London has battled against Brexit-scaremongering to be crowned as the top spot for wealthy individuals to live in. Second on the list was New York, followed by Hong Kong, Singapore and Los Angeles.
“Despite the risks from Brexit – London will remain the leading global wealth centre in 2019” — Liam Bailey, Global Head of Research, Knight Frank
Knight Frank’s latest wealth survey reported that almost 5,000 individuals with a net worth of more than $30 million call London their home. People with over $30 million in net worth are classed as Ultra High Net-Worth Individuals and are among the wealthiest in the world.
The annual report assesses cities based on a number of factors. This includes investment activity, lifestyle and the overall presence of wealth itself.
So, what helped London come out on top of the list? Well, it’s partly down to the number of fantastic luxury hotels in the city (there are 76 five star-hotels dotted across London), as well as the quality of universities and accessibility of high-end restaurants. It seems all these things are important for UHNWI and have them flocking to the United Kingdom’s capital city.
Knight Frank are also tipping Cambridge to see a period of growth and subsequent attraction of Ultra High Net-Worth Individuals. They’re predicting the city will see a 19% rise in UHNWI calling it home in the next five years.