London to remain a ‘magnet for global super-rich despite Brexit’
UK capital will continue to pull millionaires and billionaires from Asia and Middle East, says report by property consultants
The global super-rich will continue to flock to London despite the UK’s decision to leave the EU, according to a report by property consultants Knight Frank.
The number of UK-based ultra high-net-worth individuals (UHNWIs) – those with more than $30m (£24.2m) in assets – is expected to increase by 30% to 12,310 over the next decade. Liam Bailey, Knight Frank’s head of research, said London would remain “the city of choice” for the super-rich from the Asia and the Middle East despite concerns over Brexit.
“In a European context, London is without doubt the dominant city for the wealthy,” he said. “London is just more accessible for more wealthy people, it is more convenient, more connected and more open than other cities. London attracts talent from around the world, and it will continue to do so.”
Bailey said Britain’s exit from the EU may have some impact on London’s global appeal, butthe UK’s membership of the EU was less important for the world’s richest people than the general population.
While the population of UNHWIs in the UK, which has increased by 28% over the past decade, is expected to keep rising, the number of super-rich on the continent is expected to remain flat or decrease.
“Here growth will be constrained by growing religious tensions, a combination of rising taxes and higher state pension obligations and public healthcare costs, and the loss of high-skilled jobs to Asia,” said Andrew Amoils, head of research at New World Wealth, a market research firm. “We also expect to see some outward migration of HNWIs [high-net-worth individuals, with more than $1m in liquid assets] from these countries.”
More than 10,000 HNWIs left France last year, 6,000 Italy, 3,000 Greece and 2,000 Spain.
The global super-rich will continue to flock to London despite the UK’s decision to leave the EU, according to a report by property consultants Knight Frank.
The number of UK-based ultra high-net-worth individuals (UHNWIs) – those with more than $30m (£24.2m) in assets – is expected to increase by 30% to 12,310 over the next decade. Liam Bailey, Knight Frank’s head of research, said London would remain “the city of choice” for the super-rich from the Asia and the Middle East despite concerns over Brexit.
“In a European context, London is without doubt the dominant city for the wealthy,” he said. “London is just more accessible for more wealthy people, it is more convenient, more connected and more open than other cities. London attracts talent from around the world, and it will continue to do so.”
Bailey said Britain’s exit from the EU may have some impact on London’s global appeal, butthe UK’s membership of the EU was less important for the world’s richest people than the general population.
While the population of UNHWIs in the UK, which has increased by 28% over the past decade, is expected to keep rising, the number of super-rich on the continent is expected to remain flat or decrease.
“Here growth will be constrained by growing religious tensions, a combination of rising taxes and higher state pension obligations and public healthcare costs, and the loss of high-skilled jobs to Asia,” said Andrew Amoils, head of research at New World Wealth, a market research firm. “We also expect to see some outward migration of HNWIs [high-net-worth individuals, with more than $1m in liquid assets] from these countries.”
More than 10,000 HNWIs left France last year, 6,000 Italy, 3,000 Greece and 2,000 Spain.
By 2026 there are projected to be 275,740 ultra high net worth individuals globally, more than double the number in 2006
source: (www.theguardian.com)
