The UK was the recipient of the largest inflow of overseas deposits in the world in 2017 at $239bn (£184bn), despite political uncertainties, according to Knight Frank’s half-year Wealth Report.
Knight Frank said that growing transparency measures were eroding the benefit of traditional low-tax jurisdiction, leading to an outflow of funds to more transparent markets.
The Wealth Report also showed that London is the third most expensive city in the world – behind Hong Kong and Monaco – for luxury residential, with $1m buying just 312 sq ft of space.
However, the UK capital is also one of just four major cities in the report that have seen prices fall in the year to June 2018.
Meanwhile, Asia is set to overtake North America as the region with the largest ultra-wealthy population with a forecast 2,940 demi-billionaires – those with at least $500m in assets – by 2022.
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