More than one in 50 Dubliners is a millionaire according to a new study, which ranks the capital 13th in the top 20 global cities for high earners.

Spear’s magazine, in association with consultancy company WealthInsight, conducted a study that ranked the 20 wealthiest cities in the world. Dublin is shown to have the thirteenth highest percentage of millionaire residents in the world, ahead of San Francisco, Paris, Toronto and Brussels.

The survey found 2.4 per cent or 26,600 individuals in Dublin are millionaires, giving the capital the ninth highest percentage of millionaires of any European city. It said more than one in every fifty residents in Dublin is a millionaire or richer.

The favourite place for the rich is Monaco, which topped the poll in the global study. Almost a third of Monaco’s tiny 37,000 population are classed as millionaires.

WealthInsight Analyst Oliver Williams said it is unsurprising to see that Monaco is the most likely place where you will bump into a millionaire considering the principalities’ low tax and Mediterranean waterfront.

He said favourable tax and quality of life are the two criteria for large millionaire densities in most of the cities on the list.

“For Dublin itself, an abundance of millionaires could help the city claw back its financial prowess from 2008’s collapse,” he added.

WealthInsight defines a millionaire as an individual with net assets of $1 million or more, excluding their primary residence.