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There are now more millionaires living in London than New York, according to research by property consultant Knight Frank.
The spiraling cost of homes in the U.K.’s capital city has helped a total of 874,354 Londoners accrue assets worth more than $1 million compared with 820,000 in New York, according to Knight Frank’s 2021 Wealth Report released on Tuesday.
Read: Amid a Pandemic, Global Luxury Home Prices Accelerated
It classes these individuals High Net Worth Individuals (HNWI), and those worth $30 million or more as Ultrahigh Net Worth Individuals (UHNWI).
London also claims the top-spot for the largest number of homes considered ‘prime’ in each city, with over 68,000 homes worth £2 million or more. Dubai comes in second place (42,356 homes) and Sydney (27,436 homes) in third.
Flora Harley, deputy editor of The Wealth Report, said: “In the wealth category, which measures the number of UHNWI and HNWI city dwellers, the U.S. dominates.
“New York comes in first position globally with 7,743 individuals with a net worth of US$30m or more. However, when looking at the number of HNWIs — London takes lead position with over 870,000 millionaires.”
Read: Global Ultrawealthy Population Grew By One Almost Every Hour in 2018
New York led the investment category due to the high number of top global firms based there, as well as strong domestic investment.
It was London, though, that saw the highest levels of cross-border capital from the widest range of different countries invested in real estate over the 12 months to September 2020. Paris, Amsterdam, Munich and Madrid all ranked within the top 10.
Amsterdam ranked joint second-highest for diversity of investors and seventh for cross-border investment. For lifestyle, while London still led, Paris was hot on its heels.
