Which EU Cities Have the Most Millionaires?

Key Takeaways

• Paris ranks 7th globally with 160,100 millionaires in 2024. It is the only EU city in the world’s top 10.
• Milan ranks 11th with 115,000 millionaires. It is Italy’s financial capital and a global hub for fashion and luxury.
• Germany is the only EU country with three cities among the world’s 50 wealthiest: Frankfurt (19th), Munich (23rd), and Berlin (42nd).
• Frankfurt’s 80,300 millionaires reflect its position as continental Europe’s leading financial center. It is home to the ECB, Deutsche Bundesbank, and Deutsche Börse. After Brexit, it recorded the largest increase in bank employees of any EU city.
• Nice to Èze ranks 44th with 25,500 millionaires despite having no financial sector. Its wealth is concentrated in luxury real estate.

EU Cities With the Most Millionaires

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Paris and Milan Lead the EU by a Wide Margin

Thirteen EU cities rank in the top 50 cities for millionaire concentration. Paris ranks 7th globally, leading all EU countries on the list. Paris holds 160,100 millionaires. That is 45,000 more than Milan, the next EU city.

Paris’s economic scale explains the gap.

• The Paris metropolitan area generated USD 1.03 trillion in output in 2024. That is roughly one-third of France’s entire economy.
• Paris holds Europe’s highest concentration of Fortune Global 500 headquarters.

Countries like Germany spread its economic weight across Frankfurt, Munich, Berlin, and Hamburg. France concentrates its financial, corporate, and political activity in Paris.

Milan ranks 11th globally with 115,000 millionaires. It is Italy’s financial capital. Milan is home to UniCredit, one of Europe’s largest banks, and the Borsa Italiana stock exchange. It is also the global headquarters of fashion and luxury groups, including Prada, Versace, and Armani. 

Germany Is the Only EU Country With Three Cities With Millionaire Concentration

No other EU country places three cities in the top 50 cities for millionaires. Germany does.

Income Millionaires In Germany by State ->

Frankfurt ranks 19th globally with 80,300 millionaires. It is the most important financial center in continental Europe. The European Central Bank and Deutsche Bundesbank are both headquartered in Frankfurt. Deutsche Börse, the world’s third-largest stock exchange, operates from the city. After Brexit, Frankfurt recorded the largest increase in bank employees of any EU city as financial institutions relocated their European headquarters there.

Munich ranks 23rd with 69,800 millionaires. BMW, Siemens, and Allianz are all headquartered in Munich. The concentration of major corporations has drawn additional financial firms to the city. Goldman Sachs and Morgan Stanley have both established significant presences there.

Berlin ranks 42nd with 28,400 millionaires. Its count is less than half of Munich’s. Berlin functions primarily as Germany’s political and cultural capital rather than its corporate hub.

Nice to Èze Has 25,500 Millionaires and No Financial Center

Nice to Èze ranks 44th globally with 25,500 millionaires. Unlike every other EU city on the list, it is not a national capital or a financial center. The area stretches along the French Riviera, between Nice and the hilltop village of Èze.

Nice to Èze’s wealth is concentrated in luxury real estate. The millionaire population in the area grew 25% between 2013 and 2023. Nice to Èze ranks as the second-wealthiest area in France by millionaire concentration, behind only Paris.

What the Rankings Reveal

The 13 EU cities in the global top 50 reached their positions through different routes. Paris and Milan built their millionaire counts on financial scale and corporate concentration. Frankfurt and Munich on institutional density and major corporate headquarters. Nice to Èze on luxury real estate and lifestyle appeal. 

Millionaire concentration does not track economic size alone. Cities that have built a specific economic function tend to accumulate private wealth at levels their overall GDP would not predict.