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You'd need the Cusack Stand to hold all of Dublin's millionaires

One in 40 people in the capital is a millionaire apparently.

NEARLY ONE IN 40 Dubliners are millionaires, making our capital 13th in the list of the top 20 millionaire-rich cities.

The study by Spear’s magazine found that 2.4% of Dublin residents are classified as dollar millionaires, a higher percentage than places like Toronto, Brussels or San Francisco.

Croke Park's Cusack Stand Put all of Dublin's millionaire together and they'd fill the Cusack Stand. Billy Stickland / INPHO Billy Stickland / INPHO / INPHO

Going by the estimate of Dublin’s 2011 census population of 1.2 million people, it means that there are around 27,000-30,000 millionaires in the capital, pretty much the exact capacity of the Cusack Stand in Croke Park.

Perhaps unsurprisingly, everyone’s favourite Côte d’Azur tax-haven Monaco topped the list of millionaire cities, with 29.2% of its residents being classified as such.

Zurich and Geneva are the others in the top three and there’s then a big dip to New York in fourth. Frankfurt is the top EU city in fifth folowd by London in sixth.

The magazine study was carried out by the Spear’s along with consultancy company WealthInsight. They defined a millionaire as someone who had net assets of $1 million or more, excluding their primary home.

It means that not all of the Dublin ‘millionaires’ are millionaires in euro terms with $1 million equal to about €740,000.

“Favourable tax and outstanding location are important criteria for attracting clusters of millionaires,” explains WealthInsight’s Oliver Williams.

“So too is ready access to wealth managers and private banks. Switzerland’s two financial hubs of Zurich and Geneva are traditional havens of private banking, but so too is London.”

Despite this, editor of Spear’s Josh Spero warns that London’s position as a millionaire hub is under threat:

London’s continued success is not guaranteed, and big issues like membership of the EU and how we tax our citizens and businesses will determine whether we have more millionaires or fewer in the future. We also always need to bear in mind that having millionaires isn’t itself a good thing if it means inequality – which is damaging to everyone – goes up too.

Top 20 global cities by millionaire density:

1. Monaco (29.21%)

2. Zurich (27.34%)

3. Geneva (17.92%)

4. New York (4.63%)

5. Frankfurt (3.88%)

6. London (3.39%)

7. Oslo (2.90%)

8. Singapore (2.80%)

9. Amsterdam (2.63%)

10. Florence (2.59%)

11. Hong Kong (2.58%)

12. Rome (2.54%)

13. Dublin (2.40%)

14. Doha (2.31%)

15. Toronto (2.29%)

16. Venice (2.25%)

17. Brussels (2.11%)

18. Houston (2.09%)

19. San Francisco (2.07%)

20. Paris (2.04%)

Read: Poor us: Ireland is less wealthy than the EU average >

Poll: Should Ireland bring in a tax on wealth? >

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33 Comments
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    Mute Mrs Shalakalananaka
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    Jul 24th 2014, 11:49 AM

    I’m in Dublin and I know more than 40 people, why aren’t any of them millionaires?

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    Mute Brian Lynch
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    Jul 24th 2014, 2:17 PM

    Maybe your the millionaire!!!!

    39
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    Mute Fergus McMahon
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    Jul 24th 2014, 6:09 PM

    *you’re

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    Mute Brian Lynch
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    Jul 24th 2014, 9:16 PM

    Tanks Fergus

    17
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    Mute Mark Kelly
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    Jul 24th 2014, 11:36 AM

    €740,000ers

    112
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    Mute Richie Ford
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    Jul 24th 2014, 1:31 PM

    Whoa !!!! This is the kind of journalistic sh**e that prevailed during the worst excesses of The Celtic Tiger when journalists acted as flag wavers and cheerleaders for the madness . We had “stories” telling us how many “millionaires” we had in our great little country . The whole thing was a one card trick . Can The Journal give us a commitment not to reproduce that journalistic dung again . A woeful “story”.

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    Mute Kevin f
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    Jul 24th 2014, 4:01 PM

    What kind of journalism can you expect from same organisation that is associated with a property website… It’s only in their interest to talk up another ponzi scheme property bubble just like the last one they were so complicit in

    47
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    Mute alpha_chaarlie
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    Jul 24th 2014, 11:55 AM

    So in reality, the number of Euro millionaires would just about fill the toilets under the Cusack stand. However, the good news is that in terms of Zimbabwean dollars, we have 4.5 millionaires in the country,

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    Mute Michael O'Reilly
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    Jul 24th 2014, 1:22 PM

    Spot on. While it’s interesting to see where Dublin stacks up in comparison with other cities, the article is very misleading when people are described as ‘millionaires’……. just not in their own currency. Sure every one of us is a millionaire if we use other currencies!

    26
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    Mute The Animal
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    Jul 24th 2014, 11:48 AM

    It’s great being loaded… Who’s turn is it on Nadia tonight lads…?

    68
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    Mute CAPITAINE ADEBAYO
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    Jul 24th 2014, 11:49 AM

    ahahahahahahahahahahahahaahahhahah YUUUUUUUUUUUUUUUUUUUUUSSSSSSSSSSSSSSSSSSSSS!

    28
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    Mute Ted Carroll
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    Jul 24th 2014, 11:50 AM

    Okay anyone that owns a home in any of the affluent areas in Dublin are going to tip over the edge of the €740K or whatever it is on this one, assuming it’s judged on overall wealth including property.

    37
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    Mute Richie Aprile
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    Jul 24th 2014, 11:54 AM

    Ted it’s assets outside the family home.

    59
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    Mute Mr Phil Officer
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    Jul 24th 2014, 12:29 PM

    Been a millionaire these days is a reflection of how much you owe, a house, 2 cars, a holiday home and uni fees for the brats adds up to the wife still having to get a job. Even a billionaire would find it hard to put his hand on a million cash, its all assets.

    31
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    Mute Donald Cameron
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    Jul 24th 2014, 12:08 PM

    “The wealth just isn’t there to tax” yeah right. We all knew that line had as much to it as Berties “I won it on the horses” line.

    31
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    Mute Brendan Gordon
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    Jul 24th 2014, 11:47 AM

    The 2.5%

    27
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    Mute Witszend
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    Jul 24th 2014, 1:47 PM

    Wonder how many millionaires aren’t paying their mortgage. Default is highest for jumbo mortgages.

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    Mute willie
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    Jul 24th 2014, 11:38 AM

    Fcuk me!!!!

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    Mute Alan J Ball
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    Jul 24th 2014, 12:19 PM

    Can I sit anywhere or is my name on a seat.?

    19
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    Mute Dave McGinley
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    Jul 24th 2014, 1:28 PM

    Typical that you would show the Cusack Stand full of D4 rugby heads who are the likes who screwed this country up in the first place……..

    16
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    Mute Bobby
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    Jul 24th 2014, 7:21 PM

    Yeah they forced thousands to sign mortgages they could never afford. Take out loans and max your cards. Buy new cars. Get real!!

    13
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    Mute David Wiggins
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    Jul 24th 2014, 11:54 AM

    Millionaire..
    ..Still I iona ire. ………. Billionaire is were the money is!

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    Mute Hill 16
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    Jul 24th 2014, 11:45 AM

    Speechless to believe.

    13
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    Mute IrishGravyTrain
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    Jul 24th 2014, 12:06 PM

    Tax them all. Do it quick before Sinn Fein blood pressure boils over.

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    Mute paulanthony
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    Jul 24th 2014, 4:00 PM

    So it’s true so…
    “The best small country in the world to do business /punch above its weight”… and now grow millionaire’s in!

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    Mute Marko Burns
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    Jul 24th 2014, 2:01 PM

    This is just based on property though isn’t it – obviously a huge number of houses in D$ would be in the 1M+ bracket but they are probably living on baked beans and rainwater.

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    Mute Neal Ireland Hello
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    Jul 24th 2014, 3:11 PM

    You’re very bad at reading.

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    Mute Gabbi Johnson
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    Jul 24th 2014, 12:02 PM

    Give us half their stuff!

    6
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    Mute David
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    Jul 24th 2014, 11:45 AM

    Taking those twenty cities alone and the statts on the individuals involved there is an Orange Lodge in Africa that consists of two witch doctors.

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    Mute Mark Kelly
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    Jul 24th 2014, 11:54 AM

    At least Frank is entertaining…

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    Mute David
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    Jul 24th 2014, 11:57 AM

    ….entertainment follows when the entertainment isnt for the Lodge or the court jesters playlist.

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    Mute Mindfulirish
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    Jul 25th 2014, 5:00 AM

    Do journalists research anything anymore? What about some Chinese cities? Or the Middle East cities?

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    Mute Bill
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    Jul 25th 2014, 1:38 AM

    Id be premium level

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