Dublin has been ranked 10th on the list of European cities with most millionaires per capita, with one in 40 people living in the city a millionaire, according to a new survey.

It means there are almost 32,000 millionaires knocking around the capital.

The survey found Monaco has the highest percentage of high-net-worth individuals, with almost one in three inhabitants classed as a millionaire. Swiss banking centres Zurich and Geneva came second and third in the rankings.

London fifth

The survey findings, revealed by Spear’s magazine and WealthInsight, show London has moved up in the rankings to fifth overall, with one in 29 inhabitants named as millionaires. Edinburgh has the UK’s second-highest density of millionaires, with one in sixty seven inhabitants deemed to be a millionaire.

Head of WealthInsight Oliver Williams said Dublin has a higher density of millionaires than many other European capitals, including Paris, Madrid, Berlin and Moscow.

Tech scene

“Most of these have earned their wealth from Dublin’s burgeoning tech scene, which has attracted talent from both Europe and the US.”

He said Monaco continues to add more millionaires per head of its population than anywhere else, and has seen its density go up by 6 per cent since the last ranking two years ago.

“London’s financial strength has also seen it rise through the rankings: it now boasts more millionaires per head than Frankfurt despite being the second most populous city on the list after New York,” he added.

WealthInsight defines a millionaire as an individual with net assets of $1 million or more, excluding their primary residence.