An overcrowded European city has been named the top choice for millionaires and it’s not London, a new report has claimed.

According to Knight Frank’s European Lifestyle Report, 83 percent of high-net-worth individuals—those earning $1 million ( £761k) or more—prefer city living for its cultural and economic benefits.

Meanwhile, 17 percent favour rural or resort areas for their natural beauty and slower pace of life.

The report, released earlier this week surveyed 700 wealthy individuals from 11 countries, including the UK and the US to determine the most attractive European cities and resorts.

It ranked 10 destinations based on five key metrics: economy, quality of life, environment, infrastructure, mobility, and human capital.

Paris claimed the top spot, excelling in areas such as economy and human capital, which include factors like universities, corporate headquarters, and cultural investment.

Surprisingly, London, often considered a hub for the wealthy, ranked seventh and didn’t make the top five.

Henley & Partners, a consultancy monitoring migration trends, reported that 128,000 millionaires are expected to relocate globally in 2024, up from 120,000 in 2023.

Knight Frank also found that 19 percent of ultra-high-net-worth individuals (those worth $30 million or more) plan to apply for a second passport or citizenship in another country.

The top concerns for relocating millionaires are security and privacy, followed by employment opportunities, tax considerations, and education.

While Gen Z and millennials prioritise jobs, older generations are more focused on tax matters. The report said: “Security and taxation are more critical for HNWIs [high-net-worth individuals] than visa concerns when relocating. With rising geopolitical volatility and privacy challenges in the digital age, this focus is unsurprising.”

Kate Everett-Allen, Knight Frank’s head of European residential research, said in the report: “Geopolitical tensions and policy changes are driving HNWIs to relocate to more favourable jurisdictions.

“The swift withdrawal of CHF 1.5 billion [Swiss francs, or $1.8 billion] from Credit Suisse in late 2022 by wealthy account holders highlighted how quickly affluent individuals can react to perceived financial risks.”