London Dominates New York in the Number of Millionaires in its City
Despite Brexit and the coronavirus pandemic, London has emerged to be the top destination for millionaires.
The post London Dominates New York in the Number of Millionaires in its City appeared first on LUXUO.
Image Credit: Unsplash
It?s official! London has the world highest concentration of millionaires according to a report conducted by Knight Frank ? a property consultancy entity. No less than 870,000 Londoners are considered dollar millionaires with assets worth more than £720,000 which makes them ?high net worth individuals.? In comparison to New York, which used to clinch the top place for the aggregation of millionaires, now one in ten people in London are dollar millionaires.
To expound further, the swell could be attributed to the rise in property prices, and with average housing costing £514,000, a lot of people who owned property in London are tipped into the HNWI category. ?The main point is that our HNWI threshold is US$1m, so £720,000, and with average house prices in London at £514,000, a lot of households fall into the HNWI category,? says Liam Bailey, the global head of research at Knight Frank. ?Ironically the high cost of housing in London is the main driver for categorising so many households as being wealthy.?
This £22.5 million, seven-bedroom home in Belgravia is one of the most expensive in London; Image Credit: Harrods Estates
London is also a prime location for many rich Hong Kongers, as the island was a former British colony...
The post London Dominates New York in the Number of Millionaires in its City appeared first on LUXUO.
Image Credit: Unsplash
It?s official! London has the world highest concentration of millionaires according to a report conducted by Knight Frank ? a property consultancy entity. No less than 870,000 Londoners are considered dollar millionaires with assets worth more than £720,000 which makes them ?high net worth individuals.? In comparison to New York, which used to clinch the top place for the aggregation of millionaires, now one in ten people in London are dollar millionaires.
To expound further, the swell could be attributed to the rise in property prices, and with average housing costing £514,000, a lot of people who owned property in London are tipped into the HNWI category. ?The main point is that our HNWI threshold is US$1m, so £720,000, and with average house prices in London at £514,000, a lot of households fall into the HNWI category,? says Liam Bailey, the global head of research at Knight Frank. ?Ironically the high cost of housing in London is the main driver for categorising so many households as being wealthy.?
This £22.5 million, seven-bedroom home in Belgravia is one of the most expensive in London; Image Credit: Harrods Estates
London is also a prime location for many rich Hong Kongers, as the island was a former British colony...
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