London is the wealth capital of the world, beating New York, Tokyo and Paris.
According to Knight Frank’s Wealth Report, the UK capital may have fewer affluent residents than its rivals, but it makes up for that with greater connectivity, investment from abroad, lifestyle and sustainability.
London, the report states, received the largest amount of international investment in property last year, with $3bn flowing in. It also had the greatest diversity of investors, with people from 45 countries owning properties, most from the US, Canada, France, China and Spain.
Last year, the global economic rebound after the lockdowns of 2020 supercharged wealth creation, according to the report. There are now 25,771 people in the UK worth $30m or more and 9,906 of them live in London. Fifty-five of Britain’s richest people are billionaires and there are 3.4m millionaires. The wealth of many of them has been boosted by rising property prices during the pandemic.
By comparison, though, the US has 748 billionaires.
About 31% of the UK’s most wealthy – those with more than $30m – have their money in first or second homes, and 20% have buy-to-let portfolios or commercial property. Some 19% bought a new home last year and 18% plan to buy a home this year.
