The latest edition of Knight Frank’s Wealth Report showed that the number of super-rich around the world grew in 2013, and that they are choosing London as their playground.
The 34-page report said the number of ultra-wealthy individuals globally rose by 3 per cent last year, despite continued economic turbulence and uncertainty in many countries.
This means nearly 5,000 people joined the ranks of ultra high net-worth individuals in 2013, taking the number of people with $30m or more in net assets to over 167,000 worldwide. The number of billionaires climbed by 80 per cent to 1,682.
Knight Frank said the fact the UK does not tax investors on wealth they hold outside the country contributed to a 26 per cent rise in the number of investor visas to Britain in the first three quarters of 2013 compared to the same period the year before.
The research shows that property accounts for nearly a quarter of ultra high net-worth investment portfolios. As an asset class, it is growing in popularity.
Just over 40 per cent of private banks and wealth managers questioned said their clients increased their allocation to residential and commercial property in 2013, with 47 per cent expecting to increase it further in 2014.
But residential property was the most popular area to invest in, at 54 per cent, followed by commercial premises at 33 per cent and agricultural land and forestry at 12 per cent.
Top cities for ultra wealthy
1 London
2 New York
3 Singapore
4 Hong Kong
5 Geneva
6 Shanghai
