Wednesday, May 25, 2022
BusinessEdinburgh makes Europe's city rich list for first time

Edinburgh makes Europe’s city rich list for first time

EDINBURGH has made its first appearance on a list of 20 European cities with the most millionaires per head.

A new rich list of European cities has revealed that a staggering one in 67 people in Scotland’s capital are millionaires.

The latest figures mean the city is ranked 16th in the index of richest cities in Europe.

Edinburgh is now in the company of other cities with a global reputation for attracting the wealthy.

Edinburgh debuted at number 16
Edinburgh debuted at number 16

Monaco topped the table – with one in three residents classed as a millionaire – whilst the Swiss banking hubs of Zurich and Geneva came in second and third.

In the UK, Edinburgh was beaten only by London – which came in fifth place, with one in 29 people worth more than seven figures.

In the top 20 ranking Edinburgh beat Vienna, Berlin, Moscow and Barcelona.

Edinburgh is home to a large number of banking executives, fund managers and other financiers.

Companies including the Royal Bank of Scotland, Baillie Gifford, Lloyds Banking Group, Standard Life, Tesco Bank , Sainsbury’s Bank and Noble Grossart all have headquarters or major operations in the city.

Many other successful business people call Edinburgh home – including Kwik-Fit founder Sir Tom Farmer, former Rangers owner Sir David Murray and software entrepreneur Ann Budge.

It also has a growing reputation as a startup technology hub – with travel website Skyscanner and fantasy sports gaming company Fanduel recently valued at $1.6bn and $1bn respectively.

Employees who own shares in these companies are likely to be millionaires if they cash in on their shares.

Rockstar North – the company responsible for the video gaming phenomenon Grand Theft Auto – is also headquartered in the city, just across from Holyrood parliament.

JK Rowling is most likely the city’s most famous millionaire author – but the list also includes crime author Ian Rankin and novelist Alexander McCall Smith.

The capital also has a strong property market – with prices rising at twice the national average in the past year.

The new ranking was compiled by Spear’s investment magazine and financial consultants WealthInsight.

Oliver Williams – head of WealthInsight – said that Edinburgh’s status was largely thanks to it acting as the financial and political centre of Scotland.

He added: “It also maintains a small overall population relative to other Scottish and English cities.”

A survey released this week by RBS also revealed that Edinburgh is the least affordable place for students to study in the UK.

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