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London has more than three times the number of millionaires under the age of 35 than most major cities in the world outside of the US, according to new research.

The research shows that a whopping 20,000 millennials currently living in the capital have over £1 million to their name.

The majority have made their fortune through starting businesses, inheriting their wealth, or by being a famous pop star or footballer.

Other capital cities with large numbers of millionaires are Los Angeles and New York, who had a similar number - according to the research by analysts Verdict and GlobalData Wealth Insight.

Los Angeles is home to 25,249 young millionaires and New York has 19,966. Shanghai has a smaller number of wealthy individuals with only 6,111 young people with more than £1 million in their bank.

The new figures reflect changing trends when it comes to wealth. In the past it would have been unusual to see so many wealthy people under the age of 35.

However it seems that more younger people are raking in the cash especially in the UK and the US.

In the US, seven cities made the top ten for being home to young people with huge amounts of cash.

This was due was due to the rise of tech companies in places such San Jose at the centre of Silicon Valley which came in at number nine on the list.

Tokyo did not make the top ten for wealthy millennials which is surprising considering it has the most millionaires in the world in general.

The table only included individuals with a net worth over £1 million, excluding their main home.

WealthInsight head of research, Oliver Williams to the Daily Mail: 'London is home to far more millennial millionaires than its European rivals Paris and Rome.

"This is as much down to its entrepreneurial economy as the City's financial clout. Its nearest rival, Shanghai, has less than a third of London's millennial millionaires, affirming position of these top three cities for years to come."

He predicted: "Riyadh and Mumbai are financial capitals of countries with extremely young populations so we can expect to see them climb the ranks as more millennials earn their millions.

It appears that the world needs to make way for more millennials rising in the ranks when it comes to wealth as they don't show any signs of slowing down any time soon.