It may not be too big a shock to see where these individuals reside, with Europe's main players Germany, the United Kingdom and France taking the lion's share. As of 2017, Germany had over 15 thousand individuals with a total net worth of over1.8 trillion U.S dollars. Even though Germany had the most multi-millionaires of any European city, numbers were in decline from over 19 thousand individuals in 2014. Although Germany topped the list for overall wealth and number of UHNWIs it was London that took the trophy as the place to live for multi-millionaires, with over 3.6 thousand individuals residing there. In fact, Paris, Zurich and Stockholm all had more ultra high-net-worth individuals walking their streets than Munich in 2016.
With high worth come high property prices, so it is somewhat to be expected that in particular European cities a million U.S dollars will not buy you a lot of floor space. One million U.S dollars in London would be enough to buy around 28 square meters of prime property in 2018. As of January 2017, a property on the French Riviera would need paying out over 3.5 thousand per square foot. In the quaint and tranquil town of Virginia Water in Surrey, England, the average property price was over 13.8 million British pounds as of September 2017. Kensington Palace Gardens, a place that boasted the title of most expensive residential street in the United Kingdom as of January 2018, at over 36 million British pounds on average.
Property is not just a means of living for the wealthy. It also made up eighteen percent of European HNWIs assets as of the second quarter of 2017.