A study released on Tuesday shows that there are more millionaires in New York than in any other cities in the United States.

The study by the Spear's Magazine listed cities with the highest number of millionaires in the population. It showed that one in every 25 persons living in New York is a millionaire, or a total of 389,100 millionaires in the city.

Like Us on Facebook

New York was also in the list of the top global cities with the highest millionaire popultion, ranking 4^th in the top 20 list. The other United States cities to make it to the list are San Francisco and Houston.

For the global cities, Monaco tops the list, where 29.2 percent of the population are millionaires. The second spot went to Zurich with 27.34 percent, and third, Geneva, 17.92 percent.

In Asia, Singapore is on the eighth spot wit 2.80 percent and Hong Kong at 11^th place with 2.58 percent.

The study was done in conjunction with consulting firm WealthInsight. 

"Favorable tax and outstanding location are important criteria for attracting clusters of millionaires," analyst Oliver Williams of WealthInsight says of the study, "but so too are ready access to wealth managers and private banks. Switzerland's two financial hubs of Zurich and Geneva are traditional havens of private banking, but so too is London, the world's third largest home of millionaires," WealthInsight Analyst Oliver Williams was quoted as saying.

In the Middle East, Doha made it to the list at 14^th place.  London and Frankfurt are also on the list.