Ever wondered where the world’s millionaire CEOs are hiding? New research by Compelo has found that London is actually the city with the most millionaire CEOs.
However, although London is the city with the most millionaire CEOs, America is actually the country with the most, reveals research conducted by Compelo and Wealth Insight.
Nearly half ― 48% ― of all millionaire CEOs reside in the US. This is followed by the UK and France, with 8% and 4% respectively. When broken down by city, however, London followed by San Francisco and New York, are home to the largest number of millionaire CEOs.
Who is a typical millionaire CEO?
The average millionaire CEO is a 58-year-old male with a wealth ranging between $5m and $30m. Surprisingly though, 50% of millionaire CEOs are self-made, meaning that they created their own business of which they now hold the post of CEO. Only 38% of millionaire CEOs made their wealth from a salaried position. A small 7% acquired their wealth through family money. The most shocking find is that only 5% acquired their wealth from inheritance.
What industries do these CEOs work in?
Despite employing the highest volume of millionaire CEOs, tech and telecoms are actually the worst industries for their wealth. CEOs working in tech and telecoms have an average wealth between $1m and $5m, despite the sector seeing explosive growth globally.
The industry that has the least CEOs at 2% but has the wealthiest is ‘diversified’. These are companies that are active in multiple sectors such as Koch Industries, run the billionaire CEO Charles Koch, or Virgin whose former CEO Richard Branson is worth an estimated $5.5 billion.
- London is home to the largest number of millionaire CEOs. However, nearly half of all millionaire CEOs reside in the US
- Half of all millionaire CEOs are self-made. Only 5% owe their wealth to inheritance
- The average millionaire CEO is 58 years old and their net worth is between $5m and $30m
WealthInsight maintains a proprietary database of over 100,000 HNWIs globally. With the database as the foundation for research and analysis, WealthInsight has been able to obtain an unsurpassed level of granularity on which cities HNWIs live around the world.
‘Millionaires’ otherwise known as ‘high net worth individuals’ or ‘HNWIs’ refer to individuals with net assets of $1 million or more excluding their primary residences.