Ever wondered where the world’s millionaire CEOs are hiding? Well, closer to home than you think. New research conducted by Compelo finds that London is actually the city with the most millionaire CEOs.
One of London’s most successful and well-known CEOs is Virgin founder Richard Branson, who is worth an estimated $5.5 billion.
However, although London is the city with the most millionaire CEOs, America is actually the country with the most.
Nearly half ― 48 per cent― of all millionaire CEOs reside in the US. This is followed by the UK and France, with 8 per cent and 4 per cent 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 per cent of millionaire CEOs are self-made, meaning that they created their own business of which they now hold the post of CEO. Only 38 per cent of millionaire CEOs made their wealth from a salaried position. A small 7 per cent acquired their wealth through family money. The most shocking find is that only 5 per cent acquired their wealth from inheritance.
What industries do these CEOs work in?
Despite employing the highest volume of millionaire CEOs, tech and telecoms is actually the worst industry for their wealth. CEOs working in tech and telecoms have an average wealth between $1 million and $5 million, despite the sector seeing explosive growth globally.
The industry that has the least CEOs at 2 per cent but has the wealthiest is ‘diversified’. These are companies that are active in multiple sectors such as Koch Industries, run by billionaire CEO Charles Koch, or Virgin whose former CEO Richard Branson is worth an estimated $5.5 billion.