Magnetic nanodisks and nanorings have been focus of attention for quite some time due to their applicability in magnetic memory devices. In this paper, static and dynamic magnetic properties of Permalloy concentric thin ring nanostructures are reported as a function of the number of rings by using micromagnetic simulations. The maximum outer radius (R) and thickness (t) of the concentric rings are fixed at 100 nm and 20 nm respectively. The distance between any two neighbouring rings is always maintained equal to the width of each ring while the number of nanorings is increased starting from one to five. In-plane magnetic hysteresis loops show that in all cases, the remanence and coercivity values are found to be almost zero while vortex state is exhibited with opposite helicity in adjacent nanorings. When the number of nanorings reach five, the narrowest hysteresis loop is observed with almost no hysteresis at all. Dynamic susceptibility spectra was computed by relaxing the system from a out of plane saturated state followed by an in-plane excitation using a small field pulse. In most of the cases, the in plane magnetic field pulse excites azimuthal spin wave modes. The resonance frequency corresponding to these excitation modes depends on the remanent configuration and the number of peaks increase with increment in the number of rings. The ferromagnetic resonance mode that is common for all the samples considered, moves towards lower frequency with increase in number of concentric rings.