The study, conducted by news site verdict.co.uk and GlobalData WealthInsight, a company that focuses on analytics of high net worth individuals, shows that Tokyo ranked second, with 3,611 multi-millionaires, up by 2.2 per cent over the year from 3,532 previously. Singapore took third spot thanks to its population of multimillionaires rising by 3.1 per cent over the year to 3,213.
The research found that Singapore is set to overtake Tokyo to become the richest city in Asia by 2030 if it can sustain its current pace of growth.
Other cities that made it into the top ten were New York, in fourth place, followed by Hong Kong, Frankfurt, Paris, Osaka, Beijing and Seoul.
The report defines multimillionaires as residents with net assets of at least $30m or more, excluding the value of their first home.
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