Finance News has reported that London has taken the crown back from New York in an annual ranking of the world’s top cities for the wealthy, despite concerns about Brexit affecting its attractiveness.
The UK capital topped property agency Knight Frank’s City Wealth Index, published as part of its annual Wealth Report.
Richard Bingley, Managing Director of GBS, London’s Global Banking School said:
“This is not surprising news. London is at the forefront of banking transactions, finance infrastructure, tech funding, and political leverage in an increasingly multilateral political environment. Rumours of London’s demise, triggered by Brexit, are not just premature, but wildly inaccurate.”
According to FN, the Knight Frank index scores cities based on the number of individuals with net assets of more than $1m, property investments made by wealthy individuals and family offices in those cities, and lifestyle factors such as education and security.
London has again topped the rankings for wealthy populations, lifestyle and the overall ranking. New York came second overall, down from first last year, and topped the ranking for property investment.
The report said London’s 4,994-strong population of superrich people — so-called ultra-high-net-worth individuals, who have assets of more than $30m — is greater than any other city.
“Hard Brexit, no Brexit, Brexit-lite: whatever the outcome, London will remain the leading global wealth centre in 2019,” Knight Frank’s analysts wrote in the report, adding that New York is the city’s “only serious rival”.
GBS’s Richard Bingley added:
“The other issue UK down-beaters have is that London is actually a generally pleasant and spacious place to live, compared to other international cities. For example, 40% of Greater London is actually Green Space.”
The other cities in Knight Frank’s top five are Hong Kong in third position, followed by Singapore and Los Angeles.