If you walk down the street in New York City, you’re bound to run into at least one millionaire.
A study released by both Spear’s Magazine and WealthInsight, a wealth consultancy company, found that as many as 1 in 25 New York City dwellers, or 389,100 people, are worth seven figures.
That’s the highest proportion of millionaires of any U.S. city.
“New York has long been the bastion of wealth not only in America, but the world,” Oliver Williams, an analyst at WealthInsight, told the Los Angeles Times.
New Yorkers might feel special, but Monaco, the tiny principality in the South of France, has them beat. It boasts a whopping a population of which 29.21% are millionaires (nearly three out of every ten inhabitants). Meanwhile, Zurich and Geneva come in at 27.34% and 17.92 percent, respectively, according to WealthInsight’s list of the top 20 global cities by millionaire density.
How about other U.S. cities? Houston pops in at number 18 on the list, while San Francisco cashes in at number 19. In both places you’re likely to come across someone with a net worth of seven figures in one out of 50 people walking by, or about 2% of the population.
“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,” said Williams in a statement.
In praise of his company’s efforts, Williams also called a ranking of cities especially important “because wealthy individuals, more than any other group, will change their home and even their domicile based on these factors.”