London really is THE millionaires' playground: More 'ultra-high net worth' individuals live in English capital than any other city on Earth, new figures reveal

London boasts 4,224 residents worth more than $30million or £19.2m



But Chinese cities are fast catching with a growing number of millionaires

The UK capital is lagging behind New York when it comes to billionaires

While global financial meltdown and double-dip recessions have left many of us counting the pennies, it seems that the streets of London are still paved with gold for some.

The UK capital is home to more multimillionaires than any other city in the world according to new figures.

London boasts a staggering 4,224 'ultra-high net worth' residents - people with a net worth of more than $30million, or £19.2million.

Global map of individual wealth: Where the highest numbers of billionaires and multi-millionaires live



Super-rich: Areas such as Knightsbridge, picture, Mayfair and Kensington, where property prices are particularly expensive, are home to many of London's super-rich

Wealthy: London is now home to a staggering 4,224 multi-millionaires

Work and leisure space: London's mix of expensive homes and status as a business hub as well as its picturesque use of open spaces makes it attractive to the super rich

In total, London is home to 281,000 millionaires, more than Frankfurt or Paris, with 675,000 in the entire country.

The US boasts the most millionaires in the world with more thn 5.2 million in total.

But it seems that China is catching the UK up, with experts predicting that Chinese cities will have doubled their number of multimillionaires by 2020.

That leap would make it the second biggest nation of millionaires ahead of Japan and Germany but behind the United States.

Second place: Tokyo comes in second place behind London in its number of multi-millionaires with 3,525

Stunning: Singapore boasts the third highest number of residents worth more than $30million with 3,154

The UK is set to fall from sixth to eighth in that ranking according to the research, with India also expected to leapfrog.

And while London might boast the most millionaires, it is lagging behind both New York and Moscow when it comes to billionaires.

New York boasts 70 billionaires, Moscow is home to 64 and London has 54 resident billionaires.

Lagging: Despite being part of the world's largest economy, New York is only fourth in the list with 2,929 but it does boast the most billionaires