Brighton and Hove is a millionaires' playground with the eighth highest number of mega-rich residents in the UK.

Russian oil magnates, city slickers and showbiz stars are among the 836 millionares living in the city, according to market researchers EuroDirect.

South-West London tops the list with 1,360 millionaires but Brighton and Hove is home to more super-rich than affluent Gloucester, Reading and Hemel Hemstead and also beats south coast rivals Southampton with 654 and Bournemouth with 634.

The city's good schools, fine properties, excellent nightlife and leisure facilities and its proximity to London have made it a favourite for big spenders with seven-figure bank balances.

Paul Bonett, chairman of Brighton and Hove Estate Agents' Association said: "This is no surprise to me.

"Only this week we have had an inquiry from a Russian oligarch who is looking for a substantial luxury home in the city, money no object."

The unnamed billionaire could well have received a recommendation from compatriate and Chelsea FC owner Roman Abramovich, who owns a 440-acre estate at Rogate, near Midhurst.

Other high-profile residents include Norman Cook and former Beatle Sir Paul McCartney, who own neighbouring properties on an exclusive terrace in Hove boasting a private beach.

Most of the millionaires have made their money on the stock exchange.

The EuroDirect report has been complied from a database of some 12 million records on The Financial Times' stock market register.

It identified 45,000 millionaires nationwide but only 27 towns or cities, including Brighton, that are home to more than 500.

Mr Bonnett said: "It would not surprise me if most of our millionaires are people who have moved in to the city rather than making their money here.

"Brighton and Hove has the whole package for people with lots of money.

"In Roedean and Brighton College we have two of the top performing private schools in the country and that is a big consideration for wealthy people with children.

"Added to that there is a wide array of impressive property, from luxury Regency apartments in places such as Sussex Square to substantial detached homes in the likes of Dyke Road Avenue.

"People may have made their money in the city and been familiar with Brighton so decided to move down here for a better lifestyle.

"It is still very close to the capital and, significantly, Gatwick airport.

"There is the Marina where they can show off their yachts and the city has an increasing number of exclusive, high-quality restaurants and night spots catering for wealthy people."

The city's most expensive house went on the market in July for a whopping £3.95 million.

The eight-bedroom mansion in Tongdean Road has a heated swimming pool, tennis court, two saunas, a hot tub and Koi Carp lake.