There are more ultra-wealthy people living in London than any other city in the world. A survey of the location of people identified as Ultra High Net Worth Individuals (UHNWIs) found that 4,364 are living in London. That’s 22% higher than nearest rival Tokyo. This extremely rich group is defined as people with over $30 million.
The rankings are revealed in the Global Cities Survey 2015, part of the annual Wealth Report produced by estate agents Knight Frank.
Worldwide there are 172,850 UHNWIs and their total wealth is $20.8 trillion. (A trillion has 12 zeros). Last year an additional 5,200 people worldwide reached the $30 million level.
In the UK as a whole there are 13,176. That’s fewer than in the US, Japan, China and Germany. But at a rate of 17 per 100,000 of the population, the UK has the highest proportion of people in this ultra-wealthy bracket.
London is not only the most popular home to UHNWIs but is also seen as the most important city to them based on business links, economic activity and lifestyle. Using the location information of these individuals plus a survey of wealth managers and private bankers who advise them London holds the top spot, followed by New York, Hong Kong, Singapore and Shanghai.