Despite the uncertainty of the past year, London has maintained itself as the number one city of choice for the rich. It has been confirmed that the city is where multi-millionaires choose to live. Residents with a net worth of £30 million or more grew 4.3% over the past year.
When the UK decided on Brexit, London continued to maintain the lead over other global cities such as Japan, Singapore, New York, and Hong Kong. Growth in the city has shown the city’s resilience and has continued to draw even more wealthy buyers. They prefer London over other global cities because of its friendly business laws, education, way of living, and rich culture.
Tax changes affected sales performance in London last year. Brexit also played a role in the shift. However, it has not stopped the value of property from continuing to increase in 2017. Lloyds Bank reported last month that the average property in London costs more than 10 times annual earnings. These numbers prove that buyers in London continue to be wealthy individuals on a global scale.
Information from Halifax showed property prices in 30.7% of the UK boroughs have risen more than the total average net pay of workers in the area since 2015.
While homeowners would have to sell their houses to realise those gains, it illustrates how quickly prices have risen, as well as how hard it is for new buyers to get on the property ladder.
Around 60 people were added to the global count of billionaires last year, taking the total number to 2,024. That’s 45% increase in the last 10 years. It is foreseen that there will be an estimated 275,000 ultra rich individuals all over the world where a majority will have property in the UK.
WHAT THE RICH LOOK FOR IN A GLOBAL CITY
According to a survey in 2016, billionaires have been noted to invest in lifestyle centric investments such as wines and vintage cars. A global city that offers these menu to the community attract the most investors.
Another global city feature which the super rich look for is international education for their children. The UK is well known for its top universities that offer global learning for future business owners and heirs to massive wealth from their parents who are investors themselves. There are over 42 Higher Education Institutes (HEIs) and the city