A study has found that more billionaires have been born in New York than in any other city in the world. According to a study done by luxury magazine Spear's and wealth management consultancy WealthInsight, more than three in 100 billionaires were born in New York (3.09 per cent), followed by Moscow (1.31 per cent) and London (1.25 per cent).
Hong Kong and Istanbul make up the remainder of the top five. The study says that New York has produced 52 billionaires while Moscow 22.
The study was done based on WealthInsight's proprietary database of over 100,000 high net worth individuals globally.
Commenting on the findings, WealthInsight Analyst Oliver Williams says, "As the average age of a billionaire today is hovering around 63, what this ranking shows is not so much today's entrepreneurial hives, but those of 60-odd years ago. While some cities - New York and London particularly - have retained their economic successes, other cities have changed dramatically such as Detroit or Moscow - which 60 years ago was under the Soviet Union."
Also, a separate study done by WealthInsight and Spear's shows that the city-state of Monaco has the highest density of millionaires in the world.
About one in three in the city-state of Monaco is a millionaire, says the study. The study classified 29.21 per cent of Monaco's population as millionaires.
Monaco, a tax haven on the French Riviera, is followed by Swiss cities of Zurich (27.34 per cent) and Geneva (17.92 per cent) in the second and third spot by percentage of millionaires, says the study.
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