The Brexit nor the Covid-19 will not have got the better of London’s attractiveness for the super-rich. Quite the contrary. The British capital now has the largest number of dollar millionaires. This is the finding drawn up by a report by the real estate consultancy firm Knight Frank, which Release Thursday 25 February. London beat New York. Around 875,000 Londoners are millionaires when their fortune is recorded in dollars: their wealth exceeds 720,000 pounds sterling, or 835,000 euros. The result: one in ten Londoners is a millionaire.
A status obtained almost automatically when you own a property in the British capital. The price per square meter is very high: according to the Wealth Annual Report 2020, more than 68,000 properties are estimated at more than 2 million pounds sterling, or approximately 2.3 million euros. And Brexit and the health crisis have benefited some, thanks to a combination of tax breaks and a devalued pound sterling.
The Hong Kong manna
In addition to a lifestyle and leisure activities particularly suited to a population of super-rich, the city has also recently attracted very wealthy Hong Kongers who have decided to leave their city in the face of growing repression from the Chinese authorities. The United Kingdom has thus granted many passports to those who could invest no less than 2 million pounds, recalls Release.
However, the London population does not live on an equal footing. According to government data relayed by The Guardian, the city is home to 2.5 million poor people, more than a quarter of its overall population, and the highest number in the UK. Worse, they are even more numerous when they live in the center of the capital: 32%. The consulting firm also notes in its study that the coronavirus pandemic has widened the gaps between rich and poor populations, globally, across the world.
And the number of millionaires should not go down, on the contrary. In 2020, individuals with wealth over $ 30 million, or 24.5 million euros, increased by 2.4%. An increase which should reach 27% by 2025, with new rich coming more particularly from Asia.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.