Millionaires in London and New York

The bread and butter of the economies of New York and London, the financial services industry, is renowned for delivering high salaries and creating high net worth individuals. The difference in the number of millionaires in either city is remarkably different though. New York has 667,200 millionaires - more than Los Angeles, Chicago and San Francisco combined. There are only 448,000 in the whole of the UK of which around 40% live in the capital which makes roughly 183,700 in London.

New York also has more billionaires than London with 60, Michael Bloomberg being the

wealthiest with a fortune of $18 billion (£11.5 billion). Other notable billionaire residents of the Big Apple include Ralph Lauren ($4.6bn/£3bn), Rupert Murdoch ($6.3bn/£4bn) and Donald Trump ($2bn/£1.3bn). Billionaires in London number 36 headed by Lakshmi Mittal, the steel tycoon whose $28.7 billion (£18.5 billion) fortune makes him the fourth richest person in the world who is joined by, amongst others, Virgin boss Sir Richard Branson ($4bn/£2.6bn) and Formula One supremo Bernie Ecclestone ($2.25bn/£1.5bn).

The difference in number of high net worth individuals does not

seem to correspond to the populations of both cities. The crucial information may be in looking at overall productivity. New York's gross domestic product is $1.406trillion compared with $565billion

for London.