.
London is home to approximately 258,000 millionaires, 384 centimillionaires, and 36 billionaires.
2. Frankfurt
- Country: Germany
- Population: Over 5.6 million
Nestled along the banks of the River Main, Frankfurt is Germany’s financial epicenter and Europe’s second-richest city in terms of high-net-worth individuals.
Boasting a metropolitan population of approximately 5.6 million, Frankfurt’s skyline is a testament to its economic might, adorned with towering skyscrapers housing the headquarters of major financial institutions, including the Frankfurt Stock Exchange, a key player in the global financial market.
Beyond finance, Frankfurt is a hub for trade fairs, with the Messe Frankfurt hosting events that attract businesses from around the world. The city’s strategic location in the heart of Europe further enhances its status as a key player in international commerce.
There are around 102,200 millionaires, 170 centimillionaires, and 16 billionaires living in Frankfurt.
3. Zurich
- Country: Switzerland
- Population: Over 400,000
Switzerland’s financial jewel, Zurich, emerges as the third wealthiest city in Europe. With a metropolitan population of around 415,000, it is a small city renowned for its stable banking sector, attracting high-net-worth individuals and businesses seeking financial services.
Zurich has also been committed to innovation and sustainability, reflected by its flourishing technology and pharmaceutical industries.
The city’s wealth is not only economic but has also extended to its residents’ high quality of life. Zurich consistently ranks high in global quality of life indices, making it an attractive destination for both businesses and individuals seeking a prosperous and balanced lifestyle.
Around 99,300 millionaires, 250 centimillionaires, and 12 billionaires live in Zurich, Switzerland.
4. Paris
- Country: France
- Population: Over 13 million
The City of Lights, Paris, has the second largest metropolitan economy in Europe, after London, and the fourth highest number of high-net-worth individuals. With a long and storied history, it stands as a testament to the fusion of cultural richness and economic prosperity.
Paris, France, is a multifaceted hub encompassing finance, fashion, and tourism. The La Défense business district is Europe’s largest purpose-built business district, home to the headquarters of many major multinational corporations.
The city’s wealth is also deeply intertwined with its cultural heritage, attracting millions of tourists annually. The Louvre Museum, the Eiffel Tower, and the city’s vibrant culinary scene contribute to its global appeal, fostering an environment where creativity and commerce converge.
Paris is home to some 93,000 millionaires, 126 centimillionaires, and 16 billionaires.
5. Geneva
- Country: Switzerland
- Population: Approx. 200,000
Nestled along the shores of Lake Geneva, Geneva is a city where diplomatic prowess meets economic prosperity. Home to numerous international organizations, including the United Nations and the World Health Organization, Geneva’s diplomatic role contributes significantly to its wealth.
The city’s financial sector, serene surroundings of Lake Geneva, commitment to sustainability, and robust services industry make Geneva an attractive destination for both businesses and individuals, further solidifying its status as one of Europe’s wealthiest.
The serene surroundings of Lake Geneva, coupled with a commitment to sustainability, make Geneva an attractive destination for both businesses and individuals.
Approximately 85,800 millionaires, 305 centimillionaires, and 15 billionaires currently live in Geneva, Switzerland.
6. Rome
- Country: Italy
- Population: Around 4.3 million
Rome, the eternal city, not only embodies history and culture but also plays a pivotal role in Italy’s economic landscape. With a metropolitan population of approximately 4.3 million, the city is a hub for fashion, film, and design.
Rome’s economy is characterized by a harmonious blend of traditional industries and a growing emphasis on innovation and technology. Much of its wealth also comes from tourism, with the Colosseum, the Vatican City, and the city’s many UNESCO World Heritage sites contributing to its global allure and attracting millions of tourists every year.
Though not Italy’s most economically prosperous city (that title goes to Milan), Rome is home to the highest number of the country’s high-net-worth individuals, including 56,500 millionaires, 95 centimillionaires, and 11 billionaires.
7. Moscow
- Country: Russia
- Population: Over 21.5 million
Moscow secures its place among the richest European cities as the capital and economic powerhouse of Russia, accounting for approximately 20% of the country’s GDP.
With a metropolitan population surpassing 20 million, the city is the largest metro in all of Europe and derives its wealth from a diverse range of sectors, including finance, energy, and technology. It is the financial center of Russia and home to many of the country’s largest companies, including its biggest banks.
Moscow’s strategic location as a bridge between Europe and Asia further enhances its importance in international trade and commerce.
Around 35,200 millionaires, 250 centimillionaires, and 28 billionaires live in Moscow, Russia.
8. Madrid
- Country: Spain
- Population: Over 6.7 million
Madrid is the largest and capital city of Spain, standing as a testament to the country’s economic resilience. It is a hub for finance, technology, and tourism.
Madrid’s strategic location in the heart of the Iberian Peninsula, coupled with a business-friendly environment, attracts multinational corporations and contributes to its economic prosperity. The Prado Museum, the Royal Palace, and the city’s lively cultural scene enhance its global appeal, making the city a destination for both business and leisure.
Madrid is home to around 29,000 millionaires, 61 centimillionaires, and 6 billionaires.
9. Manchester
- Country: United Kingdom
- Population: Over 2.8 million
Manchester is often overshadowed by its more prominent counterpart, London, but it has emerged as a key player in Europe’s economic landscape. With a metropolitan population of nearly 3 million, Manchester’s economy is diverse, encompassing industries such as finance, advanced manufacturing, and digital technology.
Manchester’s wealth is fueled by a dynamic cultural scene, a thriving sports culture, and a commitment to innovation.
The University of Manchester, a research powerhouse, contributes to the city’s reputation as a center for cutting-edge scientific and technological research. This explains why approximately 24,200 millionaires, 73 centimillionaires, and 8 billionaires live in Manchester, UK.
10. Nice
- Country: France
- Population: Approx. 1 million
Nice completes the list of the richest European cities. Nestled along the French Riviera and with a metropolitan population of about 1 million, Nice’s wealth is heavily derived from tourism, courtesy of its historical importance as a winter resort town and strategic location as a gateway to the French Riviera.
Its Mediterranean charm attracts tourists, entrepreneurs, and high-net-worth individuals alike, with the Promenade des Anglais, the historic Old Town, and the city’s commitment to sustainable development enhancing its appeal even further on both the national and international stages.
All these factors come together to make Nice, France, home to 23,900 millionaires, 60 centimillionaires, and 6 billionaires.
20 Richest Cities In Europe Ranked By Number Of Millionaires In 2023
| Rank | City | Country | Millionaires | Centimillionaires | Billionaires |
| 1 | London | UK | 258,000 | 384 | 36 |
| 2 | Frankfurt | Germany | 102,200 | 170 | 16 |
| 3 | Zurich | Switzerland | 99,300 | 250 | 12 |
| 4 | Paris | France | 93000 | 126 | 16 |
| 5 | Geneva | Switzerland | 85800 | 305 | 15 |
| 6 | Rome | Italy | 56500 | 95 | 11 |
| 7 | Moscow | Russian | 35200 | 250 | 28 |
| 8 | Madrid | Spain | 29000 | 61 | 6 |
| 9 | Manchester | UK | 24200 | 73 | 8 |
| 10 | Nice | France | 23900 | 60 | 6 |
| 11 | Athens | Greece | 23,100 | 38 | 2 |
| 12 | Lisbon | Portugal | 20,800 | 35 | 3 |
| 13 | Dublin | Ireland | 18,400 | 40 | 5 |
| 14 | Monaco | Monaco | 17,600 | 165 | 20 |
| 15 | Istanbul | Türkiye | 16,300 | 62 | 10 |
| 16 | Warsaw | Poland | 15,100 | 33 | 3 |
| 17 | Barcelona | Spain | 13,300 | 26 | 3 |
| 18 | Milan | Italy | 12,600 | 20 | 4 |
| 19 | Edinburgh | UK | 12,400 | 48 | 5 |
| 20 | Florence | Italy | 7,500 | 16 | 3 |
What Is The Wealthiest City In Europe?
The richest city in Europe is London. It not only has the largest economy of any European city, but it also has the highest number of high-net-worth individuals.
London is home to approximately 258,000 millionaires, 384 centimillionaires, and 36 billionaires.
What’s The Richest Area In Europe?
The richest region in Europe in terms of economic output and number of millionaires is the Blue Banana, a discontinuous corridor of urbanization in Western and Central Europe that encompasses most of the continent’s largest cities and economic centers.
The Blue Banana includes London, Frankfurt, Zurich, and Geneva, which are among the top five European cities with the most millionaires. Although Paris is not directly within the corridor, the French city is often included because of its economic significance.
Other prominent cities in Blue Banana include Manchester, UK; Brussels and Antwerp, Belgium; Rotterdam, Netherlands; and Milan, Italy.
Where Do Most Billionaires Live In Europe?
Currently, Germany is the European country with the most billionaires, followed by Russia in second place. Germany has 126 billionaires and Russia has 105 billionaires as of 2023, according to Forbes.
As for European cities, London has the most billionaires of any city with 63 billionaires, followed by Moscow with 61 billionaires.
According to Henley & Partners’ 2023 report, London places first with an estimated 36 billionaires, while Moscow follows with 28 billionaires.
Conclusion
The richest cities in Europe in terms of high-net-worth individuals — that is, the European cities where the largest number of riche people live — stand as beacons of economic prosperity, cultural richness, and global influence. From the financial might of London and Frankfurt to the diplomatic importance of Geneva and the cultural allure of Rome, each city contributes uniquely to Europe’s economic landscape.
The competition among them for the title of the wealthiest is not just a matter of economic metrics but also a reflection of their ability to adapt to changing global dynamics.
Currently, London and Frankfurt are two of the wealthiest cities in Europe due to having the highest number of high-net-worth individuals. London and Moscow have the most billionaires.
