The Strategist

Multimillionaires are still in love with London

05/31/2017 - 14:43

The number of people living in the British capital with a fortune of at least $ 30 million rose again and reached 4,549 people in the last year. According to a study conducted by and WealthInsight, London's closest rival, Tokyo, boasts only 3,611 multimillionaires.

Despite the fact that last year the British voted for the withdrawal of their country from the European Union and many companies announced their intention to cut their business in the UK, London in 2016 managed to increase the number of multimillionaires living in the city. An annual survey conducted by the news portal and the analytical company WealthInsight shows that the number of people living in London with a capital of at least $ 30 million increased by 3.4% and reached 4,549 people in 2016. Their combined fortune is slightly below $ 140 billion. "In our fourth annual study, we see that London is not losing its appeal to multimillionaires, both local and foreign", said Oliver Williams, head of WealthInsight. According to him, the capital’s economy of grew despite Brexit, and "London attracts even more wealthy people from abroad thanks to its comfortable laws for doing business, quality of life and all the services that a multimillionaire can only need."

The number of multimillionaires also increased in almost all the cities ranked in the top ten ranking, with the exception of Hong Kong. For example, Tokyo (the second place) added 2.2% over the year – 3611 people, Singapore (third) - 3.1%, or 3213, and New York, which holds the fourth place - 3093 people (2.1% increase). The number of multimillionaires decreased by 2.4% in Hong Kong, and amounted to 2,722 people. Frankfurt and Paris are located in the sixth and seventh places with 1953 and 1540 multimillionaires respectively. Another Japanese city - Osaka - took the eighth place: 1,485 multimillionaires (an increase of 2.2%). Beijing occupies the ninth place with 1472 holders of a capital of more than $ 30 million (1.6% increase). The top ten is closed by Seoul, where 1420 multimillionaires live.