London is the most important city in the world to the super-rich

People with assets of more than £21 million think the British capital is the most important global business hub

London is more attractive to the super-rich than any other city in the world according to a new report which found it is the best place for multi-millionaires to live, do business and educate their children.

Wealthy individuals with assets of more than $30 million (£21.4 million), excluding the value of their primary home, view the city as more important than any other business hub across the globe.

New York and London have always vied for the top spot on the ‘Most Important Cities to ultra-high-net-worth-individuals’ list, which is part of the Knight Frank Wealth Report, but the British capital has now beaten America’s Big Apple for two consecutive years.

Although more high net worth individuals live in New York (5,600) compared to London’s 4,900 resident ultra-rich, the British city’s proximity to Europe and ease of access to both Asia and North America means an estimated 16,000 wealthy individuals use the city each year.

“London has the edge geographically because it is next to Europe and between North America and Asia, so you can deal with more individuals in the right time zone than you could in New York,” said Andrew Shirley, Wealth Report editor at Knight Frank.

“English is the language of business which means both New York and London have an edge. But a lot of it comes down to history as London has been a trading centre for millennia and New York just doesn’t have that.”

The prime property market in London has also been showing growth since September last year, making it an attractive place for ultra-high-net-worth individuals to put their money. 

Jonathan Hudson, London executive of the National Association of Estate Agents, comments: "It seems that the dust is settling after the Conservative election win in May, and that London property is once again perceived as a more stable investment for the global market."

Nearly 70 per cent of European respondents felt that no other city could come close to London or New York, with 50 per cent of North Americans surveyed also feeling the same way. By contrast 70 per cent of Asian respondents believed the status quo wasn’t set in stone and that another city could overtake either London or New York in the next few years.

 


Follow us on Twitter @HomesProperty and Facebook

Comments