A report by the European Banking Authority (EBA) revealed 2,436 bankers were paid at least €1 million (£865,000) in 2011.
Germany recorded the second highest number of 'high earners', with 170 bankers earning at least €1 million. Then came France (162), Spain (125) and Italy (96).
Commenting on the findings Nicholas Stretch, partner in law firm CMS Cameron McKenna said the data showed what has been "feared" for some time.
"Because London has a very large number of people with variable high pay, the forthcoming bonus capping rules will have a particular impact on our financial services industry and lead to extensive changes in how remuneration is provided," he said.
Nearly three-quarters of the 2,436 British financiers who received more than €1 million were classified as working in investment banking, while 85 worked in retail banking, 182 in asset management and 360 in other business areas.
However, the research found pay for the high earning British bankers was down 3.5% year on year. Average pay for the 2,436 fell 37.6% to €1.44 million (£1.24 million).
The EBA is set to publish a more detailed analysis of remuneration practices in the EU at the end of the year.
