Hong Kong has 2,560 multimillionaires

Ranked fifth on world list.

The WealthInsight Intelligence Center Database, which tracks wealth and liquidity events, said London ranks first for multimillionaires with a total of 4,296 living here.

Tokyo was home to 3,525 multimillionaires while Singapore had 3,154 multimillionaires, the third largest number. Fourth place went to New York City with 2,929 multimillionaires.

The database defines a multimillionaire as someone with US$30 million or more.

It found, however, that Hong Kong and Singapore have the fastest growth rate for multimillionaires and could overtake London by 2020 if the trend continues.

New York is in fourth place with 2,929 multimillionaires; Paris fifth with 1,500 and Beijing sixth with 1,318. New York, however, remains home to the highest concentration of billionaires with 70 billionaires followed by Moscow, 64 and London, 54.

The country with the most millionaires is the USA with more than five million followed by Japan with just over two million.

The database said most multimillionaires in London are entrepreneurs, implying they have started a company of their own and have either sold it or retain a share ownership. This is why job titles like Chairman and Director are common among the multimillionaire community rather than CEO or Managing Director.