An annual survey by Spear’s magazine and leading wealth consultancy company WealthInsight has concluded that London is home to more multi-millionaires compared to any other city in the world.

With the number of multi-millionaires residing in London increasing by 0.8 per cent between 2014 and 2015, the city now boasts 4,400 multi-millionaires and is comfortably ahead of its rivals Tokyo, boasting 3,532 multi-millionaires and Singapore, home to a further 3,117 multi-millionaires.

Boasting 25 per cent more multi-millionaires than Tokyo, London is also joined by other UK cities including Birmingham in 65th place with 138 multi-millionaires and Edinburgh at 74th place with 112 multi-millionaires.

New York is America’s highest ranking city (4th) boasting 3,028 multi-millionaires, an improvement by 0.7 per cent between 2014 and 2015. Despite no changes in Los Angeles (20th), it continues to be New York’s closest rival and boasts 969 multi-millionaires.

Houston has seen the highest increase in multi-millionaires in the entire Western World. It is now home to 824 multi-millionaires, an increase by 2.4 per cent between 2014 and 2015.

The eighteen cities that saw the biggest increases in multi-millionaire population were all located in Asia, with Dalian, China, topping the overall rankings this year with a 5.4 per cent increase. The countries that saw the biggest decreases were mostly in Europe and include Kiev (-10.2 per cent), St Petersburg (-7.9 per cent) and Moscow (-6.8 per cent).

Top 100 cities by UHNW volume: