London is home to more multimillionaires than any other city in the world, with 25 per cent more “super-rich” than its closest rival Tokyo.
According to data compiled by GlobalData WealthInsight, a company that focuses on analytics of high net worth individuals, the number of multimillionaires living in the capital has grown by 3.4 per cent to 4,549 in the past year, followed by Tokyo (3,611) and Singapore (3,213) in second and third place respectively.
Two other UK cities made the top 100 with Birmingham ranking in 65th place with 138 multi-millionaires living in the city and Edinburgh at 74th with 112 multi-millionaires.
Commenting on the findings, Oliver Williams, Head of WealthInsight says: “Though the growth in London’s wealthy residents has slowed from 3.3% last year to 0.8% this year, the capital looks set to maintain its edge over rivals such as Tokyo and Paris, whose economies have made them less attractive to multimillionaires. For the next two to three years at least we should expect London to retain its lead as the global capital of multimillionaires.”
On the larger ranking, Williams comments: “The biggest changes in this year’s ranking have been caused by political and economic turmoil. Ukraine and Russia have witnessed contractions as their wealthy residents flock overseas. The real success story of this year’s list has been the rise in multi-millionaires residing in Chinese and Indian cities.”
Beavis Morgan – Advisers to Britain’s high net worth individuals
Our specialist team at Beavis Morgan offers over 40 years’ experience in helping high net worth individuals maintain their capital value and manage their income levels, to assist in continuing to meet their lifestyle goals.
We proactively explore the intricacies of the tax legislation, making sure that all reliefs available to you are utilised and that your interests are safeguarded. We can also assist you with medium and longer-term financial planning to ensure that you, your family, and ultimately future generations of your family, will benefit from your wealth in accordance with your wishes.
For more information and to discuss how we can assist you to secure and increase your net worth, please contact Steve Govey or your usual Beavis Morgan Partner.